[1] LIANG Yuxiu, ZHAO Lindu,. Combined presale and crowdfunding financing strategy for fresh product supply chains under capital constraints [J]. Journal of Southeast University (English Edition), 2026, 42 (2): 257-268. [doi:10.3969/j.issn.1003-7985.2026.02.013]

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Combined presale and crowdfunding financing strategy for fresh product supply chains under capital constraints()

考虑资金约束生鲜农产品供应链预售与众筹组合融资策略

Journal of Southeast University (English Edition)[ISSN:1003-7985/CN:32-1325/N]

Volumn:

42

Issue:

2026 2

Page:

257-268

Research Field:

Publishing date:

2026-05-29

Info

Title:

Combined presale and crowdfunding financing strategy for fresh product supply chains under capital constraints

考虑资金约束生鲜农产品供应链预售与众筹组合融资策略

Author(s):

LIANG Yuxiu, ZHAO Lindu

School of Economics and Management, Southeast University, Nanjing 211189, China

梁玉秀, 赵林度

东南大学经济管理学院, 南京 211189

Keywords:

capital constraints;  fresh product;  revenue-sharing;  presale financing;  multistage crowdfunding

资金约束;  生鲜农产品;  回报率;  预售融资;  多阶段众筹

PACS:

O22

DOI:

10.3969/j.issn.1003-7985.2026.02.013

Abstract:

Addressing farmers’ financial constraints in the fresh agricultural product supply chain, this study examines a two-stage supply chain involving farmers and e-commerce platforms and explores a hybrid financing strategy that integrates presale financing and multistage crowdfunding. Recognizing that farmers’ presale revenues through e-commerce platforms often fail to cover production costs, this study innovatively constructs a combined financing model of presale and multistage crowdfunding. First, farmers obtain a portion of their start-up capital through presales on e-commerce platforms. Second, crowdfunding is initiated in stages to address the funding gap (planting, growing, and harvesting periods), with the proportion of investor revenue-sharing in each stage dynamically adjusted to balance risk premiums. This study establishes a dynamic planning model to maximize farmers’ profits. The objective function integrates the production volume decision, multistage financing cost, and investor revenue share constraints and solves the model’s equilibrium solution using the Karush-Kuhn-Tucker (KKT) condition and the backward induction method. Numerical simulations show that unlike the traditional single presale model, multistage crowdfunding enhances farmers’ financing capacity while reducing fluctuations in investors’ returns through a dynamic revenue-sharing mechanism. When the number of crowdfunding stages increases to three, the overall efficiency of the supply chain improves relative to single-stage financing, which verifies that stage- by-stage financing enhances fund-matching efficiency. This study provides a theoretical basis for addressing the mismatch problem of “short-term loan and long-term investment” in agricultural supply chain financing, and offers reliable suggestions for e-commerce platforms to design financing portfolio strategies.

针对生鲜农产品供应链中农户面临的资金约束问题,本文聚焦“农户-电商平台”两级农产品供应链,探究预售融资与多阶段众筹协同的混合融资策略。基于农户通过电商平台预售仍无法覆盖生产成本的现实困境,本文创新性地构建预售和多阶段众筹融资的组合融资模式:首先,农户通过平台预售获取部分启动资金;其次,针对资金缺口分阶段发起众筹(种植期、管护期、采收期),并动态调整各阶段投资者收益分成比例以平衡风险溢价。建立以农户利润最大化为目标的动态规划模型,目标函数整合生产量决策、多阶段融资成本及投资者收益分成约束,运用Karush-Kuhn-Tucker(KKT)条件与逆向归纳法求解模型均衡解。数值仿真表明:与传统单一预售模式相比,引入多阶段众筹可使农户融资规模提升,同时通过动态收益分成机制降低投资者回报率波动;当众筹阶段数增至3阶段时,供应链整体效益较单阶段融资提高,验证了分阶段融资对资金匹配效率的改进作用。本研究为破解农业供应链融资“短贷长投”错配问题提供理论依据,并为电商平台设计融资组合策略提出可靠的建议。

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Memo

Memo:

Received: 2025-06-06; Revised: 2025-09-29.
Biographies: LIANG Yuxiu (1995—), female, Ph.D.candidate; ZHAO Lindu (corresponding author), male, doctor, professor, ldzhao@seu.edu.cn.
Foundation item: The National Natural Science Foundation of China (No.72071039).
Citation: LIANG Yuxiu, ZHAO Lindu. Combined presale and crowdfunding financing strategy for fresh product supply chains under capital constraints[J]. Journal of Southeast University (English Edition), 2026, 42(2): 257-268. DOI: 10. 3969/j. issn. 1003-7985. 2026. 02. 013.

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