融资结构视角下扩张型零售商融资策略研究

Study of the Financing Strategy of Expansive Retailer from the Perspective of Financing Structure

针对企业扩张时融资难、融资成本高等问题,引入融资结构、市场成长性等关键要素,构建具有资金约束的扩张型零售商融资策略模型,分别从理论和数值示例视角研究融资结构、市场成长性等因素对最优融资策略的影响。结果发现,股权融资方式同时增加了零售商和投资者利润,具有明显的“双增”作用;零售商在扩张融资时更加偏向于股权融资方式,且股权融资比例随市场成长性增加而增大;零售商的股权融资比例随批发价格的提高而增加,随销售价格的提高而减小。

To investigate the insufficient funds problem of expansive enterprises, this paper introduces key factors such as financing structure and market growth and develops the optimal financing strategy model of the expansive retailer under the capital constraint. It also analyzes the impact of financing structure, market growth and other factors through theoretical and numerical analysis. The results show that the equity financing mode of expansive retailer has an obvious "double increase" effect, which increases the profits of retailers and investors;the equity financing proportion increases with the market growth;the equity financing proportion increases with the wholesale pricerise, and decreases with the sales pricefall.