针对企业融资后面临的市场成长的不确定问题, 通过建立零 售商利用股权融资进行市场开拓的模型, 分析了市场成长变化对零售商 的最优决策及利润的影响.核心发现是: 当市场成长性比较高时, 零售商 的努力水平和订货量会更高, 并且能够获得更高的利润;当市场成长的波 动比较大时, 零售商的努力水平与订货量会更低, 此时零售商难以获得更高 的利润, 但可以保护自身的控制权.此外, 文章还发现在市场成长性比较高(低)的时 候, 盈利能力比较弱(强)的企业在开拓市场时会更加努力.

Market exploitation is one of the important uses of enterprise financing, but the problem of uncertain market growth can not be ignored. We set up a model for retailers to exploit the market with equity financing, and analyze the impact of market growth on retailers' optimal decision-making and profits. The results show that retailers will work harder and will order more when the market growth is relatively high. However, when the market growth fluctuates greatly, retailer's effort level and order quantity will be lower, at this time, retailers can not obtain higher profits, but can protect their own control. In addition, we also find that companies with weaker (stronger) profitability will work harder when the market growth is relatively high (low).