考虑不同融资金额需求的授权再制造融资策略研究  

Authorized Remanufacturing Financing Strategy Under DifferentFinancing Amount Demands

作　　者：付帅帅 陈伟达[1] 丁军飞 王丹丹[2] FU Shuai-shuai;CHEN Wei-da;DING Jun-fei;WANG Dan-dan(School of Economics and Management,Southeast University,Nanjing 211189,China;College of Economics and Management,Nanjing University of Aeronautics and Astronautics,Nanjing 210016,China)

机构地区：[1]东南大学经济管理学院,江苏南京211189 [2]南京航空航天大学经济与管理学院,江苏南京210016

出　　处：《运筹与管理》2021年第10期213-219,共7页Operations Research and Management Science

基　　金：国家自然科学基金面上项目(71971058;71571042);江苏省研究生科研与实践创新计划资助项目(KYCX21_0170)。

摘　　要：考虑授权再制造企业融资金额无法满足资金短缺需求的情况,构建资金约束下再制造企业的决策模型,研究初始资金及融资策略对再制造企业生产决策的影响。研究表明:资金约束下初始资金成为影响再制造企业生产决策的关键,同时授权费的增加会增大资金压力,限制其利润的增长;不论融资金额是否能满足资金短缺需求,再制造企业融资策略的选择都受初始资金限制,当其融资偏好为风险厌恶型时,可选择混合融资策略;在一定条件下再制造企业选择股权融资可提升再制造产品的社会效益。Considering the fact that the authorized remanufacturing company’s financing amount cannot meet the shortage of funds,a model for the remanufacturer under capital constraint is constructed to analyze the impact of initial capital and financing strategy on its production strategy.The results show that the initial capital under the constraints of funds becomes the key to affecting the remanufacturer's production decision,and the increase in authorization fees increase its funding pressure and limit the growth of its profits.Regardless of whether the financing amount meets the shortage of funds,the choice of remanufacturer financing strategy is limited by the initial funding.When its financing preference is risk-averse,a hybrid financing strategy can be selected.The remanufacturer's choice of equity financing under certain conditions can enhance the social benefits of remanufactured products.

关 键 词：再制造 银行贷款融资 股权融资 混合融资 

分 类 号：F830.91[经济管理—金融学]