基于预售融资的制造商产能投资决策

The Optimal Capacity Investment Decision for a Manufacturer Adopting Advance Selling to Finance

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。

Capacity investment is one of the most important operational decisions for a manufacturer. In the environment of new normal of Chinese economy, amounts of SMEs are faced with capital constraint. From the perspective of financing to relieve the firm＇s capital constraint by adopting advance selling, this paper develops a framework to study how should the manufacturer with capital cons- traint make his optimal capacity time and quantity decisions in two time periods. The results show that when the manufacturer is capital constrained, the profit function is concave in the initial capital level. The profit function without advance selling is more sensitive to the capital level than the one with advance selling. Compared to the high capital level, the low capital level may change the manufacturer＇s preference to capacity investment time, which means if the manufacturer prefers to invest capacity in the first period when the capital level is high, while he will prefer to invest capacity in the second period when the capital level is below one threshold. The increase of advance selling price and decrease of the per unit capacity investment cost if the second period will enlarge the capital interval, in which the manufacturer prefers to invest capacity in the second period. The study provides theoretical support and management enlighte- nments for the manufacture＇s capacity investment decision.