制造商风险对冲机制对开通直销渠道的影响  

Effects of manufacturer′s cash hedging mechanism on launching direct channel

作　　者：钟玲 聂佳佳[1] ZHONG Ling;NIE Jiajia(School of Management,Southwest Jiaotong University,Chengdu 610031,China)

机构地区：[1]西南交通大学经济管理学院,四川成都610031

出　　处：《管理工程学报》2021年第3期220-228,共9页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金资助项目(71672153);四川省社会科学研究规划重大项目(SC17ZD09);四川省社会科学重点研究基地———系统科学与企业发展研究中心重点项目资助(Xq17B04)。

摘　　要：研究了风险对冲机制对制造商开通直销渠道的影响。建立了制造商两种风险对冲机制下不开通与开通直销渠道的供应链决策模型,得到了渠道均衡价格及制造商和零售商最优利润。研究发现:当资金灵活性较小,风险对冲机制不影响制造商的直销渠道选择决策;当资金灵活性较大,不存在风险对冲机制下,生产成本与消费者对直销渠道接受程度都较高或较低时制造商开通直销渠道,存在风险对冲机制下,生产成本较低时制造商始终开通直销渠道,生产成本较高时制造商直销渠道选择决策取决于消费者对直销渠道的接受程度,此时制造商开通直销渠道的意愿可能增大。此外,无论何种风险对冲机制,制造商的直销渠道都可能使零售商受益。Hedging is a risk management strategy for firms to apply futures,options or other financial tools to deal with different uncertainties,such as foreign exchange fluctuations,tariff policy changes and interruption of raw material supply.There are a large number of existing theories and cases showing us the vital importance and pervasiveness for supply chain members to hedge by using various financial tools.For example,GREE,a large home appliance manufacturer,has carried out the hedging business of raw materials in order to avoid the cost risk caused by the price fluctuation of bulk raw materials,and at the same time has used financial tools to avoid the risk of exchange rate fluctuations.In addition to the internal capital risk,these supply chain members also face the problem of channel choice with the rapid development of e-commerce.Supply chain members like manufactures who hedge,i.e.,Lenovo,Huawei and GREE,not only sell products through retailers,but also launch direct channel through self-built official websites or third-party platforms to directly sell products to consumers.There is no denying that they have solved the problem of capital risk within individual firm through hedging,however,the hedging mechanism makes the supply chain more complex since the price mechanism and competition mechanism of the market have also been changed at the same time,leaving the supply chain exposing to the long-term and overall risks.One may observe that when there is a new choice for manufacturers to sell product directly to consumers,the problem of external capital risk and internal channel conflict of the supply chain coexist,then how will the uncertain capital risk and complex channel relationships affect the manufacture′s choice of launching direct channel?To shed light on this unsolved problem,by using game theory,under two mechanisms,manufacturer hedges or not,respectively,single-channel and dual-channel supply chain decision-making models were built,solved and analyzed,so as to provide theoretical reference for manuf

关 键 词：供应链 直销渠道 风险对冲 

分 类 号：F274[经济管理—企业管理]