【摘要】：產(chǎn)能投資是制造商的關(guān)鍵運(yùn)營(yíng)決策之一。在經(jīng)濟(jì)新常態(tài)的發(fā)展環(huán)境下,很多中小制造企業(yè)實(shí)際運(yùn)營(yíng)過(guò)程中面臨資金的限制。文章從預(yù)售為制造商融資的角度出發(fā),在一個(gè)兩周期環(huán)境下,研究了一個(gè)資金受限的制造商采取預(yù)售策略融資的最優(yōu)產(chǎn)能投資時(shí)點(diǎn)與投資量的決策。研究發(fā)現(xiàn):當(dāng)制造商資金受限時(shí),預(yù)售與不預(yù)售的利潤(rùn)都是初始資金的凹函數(shù);不預(yù)售的利潤(rùn)關(guān)于初始資金的變化相對(duì)于預(yù)售的利潤(rùn)關(guān)于初始資金的變化更加敏感。資金受限可能會(huì)改變制造商的產(chǎn)能投資決策,當(dāng)制造商的初始資金水平低于特定閾值時(shí),制造商由資金不受限時(shí)選擇第一期投資產(chǎn)能將會(huì)轉(zhuǎn)變?yōu)橘Y金受限時(shí)選擇第二期投資產(chǎn)能。預(yù)售價(jià)格的增加和第二期產(chǎn)能投資成本的降低能夠擴(kuò)大制造商選擇預(yù)售的資金范圍。研究為中小制造企業(yè)在資金受限時(shí)的產(chǎn)能投資決策提供了理論支持和管理啟示。
[Abstract]:Capacity investment is one of the key operational decisions of manufacturers. In the new normal economic development environment, many small and medium-sized manufacturing enterprises in the actual operation process faced with capital constraints. In this paper, from the point of view of pre-sale financing for manufacturers, in a two-cycle environment, this paper studies the optimal investment timing and investment decision of a manufacturer with limited funds. It is found that when the manufacturer's capital is limited, the pre-sale and non-presale profits are both concave functions of the initial capital, and the change of the non-presale profit is more sensitive to the change of the pre-sale profit than the pre-sale profit. Capital constraints can change the manufacturer's decision to invest in capacity when the manufacturer's initial funding level is below a specific threshold. The choice of the first investment capacity by the manufacturer when the capital is not limited will be changed to the second investment capacity when the capital is limited. An increase in presale prices and a reduction in the cost of investing in the second phase of capacity could broaden the range of funds manufacturers choose to sell. The research provides the theoretical support and management inspiration for the capacity investment decision of the small and medium-sized manufacturing enterprises when the capital is limited.
【作者單位】： 北京大學(xué)光華管理學(xué)院;中國(guó)信息通信研究院;
【基金】：國(guó)家自然科學(xué)基金面上項(xiàng)目(71673011)
【分類(lèi)號(hào)】：F425

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