Abstract: The word-of-mouth manipulation in the supply chain financing of e-commerce platform under the Internet environment is a problem that cannot be ignored. This paper respectively formulates and solves the supply chain decision models under the two conditions that the supplier has no capital constraint or has capital constraint and the e-commerce platform provides financing services. The influence of word-of-mouth manipulation on the supply chain equilibrium decision-making and operational efficiency is analyzed, and the relationship between the financing strategy of the e-commerce platform and the role of word-of-mouth manipulation is discussed. The research shows that: (1) Under certain conditions, word-of-mouth manipulation will drive suppliers to actively improve product quality, thus beneficial to both suppliers and e-commerce platforms. (2) When the unit word-of-mouth manipulation cost is within a certain range or the degree of word-of-mouth manipulation is lower than a certain threshold, the manipulation will produce “Information Effect” and consumers will make more effective purchase decisions to meet their certain needs. (3) E-commerce platforms can control the dual influence of word-of-mouth manipulation and the boundary of consumers’ utility gains and losses by adjusting the financing interest rate. The research results show that in the supply chain financing operation of e-commerce platform, the key to win public praise and enhance product reputation is to improve product quality, and the e-commerce platform should develop reasonable financing strategies to effectively control and optimize the e-WOM information, so as to achieve a win-win situation between supply chain members and consumers.

Key words: supply chain financing of e-commerce platform, word-of-mouth manipulation, capital constraints, equilibrium decisions