摘要
在条件风险价值(CVaR)的风险度量准则下,设计了一个由生产商、受资金约束的零售商和银行组成的供应链金融系统.同时考虑生产商和零售商的风险偏好,研究回购契约下供应链金融的融资与运营决策及其协调策略,得出了各个主体的最优决策.研究了生产商风险偏好、零售商风险偏好和回购价格对最优决策的影响,并分析了分散决策与集成决策的协调性.研究发现,分散供应链的最优决策可以与集成供应链的最优决策保持一致,甚至出现超协调效应.最后,通过数值算例验证该文的研究结果.
Under criterion of conditional value at risk（CVaR）,a supply chain finance（SCF）system comprising of a manufacture,a capital-constrained retailer and a bank are established.Considering the risk preference of both the manufacture and the retailer,the financing and operation decisions and coordination strategies of SCF with buy-back contract are studied,generating optimal decision of each side.Through investigation on the impacts of manufacture＇s risk preference,retailer＇s risk preference and buy-back price on the optimal decisions,the coordination strategies in SCF are analyzed.It is shown that the decentralized supply chain is able to coordinate with the centralized supply chain,and even super-coordination effects may appear.Finally,some numerical examples are conducted to verify the results.
作者
刘重庆
晏妮娜
LIU Chongqing YAN Nina(Business School, Central University of Finance and Economics, Beijing 100081)
出处
《华中师范大学学报（自然科学版）》
CAS
北大核心
2016年第5期704-712,共9页
Journal of Central China Normal University：Natural Sciences
基金
国家自然科学基金项目(71372191)
中央财经大学2015年度研究生科研创新基金项目(201515)
