基于转换成本的企业融资策略与定价策略

杨广青, 吴岳行

系统工程理论与实践 ›› 2012, Vol. 32 ›› Issue (1) : 91-103.

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系统工程理论与实践 ›› 2012, Vol. 32 ›› Issue (1) : 91-103. DOI: 10.12011/1000-6788(2012)1-91
论文

基于转换成本的企业融资策略与定价策略

    杨广青, 吴岳行
作者信息 +

Firm's financing strategy and pricing strategy based on switching costs

    YANG Guang-qing, WU Yue-xing
Author information +
文章历史 +

摘要

基于消费者行为中转换成本的考虑,本文从债务有限责任效应出发, 建立一个三期决策模型,探讨当存在顾客转换成本时,企业在资本市场上的融资决策以及产品市场上的定价决策. 研究表明,转换成本对产品市场竞争具有"Bargains-then-Ripoffs"效应,而债务融资的战略性效应对该效应的实施效果却有弱化效用,企业定价策略则取决于其对二者策略的偏好和权衡.当面对高转换成本的产品市场, 企业往往会降低其事前债务融资的比例,采取财务保守行为是其理性决策.而外部市场环境的波动会影响企业融资策略, 进而影响其定价策略.

Abstract

Based on the switching cost of consumer behavior, the three-stage decision model from the debt libility effect was built to analyse the financing strategy in capital market and pricing strategy in product market. Firstly, the research shows that the switch cost has “Bargains-then-Ripoffs” effect in product market competition, but the strategical effect of debt financing will weaken this effect. Secondly, the pricing strategy would be dependent on the firm's preference and tradeoff between the two effects. Thirdly, the firm will decrease its ex-ante the ratio of debt financing and take conservative financing behavior when it faces the product marker with high switching costs. Finally, the outer market environment will directly effect the firm's financing strategy and then indirectly its pricing strategy.

关键词

转换成本 / 融资策略 / 定价策略

Key words

switching costs / financing strategy / pricing strategy

引用本文

导出引用
杨广青, 吴岳行. 基于转换成本的企业融资策略与定价策略. 系统工程理论与实践, 2012, 32(1): 91-103 https://doi.org/10.12011/1000-6788(2012)1-91
YANG Guang-qing, WU Yue-xing. Firm's financing strategy and pricing strategy based on switching costs. Systems Engineering - Theory & Practice, 2012, 32(1): 91-103 https://doi.org/10.12011/1000-6788(2012)1-91
中图分类号: F0    C93   

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基金

国家自然科学基金(70702022,70902071);福建省高等学校新世纪优秀人才支持计划(JA10026S);福建省社会科学规划项目(2011B133)

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