期权和固定承诺合同在货运业中的应用价值  

Practical Value of Option and Fixed-Commitment Contract in the Freight Industry

作　　者：许垒[1] 卜祥智[2] 杨晓丽 

机构地区：[1]南开大学商学院,天津300071 [2]汕头大学商学院,广东汕头515063 [3]山东省科技发展战略研究所,济南250014

出　　处：《系统管理学报》2012年第3期357-365,共9页Journal of Systems & Management

基　　金：国家自然科学基金重大研究计划资助项目(91024002);国家自然科学基金资助项目(70701022);教育部人文社会科学研究资助项目(11YJC630006);广东省自然科学基金资助项目(91515031010000152)

摘　　要：期权合同和固定承诺合同是货运应用中的两类重要合同,已有研究多从承运企业的角度分析两类合同对海运链的协调作用。从货运代理的角度出发,研究了在合同市场和现货市场并存的情况下,两类货运合同的应用价值,根据改进的报童模型,分析了两类货运合同下,货运代理最优运力预订策略和运力执行策略,并在此基础上,分析了合同的灵活性价值。进一步研究了期权的执行时序对两类合同应用价值及期权合同灵活性的影响。研究结果发现,在两类信息模式下,货运代理最优合同选择都是期权合同,而且合同执行时序滞后降低了现货价格信息不确定性,提高了期权合同的应用价值。In the freight industry, both option contract and fixed-commitment contract are of great practical value, and previous research considers only their effect on supply chain coordination from the carriers＇ point of view. This paper aims to study the practical value of both shipment contracts from the forwarder＇s point of view. Based on the modified newsvendor model, we analyze the optimal reservation policy and the optimal excise policy under both shipment contracts, and study the value of contract flexibility. Additionally, we further study the effect of excise sequence of the option contract on the application value and flexibility of both contracts. The research results show that under both spot-price information models, the forwarder＇s optimal choice is option contract, and the lag of exercising sequence reduces the spot price uncertainty and increases the practical value of option contract.

关 键 词：供应链管理 货运业 期权合同 固定承诺合同 现货市场 

分 类 号：U169.2[交通运输工程] F550[经济管理—产业经济]