融资结构视角下损失厌恶零售商的订购策略研究

Study of the ordering strategy of loss-averse retailers from the perspective of financing structure

在零售商具有损失厌恶偏好和资金受限的条件下,研究融资结构、缺货损失和随机需求等因素对零售商订购策略影响问题.结果表明,最优订购量与库存成本呈反比,与缺货损失、回购价格呈正比;在市场需求分布满足一定条件下,最优订购量与债权融资比例、债权融资利率、损失厌恶程度呈反比;在不考虑缺货损失时,零售商最优订购量与市场需求分布无关;如果考虑缺货损失,那么不仅最优订购量会受到市场需求分布的影响,而且最优订购量与融资结构、损失厌恶程度之间的关系也会受到市场需求分布的影响.

This paper develops a supply chain model consisting of one supplier and one loss averse and capitalconstrained retailer to investigate the impacts of loss aversion,financing structure,shortage cost and demand randomness on the ordering strategy of the retailer.The result shows that when the market demand distribution satisfies certain conditions,the optimal ordering quantity decreases with loss aversion,debt financing ratio,and debt financing interest rate;the optimal ordering quantity decreases with the inventory cost,but increases with the inventory cost and buyback price;the impacts of loss aversion,financing structure on the ordering strategy also depend on the market demand distribution when considering the shortage cost.