供需随机和资金约束下新创企业的运营决策

考察由OEM供应商、新创企业和需求市场组成的供应链，其中新创企业通过自建产能或向OEM供应商采购来满足市场需求，研究受资金约束的新创企业以股东权益价值最大为目标时产能设置和订货数量的最优决策。研究表明，当债权融资金额无限制时，随着新创企业初始自有资金逐渐增加，新创企业的最优产能先是保持不变，然后逐渐增加，最后下降；当初始资金非常匮乏时完全采用外包策略以及在资金较充分时彻底抛弃外包都不是最佳选择。

Start-up's Operational Decision-making under Random Supply and Demand and Capital Constraints

A supply chain consisting of an OEM supplier, a start-up and demand market is considered. The start-up under capital constraints meets market demand by investing in capacity building or purchasing from the OEM supplier. The optimal decisions of the start-up's production capacity and ordering quantity are investigated with the goal of shareholders' equity value maximization. The results show that when the loan volume is unlimited, as the initial self-owned funds of the start-up gradually increase, the optimal production capacity of the start-up remains unchanged first, then gradually increases, and finally declines; and neither adopting entire outsourcing strategy when the capital is scarce nor adopting entire self-making strategy when capital is almost sufficient is the best choice for the start-up.