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

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.