Bertrand竞争下融资策略与产品差异化策略的博弈分析

Abstract

Abstract: The financing strategy and product differentiation strategy both are important basic decisions.In a three-stage dynamic game model based on vertical product differentiation,the article studies that enterprise's debt financing strategy imposes effect on product differentiation strategy and pricing decision under uncertainty,at the same time,we compare competition equilibrium outcomes with that under non-debt financing.The research shows that under debt financing,equilibrium quality and equilibrium price are higher,the degree of vertical product differentiation is lower,also the higher debt level is,the higher the enterprise's equilibrium quality,equilibrium price,equilibrium profit and the degree of vertical product differentiation are.

Key words: debt financing, vertical product differentiation, Bertrand competition, uncertainty

CLC Number:

F223

YANG Guang-qing, JIANG Lu-quan, WANG Huan-chen, CHEN Ming-yi. The Game Analysis on Financing Strategy and Product Differentiation Strategy in the Frame of Bertrand Competition[J]. Chinese Journal of Management Science, 2006, (4): 88-94.

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[1] 式中(^a)表示企业1在产品市场上实现盈亏平衡时的随机项值.由于债务的有限责任效应,当企业在产品市场上创造的收入不足以偿还其到期债务时,债权人拥有对这笔收入的求偿权,股东收益则为零,所以,∫(^a)(p1q1(p1,p2)-D)f(ai)dai=0.

The Game Analysis on Financing Strategy and Product Differentiation Strategy in the Frame of Bertrand Competition

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