资金限制下新创企业质量投资策略

The finance-constrained startup always balances the trade-off between cash flow to avoid bankruptcy and quality investment for future growths. This study proposes a two-stage model to investigate the profit-seeking and survival-seeking strategies. It is set that startup must earn profit larger than the survival threshold by the end of every stage. We establish a hedge with price setting and quality investing strategies against the bankruptcy risk, and investigate how the uncertainty of preference for quality, market shock, and survival threshold affect the hedges. Results show that than the deterministic case, the profit-seeking startup will set lower (higher) price and invest in lower (higher) quality in the stochastic environment. Its quality investment will be encouraged by both increasing mean and increasing variance. Besides, the survival-seeking startup always sets its price linked to quality in positive direction in the stochastic environment. Its quality investment will be cut down when the mean of preference for quality increases to a certain level or the variance of preference for quality increases. What's more, as the survival threshold increases, the profit-seeking startup always decreases its investment, while the survival-seeking startup increases its investment first, and then decreases its investment. Finally, this paper provides the startup managers some guidance on the quality investing strategy under financial constraint.