【摘要】：隨著科技的發(fā)展和消費者喜好的變化,產(chǎn)品的市場需求不確定性越來越明顯。而傳統(tǒng)的供應(yīng)鏈契約模式中,例如批發(fā)價契約,往往零售商更多地承擔(dān)著這種需求不確定帶來的風(fēng)險。期權(quán)契約能提高訂貨彈性,因此被應(yīng)用到企業(yè)訂購策略中。在實際的運營過程中,零售商或多或少都會面臨資金約束問題。以往的很多研究均假設(shè)零售商為風(fēng)險中性,而資金約束零售商的融資過程伴隨著融資成本,相應(yīng)的運營風(fēng)險也會增加,此時零售商很可能為風(fēng)險規(guī)避,他們不僅關(guān)注可以獲得的利潤,還關(guān)注獲得利潤的可能性。因此,研究對于資金約束零售商在風(fēng)險控制模型下如何利用期權(quán)契約進(jìn)行訂購具有現(xiàn)實意義。基于此,本文綜合考慮期權(quán)契約、資金約束、風(fēng)險規(guī)避態(tài)度對零售商訂購決策的影響。主要從以下三方面進(jìn)行研究:首先,建立批發(fā)價契約和期權(quán)契約下零售商的訂購模型,將兩者進(jìn)行比較,探討契約價格參數(shù)滿足何種條件時,零售商才會考慮接受期權(quán)契約;分析期權(quán)是否有促進(jìn)零售商多訂購產(chǎn)品的作用。其次,在前面的基礎(chǔ)上,考慮零售商資金約束問題,分別建立零售商未融資和融資兩種情況下的訂購決策模型,討論是否有考慮零售商資金約束的必要以及融資是否對零售商一定有利。最后綜合考慮零售商的風(fēng)險規(guī)避程度問題對訂購的影響,考慮零售商為風(fēng)險規(guī)避,建立CVaR準(zhǔn)則下零售商的訂購模型,討論零售商放棄期權(quán)訂購的零界點,綜合考慮融資利率以及風(fēng)險規(guī)避程度對訂購策略的影響。通過研究發(fā)現(xiàn):(1)存在零售商放棄期權(quán)訂購的零界點;(2)有探討零售商存在資金約束的必要;但是對于不同的融資利率和自有資金,零售商融資后進(jìn)行訂購未必比在不融資的情況下有優(yōu)勢;(3)風(fēng)險規(guī)避零售商的風(fēng)險規(guī)避程度越高,期權(quán)契約下固定訂購量、期權(quán)訂購量以及批發(fā)價契約下訂購量均越小,但是期權(quán)契約下總訂購量大于批發(fā)價契約下訂購量。雖然期權(quán)契約下零售商利潤高于批發(fā)價契約下,但是優(yōu)勢在減小;隨著融資利率的增加,零售商會增加期權(quán)契約下固定訂購量而減小期權(quán)訂購量。
[Abstract]:With the development of science and technology and the change of consumer preference, the uncertainty of product market demand is becoming more and more obvious. In the traditional supply chain contract mode, such as wholesale price contract, retailers often bear the risk of uncertain demand. Option contract can improve order flexibility, so it is applied to enterprise order strategy. In the actual operation process, retailers will more or less face the problem of financial constraints. Many previous studies have assumed that retailers are risk-neutral, and the financing process of financial constraints retailers with financing costs, the corresponding operational risks will also increase, retailers are likely to avoid the risk. They are concerned not only with the profits they can make, but also with the possibilities for them. Therefore, it is of practical significance to study how to use the option contract to order under the risk control model. Based on this, this paper considers the influence of option contract, capital constraint and risk aversion attitude on retailer's order decision. This paper mainly studies the following three aspects: firstly, the retailers' order models under the wholesale price contract and the option contract are established, and the two models are compared to discuss what conditions the contract price parameters satisfy before the retailer will consider accepting the option contract; Analyze whether the option has the function of promoting retailers to order more products. Secondly, on the basis of the above, considering the problem of retailer's capital constraint, the paper establishes the ordering decision model of the retailer under the condition of unfinancing and financing, respectively. Discuss whether it is necessary to consider the financial constraints of retailers and whether financing is beneficial to retailers. Finally, considering the influence of retailer's risk aversion degree on ordering, considering retailer's risk aversion, the retailer's ordering model under CVaR criterion is established, and the zero bound point of retailer's abandon option order is discussed. Comprehensive consideration of the financing interest rate and risk aversion degree on the order strategy. It is found that: (1) there is a zero boundary point for retailer to give up option order; (2) it is necessary to discuss the existence of financial constraints for retailers. However, for different financing interest rates and their own funds, retailers do not necessarily have an advantage in financing than in the case of non-financing; (3) the higher the risk aversion degree of the risk averse retailer, the smaller the fixed order quantity under the option contract, the less the option order quantity and the order quantity under the wholesale price contract, but the total order quantity under the option contract is larger than the order quantity under the wholesale price contract. Although the retailer's profit under the option contract is higher than that under the wholesale price contract, the advantage is decreasing; with the increase of the financing interest rate, the retail association increases the fixed order quantity under the option contract and reduces the option order quantity.
【學(xué)位授予單位】：南京理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F274

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 Zhenwei Luo;Jinting Wang;Wanting Chen;;A RISK-AVERSE NEWSVENDOR MODEL WITH LIMITED CAPACITY AND OUTSOURCING UNDER THE CVAR CRITERION[J];Journal of Systems Science and Systems Engineering;2015年01期

2 吳英晶;李勇建;張李浩;;基于期權(quán)契約的零售商融資最優(yōu)策略研究[J];管理評論;2014年10期

3 吳曉黎;萬常海;周永務(wù);;基于收益共享契約的零售商押金補貨策略研究[J];運籌與管理;2014年02期

4 孫國華;許壘;;隨機(jī)供求下二級農(nóng)產(chǎn)品供應(yīng)鏈期權(quán)合同協(xié)調(diào)研究[J];管理工程學(xué)報;2014年02期

5 李績才;周永務(wù);鐘遠(yuǎn)光;郭金森;;基于譜風(fēng)險測度與期權(quán)契約的季節(jié)性商品訂購策略分析[J];系統(tǒng)工程理論與實踐;2013年10期

6 徐永鋒;;易逝品信用支付集中決策訂貨策略[J];系統(tǒng)管理學(xué)報;2013年05期

7 田軍;張海青;汪應(yīng)洛;;基于能力期權(quán)契約的雙源應(yīng)急物資采購模型[J];系統(tǒng)工程理論與實踐;2013年09期

8 王文利;駱建文;;零售商提前支付與貸款擔(dān)保下的供應(yīng)商融資策略[J];管理工程學(xué)報;2013年01期

9 葉亮;宋國防;王建;;基于風(fēng)險偏好的零售商買入期權(quán)訂購模型[J];上海大學(xué)學(xué)報(自然科學(xué)版);2012年06期

10 趙濤;宗瑪利;;不確定條件下供應(yīng)鏈期權(quán)契約風(fēng)險分擔(dān)模型[J];工業(yè)工程;2012年05期

，

本文編號：2300740