IMPACT OF FINANCIAL CONSTRAINT ON NEW ENERGY VEHICLE SUPPLY CHAIN UNDER THE DUAL CREDIT POLICY

Abstract

In recent years, in order to promote the development of new energy vehicle industry, the Chinese government has actively implemented the dual credit policy. However, the implementation of the dual credit policy has also brought serious financial pressure to new energy vehicle enterprises. As the core of the new energy vehicle supply chain, the new energy vehicle manufacturers not only need to choose between bank loans and internal financing strategies when facing financial constraints, but also need to optimize the decisions under different financing strategies. In this paper, aiming at the supply chain structure composed of a fuel vehicle manufacturer, a battery manufacturer and a new energy vehicle manufacturer with financial constraints, the Stackelberg game model is constructed and solved under three scenarios: no financial constraints, bank loans and internal financing. Based on considering the battery manufacturer as the leader and the new energy vehicle manufacturer as the follower, we solve the optimal decisions and profits through comparative analysis, and further verify the results by using a numerical example. The results indicate that the change in interest rate in the two financing modes will have opposite effects on the fuel vehicle manufacturer; although the battery R&D level and the profit of the new energy vehicle manufacturer will be higher under internal financing, it will harm the profit of the battery manufacturer; Interestingly, under the internal financing mode, the increase in interest rate will actually inhibit the profit of the battery manufacturer.