资金紧缺型企业规避风险时的决策行为分析

中国管理科学 ›› 2013, Vol. 21 ›› Issue (6): 72-79.

资金紧缺型企业规避风险时的决策行为分析

孙燕红¹, 陈明岩², 陈晓伶¹, 卞亦文³

1. 中国科学技术大学管理学院, 安徽合肥 230026;
2. 清华大学会计核算中心, 北京 100084;
3. 上海大学悉尼工商学院, 上海 200444

收稿日期:2012-02-27 修回日期:2012-06-27 出版日期:2013-12-29 发布日期:2013-12-23
基金资助:
国家自然科学基金资助项目（71101085，71101135）；中央高校基本科研业务费专项资金资助；上海市教委科研创新重点项目（122S099）

Study on the Decision Behavior of Capital-Constrained Newsvendor under Risks

SUN Yan-hong¹, CHEN Ming-yan², CHEN Xiao-ling¹, BIAN Yi-wen³

1. School of Management, University of Science and Technology of China, Hefei 230026, China;
2. Accounting Center, Tsinghua University, Beijing 100084, China;
3. Sydney Institute of Language & Commerce, Shanghai Umivorsity, Shaihai 200444, China

Received:2012-02-27 Revised:2012-06-27 Online:2013-12-29 Published:2013-12-23

摘要/Abstract

摘要： 现实中许多企业（尤其中小企业）往往需要通过各种融资手段获取资金以支持其日常运作。融资在为企业带来运作资金的同时，也增加了企业的财务风险。通过在经典报童模型中引入企业的财务状态，综合分析了企业的最优运作决策与财务决策，以及企业决策者对待风险的态度（风险中性、损失规避等）对其决策行为的影响。研究发现，与风险中性型零售商相比，在一定条件下，损失规避型零售商能够在不降低企业期望收益的前提下降低企业的财务风险。

关键词: 资金紧缺, 损失规避, 财务困境成本, 决策行为

Abstract: Many firms (especially small businesses) in reality usually obtain capital through external financing to maintain their operations. However, external financing also brings financial risks as well as capital. By introducing firm's financial status into the classical newsvendor model, the joint optimal operational decision and financial decision are analyzed. The impacts of the newsvendor's attitudes towards risks (e.g., risk neutral, loss averse) on its decision behavior are also investigated. Theoretical results show that, compared with the risk neutral newsvendor, under some conditions, the loss-averse newsvendor can reduce the financial risk without decreasing its profit.

Key words: capital-constrained newsvendor, loss aversion, financial distress cost, decision behavior

中图分类号:

孙燕红, 陈明岩, 陈晓伶, 卞亦文. 资金紧缺型企业规避风险时的决策行为分析[J]. 中国管理科学, 2013, 21(6): 72-79.

SUN Yan-hong, CHEN Ming-yan, CHEN Xiao-ling, BIAN Yi-wen. Study on the Decision Behavior of Capital-Constrained Newsvendor under Risks[J]. Chinese Journal of Management Science, 2013, 21(6): 72-79.

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