摘要：随着直播电商渗透率的持续攀升，市场逐渐分化出依托流量变现的“网红直播”与依托供应链且“无坑位费、无佣金”的“平台采购直播”两大模式。本文聚焦平台采购直播渠道，旨在探究其对拥有传统零售渠道的单制造商在拓展决策与多渠道定价策略上的影响。研究构建了由单一制造商与平台或网红组成的双渠道博弈模型，分别求解传统零售与平台采购直播、传统零售与网红直播模式下的均衡决策，并扩展引入了销售边际成本与平台议价权等市场参数，揭示了渠道控制权配置与利润分配的内在机制。研究发现，两类模式在定价上存在反转现象:头部平台直播售价低于头部网红，但由于缺乏压价能力且需分摊固定运营成本，非头部平台售价反而高于非头部网红，此时非头部网红灵活的低佣金与低坑位费契约赋予了制造商更大的降价与利润空间。在渠道选择上，面对头部参与者，制造商更倾向于与网红合作，通过保留定价权实施双渠道协同提价以实现收益最大化;而在非头部场景下，制造商更偏好平台采购直播以享受供应链的低成本红利。此外，当传统零售与直播渠道间的价格竞争加剧时，制造商会更依赖网红直播，借此向消费者转嫁高昂合作成本，同时利用差异化溢价缓解竞争冲击。基于上述结论，本文为企业战略布局提供了管理启示:低毛利率或营销预算有限的中小企业应优先选择头部平台采购直播，依托其轻资产优势走“薄利多销”的效率路线;高毛利或需快速建立品牌认知的企业则更适配网红渠道。同时，中小企业需警惕非头部平台“零佣金”背后的隐性运营成本陷阱，若缺乏流量扶持则极易陷入“高售价、低销量”困局，在此情境下选择非头部网红以保留定价灵活性反而是更好的生存策略。  

Abstract: With the continuous rise in the penetration rate of live commerce,it has evolved into a critical infrastructure that reshapes the retail supply chain. In this process,the market has differentiated into two dominant paradigms: the “influencer live streaming” model centered on traffic monetization,and the“platform-sourced live streaming” model relying on supply chain advantages. Among them,platform-sourced live streaming reconstructs manufacturers' channel selection logic and pricing systems by virtue of its cost structure advantages of “no slotting fees and no commissions” and supply chain synergy effects. Based on this,this paper focuses on the emerging channel of platform-sourced live streaming, explores its impact on manufacturers' sales channel selection and pricing strategies,and analyzes the expansion decisions and multichannel pricing strategies of single manufacturers with traditional retail channels in platform-sourced live streaming and influencer live streaming channels. The research finds that: in terms of pricing strategies,the live streaming prices of top platforms are lower than those of top influencers,while the live streaming prices of non-top platforms are higher than those of non-top influencers; in terms of channel selection,when facing top platforms and top influencer live streaming channels,manufacturers are more inclined to adopt a dual-channel strategy cooperating with top influencers to maximize profits through coordinated pricing across channels; in the scenario of non-top platforms and non-top influencer live streaming channels,manufacturers prefer the dual-channel combination of traditional retail and platform-sourced live streaming. In addition, with the increase in the intensity of price competition between traditional retail and live streaming sales channels,manufacturers are more likely to adopt the dual-channel model of traditional retail and influencer live streaming. The research conclusions indicate that the core reason why the live streaming prices of top platforms are lower than those of top influencers lies in their supply chain-driven advantages and the cost transfer advantage of no commissions or slotting fees. This channel model is more suitable for small and medium-sized enterprises with low profit margins or limited marketing budgets.