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本文研究了一个由单供应商和有资金约束的单零售商组成的两级供应链系统,其中零售商可以获得风险规避银行的无限额贷款,分析了看跌期权、看涨期权和双向期权契约下零售商融资的最优策略。结果表明:三种期权契约下,零售商均存在唯一的最优实物订购量和期权订购量使得自身收益最大化,银行均存在最优的利率决策,供应商均可以通过调整批发价格实现供应链的协调。此外,通过理论分析和数值模拟分析发现:双向期权契约时零售商的订货量和收益均最大,但是极易出现破产;看涨期权契约时零售商的订货量和收益均最小,银行贷款利率最高;看跌期权契约的效果处于上述两种契约之间,零售商可以根据自身能够承担风险的程度和银行的风险规避程度,选择相应的期权契约。
This paper studies a two-level supply chain system consisting of a single supplier and a single retailer with financial constraints, in which retailers can obtain risk-averting bank’s unlimited loans and analyze the retail sales of put options, call options and bidirectional options contracts Business financing optimal strategy. The results show that under the three kinds of option contracts, the retailers have the only best physical order quantity and the order quantity, which maximizes their own returns. The banks all have the optimal interest rate decision. The suppliers can adjust the wholesale price to realize the supply chain Coordination. In addition, through theoretical analysis and numerical simulation, it is found that retailers have the largest order quantity and revenue, but are prone to bankruptcy when the two-way option contract is signed. When the call option contracts, the retailer has the lowest order quantity and yield and the highest bank loan interest rate. The effect of the put option contract lies between the two contracts mentioned above. The retailer can choose the corresponding option contract according to the degree of risk borne by the retailer and the risk aversion of the bank.