作　　者： (余星）; (余星）; ; ;

机构地区： 华南理工大学工商管理学院

出　　处： 《系统工程》 2017年第9期27-35,共9页

摘　　要： 考虑天气对产出的影响、期权套期保值和政府期权金补贴,研究"公司+农户+政府协调"模式下订单量和订单价格的确定问题。在新机制中,农户享受"保护价收购,随行就市"的政策,公司购买欧式看跌期权对冲销售价格和需求风险并接受政府的期权金补助。研究结果表明相对于自由买卖,新的协调机制不仅可以提高农户和公司的收益,还可以有效地降低公司违约率。本文也为政府提出了新的补贴方式,即通过给公司提供期权金补贴激励公司接受新机制。通过分析发现价格不确定性增加时,集中决策下最优订单量不受影响,分散决策下最优订单量增加;产出不确定性的增加导致最优订单量减少。公司和农户正的绩效水平说明本文所提出的新机制能较好地协调农户和公司的利益。 Considering the effect of weather on output, options hedging and government＇s premium subsidies, this paper studies the optimal order quantity and order price decision problem. In the proposed mechanism, the farmer accepts the protection price policy, the company buys European put options to hedge risk of selling price and demands with the option premium subsidies of the government. The results show that both the farmer and the company benefit from the new mechanism compared to the case of free trading and the default of the company is decreased. This paper also proposes a new subsidy pattern in form of granting option premium subsidies for the government. By analysis, it finds that when the uncertainty of the price increases, the order quantity remains unaffected under centralized supply chain but increases under decentralized supply chain. When the uncertainty of output increases, the order quantity increases. The positive per- formance levels of both the farmer and the company mean that the mechanism, proposed in this paper can coordinate the interests of the farmer and the company well.

关 键 词： 订单农业 期权套期保值 期权金补贴

领　　域： [经济管理—金融学]