面向网络零售平台的合作广告策略研究

制造商通过第三方网络零售平台开展直销渠道已经成为普遍模式。除价格策略外,广告宣传是企业获得消费者最常用的策略之一,已有研究表明,合作广告策略可有效协调供应链冲突和优化绩效,但在新零售模式中,传统渠道和网络渠道的特点使得网络零售平台和传统零售商的广告宣传对不同销售渠道的影响更加复杂和有趣,因此本文研究网络零售平台的参与对制造商合作广告策略的影响。在文中通过数学建模的方法比较制造商的四种不同策略:不合作策略、制造商仅与传统零售商合作的策略、制造商仅与网络零售平台合作的策略和制造商与两者均合作的策略,通过对不同策略中渠道成员的利润进行比较,可得以下结论:1)制造商的最佳策略为同时与传统零售商和网络零售平台合作;2)当两渠道的广告存在相互"搭便车"行为时,渠道成员之间最优策略一致;3)当网络、传统渠道的广告宣传为竞争关系时,渠道成员的最优策略不一致,但存在"相对"最优策略:传统零售商和网络零售平台同时与制造商合作,该策略下传统零售商、网络零售平台的利润可能会降低,但降低比例为最小。     

双寡头市场中品牌广告竞争和大类广告合作策略研究

利用微分对策理论研究了一强一弱双寡头垄断市场中的品牌广告竞争和大类广告合作策略,提出了一个Stackelberg博弈模型,采用汉密尔顿-雅可比-贝尔曼方程求得了模型的均衡品牌广告、大类广告和价值函数,给出了市场份额计算公式。研究发现:与非合作策略相比,大类广告合作策略下,无论强者还是弱者,他们的销售量都增加了,同时两个企业的品牌广告投入也增加了;通过大类广告合作策略,无论强者(领导者)还是弱者(追随者),他们的利润都得到了提高;强者、弱者和行业的大类广告投入分别高于非合作下强者、弱者和行业的大类广告投入。     

Competition and The Operational Performance of Hospitals: The Role of Hospital Objectives

We examine the effect of a hospital's objective (i.e., non‐profit vs. for‐profit) in hospital markets for elective care. Using game‐theoretic analysis and queueing models to capture the operational performance of hospitals, we compare the equilibrium behavior of three market settings in terms of such criteria as waiting times and patient costs from waiting and hospital payments. In the first setting, a monopoly, patients are served exclusively by a single non‐profit hospital; in the second, a homogeneous duopoly, patients are served by two competing non‐profit hospitals. In our third setting, a heterogeneous duopoly, the market is served by one non‐profit hospital and one for‐profit hospital. A non‐profit hospital provides free care to patients, although they may have to wait; for‐profit hospitals charge a fee to provide care with minimal waiting. A comparison between the monopolistic and each of the duopolistic settings reveals that the introduction of competition can hamper a hospital's ability to attain economies of scale and can also increase waiting times. Moreover, the presence of a for‐profit sector may be desirable only when the hospital market is sufficiently competitive. A comparison across the duopolistic settings indicates that the choice between homogeneous and heterogeneous competition depends on the patients' willingness to wait before receiving care and the reimbursement level of the non‐profit sector. When the public funder is not financially constrained, the presence of a for‐profit sector may allow the funder to lower both the financial costs of providing coverage and the total costs to patients. Finally, our analysis suggests that the public funder should exercise caution when using policy tools that support the for‐profit sector—for example, patient subsidies—because such tools may increase patient costs in the long run; it might be preferable to raise the non‐profit sector's level of reimbursement.     

基于互联网环境下的企业网络广告投资策略研究

随着网络广告的日益普及,选择投放合适的网络广告已经成为决定广告投放成功的关键,企业在进行网络广告投资决策时,面临着选择投资门户网络广告和长尾网络广告的困境。然而,目前并没有针对投放门户网络广告和长尾网络广告的理论和方法,因此需要投放门户网络广告和长尾网络广告的理论、方法和模型以有效指导企业广告投放的运作管理,为企业创造更高的价值。本文引进柯布-道格拉斯销售函数 S（a,q）=α-βa^-γq^-δ,尝试应用博弈论方法构建基于门户网络广告和长尾网络广告的非合作静态Nash投资模型、合作静态Nash投资模型和Stackelberg主从博弈投资决策模型,并通过模型均衡分析求出广告的投资小收益大的条件。与非合作的纳什均衡情况相比,Stackelberg主从博弈模型中,优先投资的网络广告投资小收益大,次后投资的网络广告投资大收益小。但总的投资和收益关系不确定。同其他三种投资情况相比,基于合作的投资策略比非合作和Stackelberg先后投资策略所获得的收益要大。同时,文中运用一个数值算例进一步验证了结论的有效性。解决了企业面临投资门户网络广告和长尾网络广告决策的困境,研究结论为企业投资网络广告提供理论依据和决策方法。     

考虑参考减排努力水平效应的联合减排与竞争动态策略研究

考虑到参考减排努力水平效应,构建了一个包括两个竞争的中小低碳代工制造商和一个品牌商的供应链,借助微分博弈理论研究了联合减排和广告的动态策略以及供应链协调问题。先后分析了供应链在分散决策和合作决策中的均衡策略,比较了两种决策模式下减排努力水平、广告水平以及供应链总利润现值的差别,发现制造商边际收益较低时,在合作决策中减排努力水平更高,否则在分散决策中减排水平更高;品牌商在合作与分散决策中广告水平的高低不取决于品牌商的边际收益而取决于制造商边际收益的相对高低,合作价值是品牌商边际收益的减函数,借助数值模拟分析了记忆效应和参考效应参数对供应链总利润现值的影响。通过设计低碳代工制造商和品牌商之间相互分担对方的减排成本和广告成本的契约,实现了供应链协调,达到了在合作决策时的总利润,并比较了竞争的减排代工制造商和品牌商在分散决策和双向成本分担契约中的利润现值差异,数值分析发现简单的双向成本契约并不能实现帕累托改进,本文提供了转移支付的思路以实现契约自执行性。     

ADVERTISING AND VALUE MAXIMIZATION: AN INTEGRATIVE APPROACH *

The model developed in this paper is interdisciplinary in that we incorporate the advertising decision into the capital asset pricing model (CAPM) for valuation of risky income streams. The advertising decision involves the purchase of media services whose effects on sales (profit) are hypothesized to vary with general economic activity. As in any asset expansion, the firm purchases an income distribution with a given expected value and covariance with the economy. By consulting the CAPM, we are able to obtain a value for the income distribution associated with the advertising expenditure. By failing to account for both risk and return, those previous studies which have examined the effect of advertising on profit or valuation are, at best, incomplete. We are able to demonstrate the inappropriateness of ranking alternative advertising strategies solely on the basis of expected income.     

考虑延时效应的供应链动态合作广告策略研究

广告的延时效应是供应链广告过程中的普遍现象,对供应链合作广告策略的制定具有重要影响.文章研究当产品品牌信誉受广告延时效应影响时供应链的合作广告策略问题,建立了含有时间延迟的品牌信誉动态模型和考虑品牌信誉的产品销售量模型.运用极大值原理,得到了制造商和零售商在分散式决策和集中式决策下的最优广告投入、品牌信誉和利润,以及分散式决策下制造商的最优合作广告参与率.研究发现:在集中式决策下制造商和零售商的最优广告投入和产品销售量均高于分散式决策下的相应值;延迟时间存在一个阈值,当延迟时间低于该阈值时,集中式决策下的供应链利润较高,反之则分散式决策下的供应链利润较高.研究结果为供应链合作广告策略的制定及供应链决策机制的选择提供了一定的参考.最后,通过数值算例分析了广告延迟时间对供应链最优广告策略及决策机制的影响.     

基于混合定向方式的移动定向广告投放策略研究

以移动广告为研究背景,研究地理定向和消费者产品偏好定向相结合的混合定向方式下企业的定向广告投放策略,同时通过对比企业投放定向广告与大众广告,研究企业的广告策略选择问题。研究发现,企业运用定向广告策略应针对不同的消费者群体提供差异化较大的营销策略:对属于企业近距离范围且偏好企业产品的优势市场,企业应加大广告投放力度并实行高价;为了争取部分远端劣势市场的收益,企业应向其投放一定力度的广告并实行低价;对属于双方的竞争市场,企业应选择中等程度的广告和价格。同时,通过与企业投放大众广告相比较,发现竞争企业使用定向广告策略反而不如使用大众广告策略。     

考虑广告主信誉的付费搜索拍卖机制研究——均衡、收益与效率分析

搜索关键字拍卖机制的逐利本质诱发了大量的虚假广告,引发了公众的广泛争议,信誉已成为搜索媒体改进其拍卖机制必须考虑的关键因素之一。通过在关键字GSP拍卖模型中引入广告主信誉因素,提出了一种可信竞价排名的GSP拍卖机制,与传统拍卖机制相比,能有效提高中标广告主的信誉水平,通过对广告主均衡竞价策略、均衡收益与效率的分析表明,在广告主信誉差别较大时,该机制在增进搜索引擎收益和拍卖效率方面也有一定的优势;最后通过研究均衡的实现路径和模拟实验,在不完全信息动态环境下也验证了这一结论。     

信息共享对供应链合作广告影响的博弈分析

本文研究需求不确定环境下合作广告供应链中的信息共享对供应链上下游企业决策及绩效的影响。在此供应链中,上游制造商决定产品批发价格及地方性广告费用分担比例,下游零售商决定地方性广告费用的投入及产品售价。运用斯坦伯格博弈模型研究了不确定性对上下游定价和广告投入决策的影响,分析比较了有信息共享和无信息共享两种情况下供应链各成员及供应链利润。结果表明,对零售商而言,其广告水平,产品售价,及期望利润都随着广告效应的增大而增加;对制造商而言,当广告费用分担率较大时,较强的广告效应会导致零售商对广告的过度投入,从而损害制造商的利润。给定制造商广告分担率,信息共享可以提高制造商期望利润,却减少了零售商期望利润,并可能减少供应链的总体利润。给定批发价格的情况下,信息共享会提高制造商及供应链期望利润,而对零售商来讲无差别。     

考虑异质消费者的线下到线上供应链合作广告契约设计

本文针对一个拥有线上渠道的制造商和一个零售商组成的线下到线上(O2O)供应链,考虑渠道产品差异化策略下零售商为制造商线上渠道进行广告引流,刻画消费者对产品的异质性需求,分别设计对称信息和不对称信息下制造商的最优合作广告契约,通过对比两种情形中最优决策及利润的变化分析信息不对称的影响,并进一步探讨不对称信息下消费者渠道转换的麻烦成本、单位不匹配成本等重要参数对合作广告契约设计和供应链成员利润的影响。研究发现:不对称信息下,制造商可以策略性选择三种不同策略以最大化自身利润,其中不甄别零售商真实信息的混同均衡在某些条件下是制造商的最优策略;尽管信息不对称会给制造商带来利润损失,但制造商通过策略选择可缓和信息不对称的不利影响,某些条件下信息不对称并不损害供应链总体的利润;麻烦成本的变化会改变制造商不对称信息下最优合作广告契约的策略选择,某些条件下麻烦成本的增高对制造商利润反而存在正影响。最后,通过数值仿真对上述研究结果进行直观考察和说明。     

具广告效应的闭环供应链协调性能研究

构建了一个具广告效应的闭环供应链博弈模型,研究广告效应对闭环供应链节点企业决策,以及闭环供应链协调性能的影响。首先,在集中决策、分散决策和广告合作决策三种决策模式下,分别探讨了节点企业的广告投入量、回收率和广告分担率决策,然后,分析了广告效应对各决策变量和利润的影响,最后,运用数值方法,从渠道效率和制造商/零售商收益分配比两方面考察了广告合作对闭环供应链的协调性能。主要结论为:1)广告合作可以增加广告投入量、回收率和节点企业的利润,从而实现闭环供应链的协调;2)节点企业的最优广告投入量、广告分担率、回收率和利润均与广告效应正相关;3)广告合作策略极大地提升了闭环供应链的渠道运作效率,降低了制造商/零售商的收益分配比。随着广告效应的增大,渠道运作效率会逐渐降低,而制造商/和零售商的收益分配比会逐渐升高。     

针对企业虚假广告宣传的政府监管策略研究

虚假广告是指经营者利用广告虚构事实,造成消费者对其商品或服务的误解,从而获取利益的行为。本文考虑了政府、消费者在企业广告决策中的作用,建立两阶段模型,研究了企业利润最大化目标下政府监管力度、消费者负面口碑效应、产品生产成本等因素对广告策略选择的影响。基于企业在四类广告策略（不进行虚假广告、仅前期进行虚假广告、仅后期进行虚假广告和一直进行虚假广告）中的选择,本文着重分析了政府相应的监管策略。通过详实的数值分析,探究了在不同的市场环境下的企业利润和具体的政府监管策略,最终提出对策和建议来限制企业的虚假广告宣传、提高消费者效益并净化市场环境。     

中国A股市场增发效应与投资者保护

国内学者对增发效应的研究主要集中在董事会拟增发公告效应上,对增发的中长期效应较少涉及,虽然对增发公告效应的研究也很有意义,但对于倡导理性的投资者而言,则其重要性不如增发的中长期效应。本文在一个比较长的时间窗口内考察了我国A股市场1998—2004年间获准增发上市公司增发的中长期效应和增发上市日效应,实证分析结果表明,在拟增发公告效应出现5%-10%负效应基础上,流通股股东增发的中长期效应继续出现显著的负效应,并且流通股股东的超额收益率与上市公司利润增长率和增发价格折扣率显著正相关,与其它因素不存在显著的相关关系。     

Advertising in Asymmetric Competing Supply Chains

Advertising is a crucial tool for demand creation and market expansion. When a manufacturer uses a retailer as a channel for reaching end customers, the advertising strategy takes on an additional dimension: which party will perform the advertising to end customers. Cost sharing (“co‐operative advertising”) arrangements proliferate the option by decoupling the execution of the advertising from its funding. We examine the efficacy of cost sharing in a model of two competing manufacturer–retailer supply chains who sell partially substitutable products that may differ in market size. Some counterintuitive findings suggest that the firms performing the advertising would rather bear the costs entirely if this protects their unit profit margin. We also evaluate the implications of advertising strategy for overall supply chain efficiency and consumer welfare.     

A competitive multiple-product newsboy problem with partial product substitution

This paper studies a multi-product competitive newsboy problem with shortage penalty cost and partial product substitution. We characterize the unique Nash equilibrium of the competitive model and analyze some properties of the equilibrium. An iterative algorithm is developed on the basis of approximating the effective demand as well as the expected profit function for each product. Numerical experiments are conducted to illustrate the impacts of product substitution, demand correlation and demand variation on the optimal order quantities and the corresponding expected profits, and to compare the total optimal inventory level of the competitive case with that of the centralized case. The conclusion that competition always results in a higher total inventory level, even under the effect of product substitution is drawn in the symmetric case.     

STRATEGIC ASPECTS OF QUALITY: A THEORETICAL ANALYSIS

This paper investigates the relationship between aspects of quality and long run profitability and growth of a firm. The paper first determines whether a stable relationship among price, aspects of quality, and the sales rate exists, by examining the equilibrium properties of a dynamic model. Then, we use the derived equilibrium expressions to develop insights into the strategic nature of “quality reputation” and, how to integrate marketing (i.e., pricing) and quality related decisions. The paper shows under certain conditions it might be more advantageous to manipulate “quality reputation” through advertising and product innovations than to increase product quality. We comment on quality based strategic options a firm must consider to ensure long run growth and profitability.     

On Comparing Alternative Advertising Policies of Pulsation*

In this paper, five alternative advertising policies that belong to the advertising pulsation class are compared analytically for linear and concave response functions using a modified version of the Vidale-Wolfe model. The results of the research show that (1) For both linear and concave response functions, advertising pulsing/maintenance policy dominates advertising pulsing policy but is dominated by the Uniform Advertising Policy. For convex response functions, the order of dominance is reversed. (2) For linear response functions, uniform advertising policy dominates the impulse advertising policy but is dominated by the chattering advertising policy. (3) For concave response functions, uniform advertising policy dominates both the impulse advertising policy and the chattering advertising policy. (4) For convex response functions, chattering advertising policy dominates both the advertising pulsing policy and the impulse advertising policy. The Vidale-Wolfe model is estimated using the well-known Lydia Pinkham data. Optimality analysis shows that the company was overadvertising about half of the time studied. Overadvertising seems to have produced appreciable gain in sales and created significant barriers to competitive entry at a little cost in terms of foregone profits.     

The Competitive Impact of Targeted Television Advertisements Using DVR Technology

Digital video recorders (DVRs) are an emerging technology that is fundamentally changing the competitive landscape in industries that advertise on television. Perhaps the most familiar impact of DVR technology is that it enables consumers to avoid advertisements (ads) by fast forwarding through them. However, this “zipping” of ads is only one aspect of the impact of DVR technology. DVRs also collect a wealth of information at the consumer level that can be used by firms to target their ads more effectively. We examine how this targeting capability moderates the impact of ad avoidance in a competitive setting. Insights are provided on how best to manage this emerging technology in terms of the key managerial decisions of product pricing and advertising efforts, as well as its impact on profits in a competitive (duopoly) marketplace.     

债务约束下的企业广告与R&D投资研究

本文以Brander和Lewis的资本结构产业组织理论为基础,结合资本市场与产品市场,分析了企业负债与广告投资、R&D投资之间的关系。通过模型推导提出理论命题,并运用我国沪深两市A股上市公司数据进行验证得到相关结论。研究结果显示负债对企业广告投入存在刺激作用而对R&D投资存在抑制效应。企业广告投入与R&D投入行为存在明显的行业差异,制造业企业两种投入相对均衡,非制造业企业通常偏好于二者之一。企业广告与R&D投入之间相互影响,制造业两种投资之间存在互补关系,而非制造业两种投资之间存在替代关系。负债对企业广告与R&D投资行为的影响存在差异,并且不同债务类型的影响同样存在差异。本研究可进一步促进资本结构产业组织理论的发展,同时为企业改善广告与R&D投资策略提供理论和经验依据。