资金紧缺型企业规避风险时的决策行为分析

Abstract

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

CLC Number:

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

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