学术前沿讲座—A New Firm Entry under Capital Constraint

报告题目

A New Firm Entry under Capital Constraint

报告人（单位）

赵文辉（上海交通大学安泰经济与管理学院）

点评人（单位）

李四杰（东南大学）

点评人（单位）

薛巍立（东南大学）

时间地点

时间：2018年  10月 23 日（周二 ）  下午14 点

地点：九龙湖经管楼B-201

报告内容摘要

报告内容：

This study examines whether and how an entrant (she) could enter a market by competing with a dominating incumbent (he). Both firms may be capital constrained and need to borrow loans from the credit market, and thus the success of the entrant depends on her relative operational competence over the incumbent and the competition level of the credit market. While in a perfectly competitive credit market, the successful entry of the entrant depends on her operational competence and reserved return on investment (RROI), in a monopolistic credit market, it depends on the working capital levels of the entrant and incumbent in addition. Interestingly, the entrant is not always beneficial to prepare higher working capital level: there is a range of medium level of working capital which is not enough for the entrant to meet her RROI, but she cannot access bank credit since the amount she borrows is too small for the bank to make enough profit in the case that the market is switched from monopoly into duopoly. In such a case, the competition of the credit market mitigate the entry barrier of the entrant. Unexpectedly, the competition of the credit market does not always help the entrant: if the operational competence of the entrant is not that high, her entry may fail in a competitive credit market but succeed in a monopolistic credit market, since the monopoly bank rate may erode the incumbent's competitiveness. Our work presents a unified explanation for the conflicting empirical findings in finance literature on which type of the credit market, competitive or monopolistic, may facilitate the successful entry of an entrant.

报告人简介：

赵文辉，俄亥俄州立大学运筹学博士、交通工程硕士、清华大学土木工程和计算机双学士；上海交通大学安泰经济与管理学院副教授、博士生导师。主要研究兴趣是供应链运营/金融联合决策、博弈论、组合优化等。研究成果发表于Management Science、Operations Research、Manufacturing & Service Operations Management、Production and Operations Management、Mathematical Programming等国际学术期刊。