基于现货市场的双寡头制造商风险管理策略研究

发布时间：2018-03-22 17:07

本文选题：风险管理　切入点：双源采购　出处：《系统科学与数学》2016年06期 　论文类型：期刊论文

【摘要】：考虑双源采购的双寡头制造商进行古诺竞争,根据两制造商选取风险管理策略的不同共有三种竞争结构:(SS)两制造商都采取现货交易策略,(HH)两制造商都采取套期保值策略,(SH)一个制造商采取现货交易策略而另一个制造商采取套期保值策略.文章分别推导出三种竞争结构下的均衡策略及其效用并结合我国工程机械行业的实际数据给出均衡竞争结构.研究发现终端市场需求规模的大小对竞争结构影响显著,而制造商的风险态度和市场需求波动率对竞争结构没有影响.文章还发现在不对称竞争的情况下较低的远期合约价格不一定使得两制造商同时采用远期合约采购原材料.
[Abstract]:Considering duopoly manufacturers of dual-source procurement to compete with Cournot, According to the two manufacturers choose the different risk management strategy, there are three types of competition structure:: SS) both manufacturers adopt spot trading strategy. (both manufacturers adopt hedging strategy.) one manufacturer adopts spot trading strategy and the other takes spot trading strategy. In this paper, the equilibrium strategy and its utility under three competitive structures are derived, and the equilibrium competition structure is given according to the actual data of construction machinery industry in China. It is found that the end market needs the equilibrium competition structure. The size of the scale has a significant impact on the competitive structure. However, the risk attitude of manufacturers and the volatility of market demand have no effect on the competitive structure. It is also found that the low forward contract price under asymmetric competition does not necessarily lead the two manufacturers to use forward contracts to purchase raw materials at the same time.
【作者单位】：曲阜师范大学管理学院;同济大学经济与管理学院;北京航空航天大学经济管理学院;
【基金】：国家自然科学基金(71471101,71101081) 山东省自然科学基金(ZR2015GZ008)资助课题
【分类号】：F426.4;F272.3

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