资金紧缺型企业规避风险时的决策行为分析

现实中许多企业（尤其中小企业）往往需要通过各种融资手段获取资金以支持其日常运作。融资在为企业带来运作资金的同时，也增加了企业的财务风险。通过在经典报童模型中引入企业的财务状态，综合分析了企业的最优运作决策与财务决策，以及企业决策者对待风险的态度（风险中性、损失规避等）对其决策行为的影响。研究发现，与风险中性型零售商相比，在一定条件下，损失规避型零售商能够在不降低企业期望收益的前提下降低企业的财务风险。

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

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.