适用于价格竞争的债务期限结构战略效应模型

Strategic effect model of debt maturity for price competition

为了分析债务期限结构对产品价格的战略效应,采用Bertrand价格竞争模型,分析长期债务影响两期生产的定价决策,从股东价值最大化角度出发的优化模型结果显示,当市场需求不确定,产品价格战略替代时,长期债务使得企业在第一期价格更低,具有竞争效应.同时长期债务的存在促使企业不断调整各期价格,企业各期价格波动较大.

In order to analyze the strategic effect of debt maturity on product prices, the Bertrand price competition model was emplyed to analyze the effect of long-term debt on pricing decisions of production in two periods. From the view of maximizing the value of shareholders, the results of optimization model show that when the uncertainty comes from the market＇ s demand and the prices of products are strategic products are substitutes, the long-term debt forces firms to lower prices in the first period, which is the competitive effect of longterm debt. At the same time, the long-term debt prompts enterprises to adjust prices in some periods, which causes the instability of product prices.