基于预售融资的制造商产能投资决策

发布时间：2019-02-12 09:34

【摘要】：产能投资是制造商的关键运营决策之一。在经济新常态的发展环境下,很多中小制造企业实际运营过程中面临资金的限制。文章从预售为制造商融资的角度出发,在一个两周期环境下,研究了一个资金受限的制造商采取预售策略融资的最优产能投资时点与投资量的决策。研究发现:当制造商资金受限时,预售与不预售的利润都是初始资金的凹函数;不预售的利润关于初始资金的变化相对于预售的利润关于初始资金的变化更加敏感。资金受限可能会改变制造商的产能投资决策,当制造商的初始资金水平低于特定阈值时,制造商由资金不受限时选择第一期投资产能将会转变为资金受限时选择第二期投资产能。预售价格的增加和第二期产能投资成本的降低能够扩大制造商选择预售的资金范围。研究为中小制造企业在资金受限时的产能投资决策提供了理论支持和管理启示。
[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.
【作者单位】：北京大学光华管理学院;中国信息通信研究院;
【基金】：国家自然科学基金面上项目(71673011)
【分类号】：F425

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