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Financial hedging in two-stage sustainable commodity supply chains

文献类型：期刊论文

作者Wang, Moran1; Guo, Xiaolong1; Wang, Shouyang1,2,3
刊名EUROPEAN JOURNAL OF OPERATIONAL RESEARCH
出版日期2022-12-01
卷号303期号:2页码:803-818
关键词Risk analysis Financial hedging Index-based price contract Sustainable supply chain management Competition
ISSN号0377-2217
DOI10.1016/j.ejor.2022.02.048
英文摘要This paper studies the optimal financial hedging strategy and sustainable development in four supply chain structures. To help manufacturers reasonably hedge the risks caused by the fluctuation of input commodity prices, we use an index-based price contract by which manufacturers can transfer part of their risk to downstream retailers and realize risk-sharing in the supply chain. We discuss the optimal hedging strategy and the product's green degree in four structures: monopoly (manufacturer sets contract), monopoly with Nash bargaining, retailer competition, and manufacturer competition. Our model follows two-stage Stackelberg game, which delivers us the results that the hedge ratio is positively related to the consumer's preference for green products but is inversely related to the green product research and development costs. Interestingly, in the manufacturer competition supply chain, the profits of both manufacturers increase significantly when the input commodity price fluctuates slightly, but as that fluctuation continually increases, the profit of one manufacturer declines, while the profit of the other rises slowly. Considering another perspective, green degree competition harms the profits of the manufacturers and the retailer, as well as decreasing the green degree. (c) 2022 Elsevier B.V. All rights reserved.
资助项目National Natural Science Foun-dation of China[71871207] ; National Natural Science Foun-dation of China[71988101] ; USTC Research Funds of the Double First-Class Initiative[YD2040 0 02017]
WOS研究方向Business & Economics ; Operations Research & Management Science
语种英语
WOS记录号WOS:000829682600006
出版者ELSEVIER
源URL[http://ir.amss.ac.cn/handle/2S8OKBNM/61148]  
专题中国科学院数学与系统科学研究院
通讯作者Guo, Xiaolong
作者单位1.Univ Sci & Technol China, Int Inst Finance, Sch Management, Anhui Prov Key Lab Contemporary Logist & Supply Ch, Hefei 230026, Anhui, Peoples R China
2.Univ Chinese Acad Sci, Sch Econ & Management, Beijing 100190, Peoples R China
3.Chinese Acad Sci, Acad Math & Syst Sci, Beijing 100190, Peoples R China
推荐引用方式
GB/T 7714		 Wang, Moran,Guo, Xiaolong,Wang, Shouyang. Financial hedging in two-stage sustainable commodity supply chains[J]. EUROPEAN JOURNAL OF OPERATIONAL RESEARCH,2022,303(2):803-818.
APA Wang, Moran,Guo, Xiaolong,&Wang, Shouyang.(2022).Financial hedging in two-stage sustainable commodity supply chains.EUROPEAN JOURNAL OF OPERATIONAL RESEARCH,303(2),803-818.
MLA Wang, Moran,et al."Financial hedging in two-stage sustainable commodity supply chains".EUROPEAN JOURNAL OF OPERATIONAL RESEARCH 303.2(2022):803-818.

入库方式： OAI收割

来源：数学与系统科学研究院

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