Availability of working capital is a challenge for the smooth functioning of any supply chain, particularly when the manufacturer is financially distressed. This gives rise to the issue of selection of optimal supply chain finance programmes. Addressing the limited working capital issue of a financially distressed manufacturer, we construct in this study a Stackelberg game model of a dual-channel supply chain and a multi-echelon supply chain, as an extension, to analyze the effects of reverse factoring and non-reverse factoring (external financing and trade credit) supply chain finance programmes on supply chain profit under price-sensitive demand. We also analyze the impacts of hybrid reverse factoring (an extension of the reverse factoring programme) on supply chain profit. We find that the supply chain finance programme with reverse factoring brings higher profits to the manufacturer and retailer than the other programmes. However, when the market size is sufficiently large, the trade credit programme generates a higher total supply chain profit than the other programmes. We also find that the retailer and manufacturer prefer reverse factoring and non-reverse factoring to hybrid reverse factoring, even though the total supply chain profit is almost equal in both cases. We also provide a case study to illustrate the model outcomes.

营运资金的可用性对任何供应链的平稳运作都是一个挑战，尤其是当制造商陷入财务困境时。这就产生了选择最佳供应链金融方案的问题。针对财务困难的制造商有限的营运资金问题，我们在本研究中构建了双渠道供应链和多级供应链的 Stackelberg 博弈模型作为扩展，以分析逆向保理和非保理的影响。反向保理（外部融资和贸易信贷）供应链金融方案对价格敏感需求下的供应链利润。我们还分析了混合逆向保理（逆向保理计划的延伸）对供应链利润的影响。我们发现，与其他方案相比，具有反向保理的供应链金融方案为制造商和零售商带来了更高的利润。然而，当市场规模足够大时，贸易信贷计划会产生比其他计划更高的供应链总利润。我们还发现，与混合反向保理相比，零售商和制造商更喜欢反向保理和非反向保理，即使两种情况下供应链总利润几乎相等。我们还提供了一个案例研究来说明模型的结果。我们还发现，与混合反向保理相比，零售商和制造商更喜欢反向保理和非反向保理，即使两种情况下供应链总利润几乎相等。我们还提供了一个案例研究来说明模型的结果。我们还发现，与混合反向保理相比，零售商和制造商更喜欢反向保理和非反向保理，即使两种情况下供应链总利润几乎相等。我们还提供了一个案例研究来说明模型的结果。