不同融资方式下再制造企业生产和融资综合决策研究

Integrated Research on Production and Financing Decisions of Remanufacturing Enterprise for Different Financing Modes

在生产预算资金短缺的情形下,对再制造企业在不同融资方式下的生产决策和融资决策进行了综合研究。首先,分析了再制造企业无资金约束时的制造/再制造生产决策;然后,分别分析了再制造企业在三种不同的融资方式(债权融资、优先股融资和普通股融资)下的生产决策,并通过比较三种不同融资方式下每股收益的大小,进行融资决策。研究表明:资金受约束的再制造企业,由于融资方式的不同,影响生产决策的关键因素也不相同,通过比较股票每股盈利能力,企业会选择每股收益最大的融资方式进行融资。

This paper studies the integration decisions of production and financing of remanufacturing enterprise with the shortage of production budget fund for different financing modes.First of all,this paper analyzes the manufacturing/remanufacturing production decisions of remanufacturing enterprise without capital constraint.Then,it analyzes respectively production decisions for three different financing modes,such as debt financing,preferred stock and common stock financing,and makes financing decision by comparing the earnings per share（EPS）of three different financing modes mentioned above,and our results show that the key factors influencing the production decisions are not same due to different financing modes for capital-constrained remanufacturing enterprise,and the enterprise will choose the financing mode which has the largest EPS in order to maximize the profitability of per share for common stock.