负债与有限责任下的价格产量联合决策
Joint Pricing and Production Decisions under Debt and Limited Liability
章魏 1周群凯 1鲍丽娜1
作者信息
- 1. 浙江大学管理学院,浙江 杭州 310058
- 折叠
摘要
本文研究企业面临债务并承担有限责任时的产品价格与产量联合决策问题,其中,企业目标是最优化偿债后的期望效益.研究发现,债务会扭曲有限责任企业的价格和产量决策.当单位生产成本较低时,高债务会导致有限责任企业提高价格、减少产量;而当单位生产成本较高时,高债务会导致企业提高价格、增加产量.
Abstract
Motivated by the industry practice that two famous Chinese clothing companies respond differently in production quantities as debts increase,how debts affect the pricing and production decisions of a firm with limited liability is investigated.Specifically,the firm simultaneously determines its selling price and production quantity to maximize the expected benefit,which is defined as the positive part of profits minus debts.By comparing the optimal pricing and production decisions under profit maximization and those under benefit maximization,it is found that debts indeed influence the joint decisions.With a low unit production cost,product price increases but production quantity decreases as debts increase.However,with a high unit produc-tion cost,both product price and production quantity increase as debts increase.It is further numerically shown that the results hold when demands follow a normal distribution.Our findings provide guidelines for firms with debts and limited liability to set their optimal price and production quantity.
关键词
债务/有限责任/生产/定价Key words
debt/limited liability/production/pricing引用本文复制引用
基金项目
国家自然科学基金项目(71971195)
国家自然科学基金项目(71801192)
中央高校基本科研业务费专项资金项目(S20220041)
出版年
2024
NETL
NSTL
万方数据