采用期权契约分担风险的资金约束零售商混合融资订购决策研究

Mixed financing strategy with power contract can not only solve the capital constrained of small and medium-sized enterprises, but also reduce their risks. Based the mixed financing strategy of a capital constrained retailer, with option contracts we aim to study the financing and ordering decisions of a supply chain and evaluate the decision efficiency. By analyzing the influence mechanism of the mixed financing strategy, we constructs a mixed financing and ordering model with option contracts. Further we consider the impact of risk averse attitude on mixed financing and ordering decisions. Incorporating the risk sharing mechanism of option contracts, a mixed financing ordering model involving the risk aversion is built. The model then is extended to the multi-stage mixed scenarios to investigate the multi-stage mixed financing and ordering decisions with option contracts. Through designing the relationship mechanism among the multi-stage decisions, the dynamic game behaviors are depicted. Solving the multi-stage mixed financing and ordering model, we obtain the optimal order decision, pecking order and capital structure. Utilizing the indicators including the expected profit and risk evaluates the decision efficiency with option contracts and mixed financing strategy. Finally, we attempt to apply the results to the practical financing and ordering decisions and support the SMEs relevant decision making.

期权契约下的混合融资策略不仅可以解决中小微企业的资金约束而且可以降低其风险。本项目以资金约束零售商的混合融资策略为切入点，研究资金约束零售商采用期权契约分担风险的混合融资订购决策及其效率评价问题。通过分析资金约束零售商混合融资策略的影响机理，构建资金约束零售商采用期权契约的混合融资订购决策模型；进一步考虑供应链成员风险厌恶态度对混合融资订购决策的影响，构建风险厌恶供应链在期权契约风险分担机制下的混合融资订购决策模型；拓展至多阶段混合融资订购情形；通过设计多阶段混合融资订购关联机制，分析多阶段动态博弈过程；构建期权契约风险分担机制下多阶段混合融资订购决策模型；求解获得多阶段混合融资策略下的最优订购决策、融资优序及最优资本结构；并设计涵盖期望收益及风险的效率评价指标，评价上述期权契约混合融资订购决策的效率；最后将研究成果应用到资金约束企业的融资订购决策中，为企业的融资订购决策提供理论支持。