Abstract: The dual-channel marketing model integrating online and offline has become the best choice for fresh agricultural product suppliers. In practice, less capital becomes a huge challenge for supplier development. Some retailers within the supply chain offer financing services to suppliers. Therefore, some key questions must be considered: Which financing method should a supplier choose taking into account channel competition and fresh-keeping efforts How the operational decisions of suppliers and retailers are changing. In response to these problems, this paper constructs a dual-channel supply chain consisting of a supplier with limited funds and a retailer. The supplier sells fresh agricultural products through two channels online direct sales and traditional distribution. In the distribution channel, suppliers wholesale fresh products to retailers, who then sell them to end consumers. In the online direct sales channel, suppliers retail products directly to consumers through online platforms and ease channel competition by sharing part of the direct sales profits with retailers. In order to obtain the optimal financing strategy, this paper obtains and compares the equilibrium decision and optimal profit under two different financing strategies by constructing the Stackelberg game model. The analysis results show that: when the retailer's interest rate and the bank's interest rate meet certain conditions, choosing the internal financing model will make the supplier and the retailer a win-win; The transit time of fresh produce will only change the supplier's preservation decision, and will not affect the financing strategy; when the direct sales channel revenue sharing ratio is high, suppliers are encouraged to choose internal financing, but retailers are reluctant to provide financing services; consumers' preference for distribution channels will only affect retailers' financing strategies; Compared with the external financing model, under the internal financing model, the equilibrium decision-making of the supplier and the retailer decreases; capital constraints will reduce the supplier's income, on the contrary, it will have a favorable impact on the retailer. The research results of this paper have important management significance for fresh dual-channel supply chain enterprises.

Key words: dual-channel supply chain, fresh product, capital constraints, financing strategy