资金约束零售商订购、促销与融资协同决策分析

Joint decision-making of a capital-constrained retailer on ordering,promotion and financing

考虑资金短缺的零售商,它经营报童类商品,且通过促销可改善市场需求.讨论了零售商关于融资、订购及促销的协同决策问题,刻画了零售商的最优策略及融资和促销的临界条件:如果利率较高,零售商仅在资金极度匮乏下融资,并将所有资金(含贷款,如果有的话)运用于商品采购;如果利率较低,除非初始资金相对充足,否则,零售商对外融资,并将资金合理配置于商品采购和促销活动.对零售商运营策略及收益的影响因素实施了比较静态分析,结果表明,商品采购和促销投入关于初始资金是非减的,市场利率降低或销售价格上升,资金短缺零售商将增大贷款数量,并同时增大商品采购和促销的资金运用,实现的利润也随之增大;但采购价格对运营策略的影响依赖于零售商的初始资金状况.最后,解释了与促销有关的部分经济现象.

This paper investigates the joint decision-making on financing,ordering and promoting of a newsvendor-like retailer confronted with capital constraint,who can exert promotional effort to improve market demand.The optimal operational strategies of the retailer and the threshold conditions on financing and promoting are discussed.In case of relatively high interest rate,the retailer does not finance unless facing extreme lack of funds,and uses all funds,including loans if any,to purchase commodities.In case of relatively low interest rate,unless the initial capital is sufficient,the retailer finances from the financial market and allocates all funds coordinately to commodity purchasing and promotional activities.A static comparative analysis of the retailer’s strategies and the factors,which can affect the strategies and income is conducted.The results show that the commodity purchasing and promotion activity are nondecreasing in the initial capital.What’s more,a lower interest rate or a higher sales price leads to more loans,more funds allocated to commodity purchasing and promotional activity,and more profit when the retailer is suffering from poor funds.But the impact of purchase price on the strategies and income of the retailer varies with the retailer’s initial capital status.Finally,some economic phenomena related to sales promotion are explained.