摘要：供应链金融为缓解中小零售企业的融资难问题开辟了新的途径。本研究基于Stackelberg博弈的报童模型，将供应链金融的商业信用与存货质押两种融资模式相结合，建立起一个混合融资模式下的中小零售企业的订货决策模型，考察了在市场随机需求条件下中小零售企业的订货决策问题。通过具体的算例分析和参数敏感性分析可知：在混合融资模式下，零售企业采购价格、信用期限、存货质押融资利率、自有资金保有量、商品残值、销售周期和商品售价等因素显著影响中小零售企业的最优订货决策。

Abstract: Supply finance has opened up a newway to alleviate the financing difficulties of small and medium-sized retail enterprises. Based on the NewsboyModel of Stackelberg Game,this paper combines the commercial credit of supply finance with inventory pledge, establishes an order decision model of small and medium-sized retail enterprises under the mixed financing mode,and examines the order decision problem of small and medium-sized retail enterprises under thecondition of random market demand. Through specific case analysis and parameter sensitivity analysis,it an be seen that under the mixed financing mode,retail enterprises' purchase price, credit period, inventory pledge financing interest rate,self owned capital retention,commodity residual value,sales cycle andl commodity price significantly affect the optimal ordering decision of small and medium-sized retail enterprises.