供应链合作下零售商股权融资策略的模型分析

发布时间：2018-01-05 21:27

本文关键词：供应链合作下零售商股权融资策略的模型分析　出处：《中国管理科学》2017年06期 　论文类型：期刊论文

【摘要】：股权融资已成为成长型企业捕获成长机会的主要手段,但投融资双方矛盾冲突的不断涌现使企业的融资策略显得尤为重要。本文基于供应链的视角构建了零售商的股权融资模型,通过对比分析供应链合作与否时零售商的最优融资决策,探讨零售商在面临良好市场机会时的股权融资策略。核心的发现是:零售商应将企业价值评估和供应链价值创造有效结合,在股权融资过程中重视供应链合作的影响;在供应链合作下零售商的市场成长性主导了股权融资策略选择,但策略选择也受到努力成本参数和价格需求敏感系数的制约。
[Abstract]:Equity financing has become the main means for growth enterprises to capture growth opportunities. However, the continuous emergence of conflicts between investment and financing makes the financing strategy of enterprises particularly important. This paper constructs the equity financing model of retailers based on the perspective of supply chain. Through the comparative analysis of the supply chain cooperation or not, the retailer's optimal financing decision. This paper discusses the equity financing strategies of retailers in the face of good market opportunities. The key finding is that retailers should combine enterprise value evaluation with supply chain value creation effectively. Pay attention to the influence of supply chain cooperation in the process of equity financing; Under the cooperation of supply chain, the market growth of retailers dominates the choice of equity financing strategy, but the choice of strategy is also restricted by effort cost parameters and price demand sensitivity coefficient.
【作者单位】：重庆大学经济与工商管理学院;
【基金】：国家自然科学基金资助项目(71571024)
【分类号】：F724.2;F832.51
【正文快照】： 1引言清科数据[1]显示:截至2015年5月,我国A股上市企业中有33%的企业在上市前引入了私募股权投资,其总市值占A股总市值的39.33%,股权融资已成为助推企业快速发展的重要动力。传统的融资企业主要集中于制造业和信息技术业,但随着实体经济的发展和企业资源整合能力的加强,其他行

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