资金约束下损失规避零售商的订购和广告协同策略  

Collaborative Strategies on Ordering and Advertising of a Loss Averse Retailer with Financing Constraint

作　　者：代建生 陈瑞佳 DAI Jian-sheng;CHEN Rui-jia(School of Economics and Management,Yanshan University,Qinghuangdao 066004,China;Faculty of Management and Economics,Kunming University of Science and Technology,Kunming 650093,China)

机构地区：[1]燕山大学经济管理学院,河北秦皇岛066004 [2]昆明理工大学管理与经济学院,云南昆明650093

出　　处：《中国管理科学》2021年第8期81-93,共13页Chinese Journal of Management Science

基　　金：国家自然科学基金资助项目(71762021,71861020,71573025)。

摘　　要：在损失规避下,探讨了零售商的订购和广告协同决策问题。零售商的初始资金状态存在三种情形:资金充足、资金相对短缺(不需融资)、资金短缺(对外融资),分别在三种情形下刻画了零售商的最优运营策略,结果表明:零售商用于商品采购和广告的资金产生的边际效用与边际负效用之比相等,且介于1与单位融资资金的使用成本之间;用于两项活动的最后一单位资金产生的边际效用相等。探讨了损失规避、初始资金、融资利率、商品价格及广告促销的敏感性对运营策略的影响:在资金充足或资金短缺下,商品订购量和广告强度随影响因素的变动方向通常相同;在资金相对短缺下,商品订购量和广告强度随影响因素的变动方向则相反。讨论中揭示了一些管理启示。Due to a long lead time of ordering and a short life cycle, it must be careful to decide how much to purchase in order to deal with uncertainty of market demand, especially true for a newsvendor-like retailer. As advertising can stimulate market demand, decision-making on advertising needs to be reconciled with one of commodity ordering. Theoretically, the problem mentioned above is abstracted as a problem on joint decision-making of ordering and advertising, which has been widely concerned in recent years. Both loss aversion and financing constraints impose a significant effect on operation strategies. Financial constraints limit feasible range of the strategies that the retailer can choose, whereas loss aversion influences the decision-making objective, which in turn affects the optimal strategies. A natural question arises, how to allocate the limited funds for commodity purchase and advertising promotion, if a loss averse retailer is confronted with financing constraints. The problem mentioned above is discussed in this paper.To begin with, the optimal strategies are characterized on ordering and advertising of the retailer. Under the optimal strategies, the marginal utility by the last unit fund in purchasing is equal to one in advertising. What’s more, the ratios, which of marginal utility by the revenue and marginal negative utility by the cost correspondingly, are also equal as well. This conclusion keeps hold established, regardless of loss preference, the initial capital, and financing interest rate. In particular, in the case of sufficient funds or shortage of funds, the marginal utility equals to the marginal negative utility. In case of relative shortage of funds, the marginal utility is strictly greater than the marginal negative utility. Furthermore, the ratio of the two is between 1 and the running cost per financing fund. In the following, impact on the optimal strategy is analyzed of loss aversion, initial fund, financing interest rate, purchase price, sales price and sensitivity of advertisin

关 键 词：报童问题 损失规避 资金约束 广告促销 

分 类 号：C931[经济管理—管理学] F274