财务脆弱性问题的报童模型

在品牌渠道体系的建设过程中，除了对利润最大化的追求以外，财务上的脆弱性／柔性会极大地影响着经销商的决策心理和商业行为实践。本文着重考察单位产品利润率和剩余产品处理费用对经销商决策心理和行为的影响，通过分析零售商的收益分布状况，再基于展望理论的思路，建立了参考点取决于损益状况的报童展望模型。最后证明，财务脆弱性将更大地发挥损失厌恶型决策者的保守心理。

A Newsvendor Model of Financial Fragileity

In the process of building the channel system of a brand, in addition to profit maximizing, financial vulnerability/flexibility affects the decision and commercial practice of distributors. We focus on the effect of the unit margin and the residual cost on the decision of a distributor. By analyzing the distribution of his earnings, we build a newsvendor model based on expected utility theory, where the reference point depends on the earnings distribution. Finally, we prove that financial vulnerability will promote a loss-averse decision maker more conservative.