Abstract:

Rural revitalization is the only way to realize common prosperity. In recent years， the central government has taken a series of measures to implement the rural revitalization strategy. However， some local governments are trapped in the impulsive performance of political achievements， and there are still many short-term behaviors， which have hidden fiscal， financial and social risks. A four-stage Stackelberg game model among township enterprises， e-commerce platforms and local governments is constructed under the same conditions of central government project subsidies. It is found that the increasing the central government's project subsidy rate and consumer revitalization preference payment coefficient result in lower the external impact of local governments on township enterprises，thereby reducing the cost of township enterprises and promoting township and village enterprises produce rural revitalization products to achieve consumption upgrades and product upgrades. At the same time， it is found that the loan interest rates set by e-commerce platforms should be regulated. Because the e-commerce platform has the motivation to increase the loan interest rate to obtain additional income， which in turn forces the township and village enterprises to “recharge with inferior products” in the production of products， resulting in the failure of the central government's project subsidy transmission mechanism， and even negative effects. Overall， this study shows that the guiding mechanism of the central government's project subsidy on the external behavior of the local government， and its influence on the product production， channel sales and loan mode selection of township enterprises. Further evidence shows that the necessity of supervising the loan interest rate of e-commerce platforms from the perspective of supply chain finance. And it is concluded that the central government's project subsidy measures are still an important measure of the rural revitalization strategy， and a long-term strategy for the country to achieve enterprise transformation， product innovation， and effective improvement of social welfare.

Key words: rural revitalization, supply chain finance, central government subsidies, local government competition, Stackelberg model