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论文编号：	8380
作者编号：	2120142412
上传时间：	2016/6/8 16:44:30
中文题目：	需求依赖销售努力情境下零售商融资策略研究
英文题目：	Research on Retailer’s Financing Strategy with Effort Dependent Demand
指导老师：	方磊
中文关键字：	资金约束；销售努力；股权融资；债权融资
英文关键字：	Capital-constraint; Sales Effort; Equity Financing; Debt Financing
中文摘要：	中国中小企业的数量基数非常庞大，在经济发展中有着举足轻重的作用；在“大众创业、万众创新”背景下，中小企业数量的增长速度明显加快，这进一步提高了中小企业的地位。然而，资金短缺、融资困难始终是制约中小企业发展的问题。债权融资和股权融资是中小企业解决资金短缺问题时最常用的两种融资模式。 本文在对企业融资模式和销售努力领域核心文献进行梳理总结的基础上，结合中小企业、金融机构的实际情况，将企业融资和销售努力结合起来。以经典报童模型为基准，本文在无融资服务、债权融资和股权融资三种情境下，建立了制造商为领导者、零售商为跟随者的斯坦伯格博弈模型(Stackelberg Game)，在制造商制定批发价格和零售商确定销售努力水平之前，金融机构事先给定融资条件，包括银行的贷款利率和风险投资的股权比例。在求解均衡解后，本文综合利用比较静态分析和数值仿真两种方法，探讨了自有资金对零售商和制造商最优策略以及供应链参与者利润的影响，并进一步研究了资金约束零售商如何选择债权融资服务和股权融资服务。 本文的创新主要有两点：一是将企业的融资行为与销售努力行为结合起来，二是在研究债权融资的同时引入了股权融资。研究结果表明：首先，在不同的资金约束条件和不同的融资模式下，供应链模型都存在均衡解，制造商和零售商可以根据该均衡结果采取最优策略，金融机构也可以参考该均衡解制定融资条件；其次，零售商的资金约束对供应链的运作会产生非常大的影响，而金融机构的参与可以在一定程度上改善资金约束供应链的运作状况；最后，当零售商可以获得外部融资时，如果自有资金极度短缺，更倾向于股权融资，因为股权融资款项可以用来进行销售努力；当零售商的自有资金约束程度降低之后，更倾向于债权融资，因为此时自有资金能够完全满足销售努力的需要，而且零售商的所有权完全属于自己，超额收益完全归自己所有。此外，生产成本的降低能够提高零售商的融资需求，市场竞争程度的提高会降低零售商的资金需求，基准利率的下降不影响零售商的资金需求，但是会提高股权比例的可行域。
英文摘要：	The small and medium enterprise (SME) plays an important role in China’s economic development because of its large number. And SME will improve its status through increasing quantity by the background of innovation and entrepreneurship. But, the shortage of fund and difficulties in financing restrict SME’s development seriously all the time. The normal methods SME usually use to alleviate the financial constraint are debt financing and equity financing. Based on earlier literatures in supply chain field and related fields, including financing and sales effort, this thesis combines sales effort with financing in connection with the reality of SME and financial institutions. Referring to the classical newsboy model, this thesis establishes three Stackelberg game models in which the manufacture is a leader and the retailer plays the role of follower in the situation of no financing, debt financing, and equity financing. In the models, before manufacture sets the wholesale price and retailer decides the level of sales effort level, financial institutions make the policy of financing, including bank’s lending rate and venture capital’s equity share. After solving the models, this thesis discusses the effects on manufacture and retailer’s optimal strategies, and participates’ profits in supply chain of retailer’s own funds, moreover, study how the capital-constraint retailer chooses the best financing theory, including debt financing or equity financing. There are two main innovations in my thesis: one is the combination of financing with sales effort, another is the introduction of equity financing. The following are research results. First, the models all have equilibrium solutions under different situations, so the outcomes can be used by manufacture, retailer, and financial institutions. Second, the capital rationing of retailer has great impact on whole supply chain, and the participation of financial institution can to a certain extent mitigate the adverse effects. Finally, if the financial services are available, retailer will select the equity financing when it is short of funds seriously because the money form venture capital can be used in sales effort, and will prefer debt financing in other situations. Furthermore, the production cost, benchmark lending rate, and competition intensity will influence retailer’s selection in different ways.
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