Strategic Multi-Store Opening under Financial Constraint
Strategic Multi-Store Opening under Financial Constraint
复制标题
资金紧张下战略性多店开业
DOI：
10.1016/j.ejor.2010.08.034
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发表时间：
2010
影响因子：
6.4
通讯作者：
N.
中科院分区：
文献类型：
--
作者：
Iida;T. and Matsubayashi;N.
本文分析了公司可以根据公司的财务限制开设多家商店的情况下的战略商店开设情况。具体来说，给定两个潜在对称公司可以开设的商店数量的上限，他们将依次确定商店的开设数量，包括其位置，以最大化其利润。我们在微观经济框架中进行分析的结果表明，根据所涉及的财务约束的程度，均衡策略可以完全分为以下两种相反的策略。当企业有能力在市场上投入大量资金时，领导者就会选择“细分战略”，即通过开设多家连锁店并阻止追随者进入来垄断部分市场。相比之下，当领先者面临严重的财务约束，只能垄断不到一半的市场份额时，领先者会选择“最小差异化战略”，即企业在与竞争对手完全相同的时间开设每家商店。根据这种策略，领导者必然只能占领一半的市场。此外，我们表明，无论企业之间潜在的对称性如何，在利润方面的先发优势和后发优势都可以在均衡中出现。
This paper analyzes strategic store openings in a situation in which firms can open multiple stores depending on the financial constraints of the firm. Specifically, given any upper limit of the number of store openings that two potentially symmetric firms can open, they sequentially determine the number of store openings, including their locations, to maximize their profits. As a result of our analysis in a microeconomic framework, we show that the equilibrium strategy can be wholly classified into only two following opposite strategies according to the level of their financial constraints involved. When firms can afford to invest significant amounts of money in the market, the leader chooses “segmentation strategy,” in which a part of the market can be monopolized by opening a chain of multiple stores and deterring the follower’s entry. In contrast, when the leader has a severe financial constraint so that it can only monopolize less than half of the market, the leader chooses “minimum differentiation strategy,” where firms open each of their stores at exactly the same point as the rival’s. Under this strategy, the leader necessarily captures just half of the market. Furthermore, we show that regardless of potential symmetry between firms, both first and second mover advantages in terms of profit can occur in the equilibrium.