Abstract: Aiming at the problem of capital shortage of the remanufacturer,the competitive strategies between the original manufacturers and the remanufacturers were studied,as well as the financing strategies of the remanufacturers.Firstly,the competitive decision models without financing were constructed under the condition of capital constraints,and the influences of the initial capital level of the remanufacturer on the competitive strategies were discussed.Secondly,two financing strategies—the bank loan and the equity investment—were studied,and the selection boundary of the financing strategies of the remanufacturer was discussed.The research shows that when the initial capital of the remanufacturer is short,the competition strategies between the original manufacturer and the remanufacturer will be restricted by the initial capital level.When the remanufacturer considers the financing,the initial capital level of the remanufacturer and the equity dividend ratio of the venture investor are the key factors for the selection of the financing strategies.No matter how the two financing strategies affect the competition between the original manufacturer and the remanufacturer,equity financing strategy makes the product prices lower and the total market sales higher,so as to improve the purchase benefits of consumers and the social benefits of remanufacturing.

Key words: closed-loop operation, remanufacturing, capital constraints, bank loan financing, equity financing

摘要： 针对再制造商资金短缺问题,研究了原制造商与再制造商的竞争策略以及再制造商的融资策略。在资金约束下构建了无融资时的竞争决策模型,讨论了再制造商初始资金水平对竞争策略的影响。研究了银行贷款和股权投资两种融资策略,探讨了再制造商的融资策略选择边界。研究表明：当再制造商初始资金短缺时,原制造商与再制造商的竞争策略会受到初始资金水平的制约;当再制造商考虑融资时,其初始资金水平和风险投资方股权分红比例是融资策略选择的关键因素;无论两种融资策略对原制造商与再制造商的竞争产生怎样的影响,股权融资策略使得产品售价更低、市场总销量更高,从而提升消费者的购买福利和再制造的社会效益。

关键词: 闭环运作, 再制造, 资金约束, 银行贷款融资, 股权融资