毕业设计（论文）多产品的竞争报童模型研究.docVIP

摘 要 在现实中,大多数企业都采用银行和供应商融资的组合。银行提供信贷的优势主要来自于其进入资本市场和分散信用风险的能力。另一方面,供应商的优势为能够了解到买方业务、执行还款和在买方违约的情况下挽救已收回的库存。贸易信贷也可以用来规避反价格歧视法律,减少预防性货币资产和降低道德风险。 本文对一个拥有有限财富的零售商进行建模，在面对不确定的需求时，零售商订购了两种产品。首先，我们考虑银行融资，零售商在购买存货之前就已取得银行融资，并且没有任何关于订单数量的约定。我们给出零售商为最大化股权收益，分两阶段决策的最优贷款额和最优订货量。另外，为了对比，给出了能够最大化公司总价值的最理想决策。然后，我们分析了零售商的订货量如何受到有限责任效应的影响，分析了零售商的两阶段最优决策与最理想决策的偏离。接着，我们考虑了供应商融资情形，分析了企业使用混合融资策略（包含一些银行信贷，以及附加部分的供应商融资）的可行性。 本文主要得到两个结论。首先，当一个零售商订购多种成本、收益或需求参数不同的产品时，债务融资会影响他的库存决策。利用有限责任的优势，债务融资的零售商更倾向于低残值、高边际利润率和占库存投资总额比例高的产品。其次，当提供贸易融资的供应商在确定信贷条款之前就获得了零售商实际的订货数量信息，上述的影响是可以被减轻的。用借货物而不是贷款的融资方式，会使零售商很难偏离最理想库存决策。另一方面，少数供应商能够提供与银行同样低利息的债务融资。 关键词：报童模型；库存；债务；代理；贸易信贷；供应商融资 Abstract In reality, most companies use a combination of bank and supplier financing. The advantages of banks to provide credit mainly come from their ability to enter the capital market and diversify credit risk. On the other hand, the suppliers advantage is to be able to understand the buyers business, perform repayment and save the recovered stock in case of buyer default. Trade credit can also be used to circumvent anti-price discrimination laws, reduce preventive monetary assets and reduce moral hazard. In this paper, a retailer with limited wealth is modeled and retailers order two products in the face of uncertain demand. First, we consider the bank financing, the retailer has made the bank financing before the purchase of the stock, and there is no agreement on the number of orders. We give the retailer the best decision to maximize the equity return, the two-stage decision-making loan amount and the order quantity. In addition, for comparison, gives the best decision to maximize the companys total value. Then we analyze how the retailers order quantity is affected by the limited liability effect, and analyzes the deviation of the retailers two-stage optimal decision and the optimal decision. We then considered the supplier financing situation and analyzed the feasibility of using a hybrid financing strategy (including