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Optimal financing amid supply chain resilience: 3PL, partial guarantee, or trade credit?

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  • Liu, Lu
  • Zhang, Wenhao
  • Li, Yongjian
  • Chen, Ting
  • Sun, Yuying

Abstract

Demand disruption poses severe challenges to supply chain financing, making it critical to investigate how resilience affects the joint optimization of operations and financing model selection. With resilience considerations, this paper explores the optimal financing choice and equilibrium in a supply chain where a retailer can select among three financing alternatives: logistics provider finance (3PL), manufacturer-extended trade credit, and bank-offered partial guarantee finance. The results demonstrate that the retailer optimally chooses 3PL finance, while the manufacturer prefers to provide trade credit. When the supply chain cost is low, 3PL’s financing preference shifts from 3PL finance to trade credit as the retailer’s capital increases. Otherwise, 3PL always prefers to offer 3PL finance. Next, we derive the financing equilibrium of the supply chain and find that the equilibrium region of 3PL finance expands as resilience improves. Finally, we propose a 3PL finance contract with a profit-sharing mechanism to coordinate the supply chain. Additionally, we analyze the impact of the endogenous versus exogenous logistics prices on the choice of financing models. The results, in the context of resilience, provide actionable insights for the financing model selection, tripartite financing game equilibrium, and coordination strategies.

Suggested Citation

  • Liu, Lu & Zhang, Wenhao & Li, Yongjian & Chen, Ting & Sun, Yuying, 2025. "Optimal financing amid supply chain resilience: 3PL, partial guarantee, or trade credit?," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 204(C).
    • Handle: RePEc:eee:transe:v:204:y:2025:i:c:s136655452500434x
    DOI: 10.1016/j.tre.2025.104393
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