Coordination And Optimization Mechanism In Supply Chain Based On Joint Procurement Of Option Contract And Spot Market

Supply chain operation management is an important content of corporate production management,and supply chain coordination facilitates supply chain members to realize win-win goals.In the past few years,futures markets have seen rapid development in China.Futures markets have key functions of transactional risk aversion,interest arbitrage and hedging,and promote enterprises to select option contract as one of important contracts in supply chain management.What corresponds to the fast development of futures markets is that our country's spot market management is increasingly improved as well.Futures markets play an important role in the regulation of market prices,organization of scale production and strategic storage of bulk commodity an d commodity hedging based on electronic trading.With the rapid development of our country's E-commerce,wide application of information systems and abolition of business information islands,information sharing accelerated by integrating information streams,capital circulation improved by combining fund flow and fast distribution of commodity by integrating logistics cause gradual formation of large-scale spot markets.In the face of uncertainties in market demand,enterprises use futures markets and spot markets as main forms in linkages like raw material purchase,commodity production and sales,to form a composing mode for a new supply chain with futures markets as dominance and spot markets as a supplement.Driven by profits,the coordination of supply chain of option contract on the spot market has become an unavoidable problem of the supply chain management of enterprises.Enterprises may encounter practical problems of raw material procurement,production decision and supply chain coordination and optimization when they attempt to adopt supply chain of option contract on the spot market for producing activity,that theoretical research should be attached great importance.It aims to provide reference and theoretical guidance for enterprises to adapt to the development in the new era and promote supply-side transformation.Based on the two-stage supply chain composed by manufacturers and sellers,this dissertation studies the coordination and optimization mechanism in supply chain based on joint procurement of option contract and spot market,which mainly includes:(1)The procurement strategies of reseller using portfolio approach based on options and spot markets procurement.Under the conditions that the market demand is not clear,the dissertation establishes an integrated purchasing model of batch ordering contract,option contract and spot market.It defines the commodity price of the spot market as exogenous variable of supply chain,the sellers' earnings as conditional probability of commodity price and execution price of options on the spot market.Moreover,it points out the conditions for the seller to purchase options and the strategy of integrated purchasing and ordering aiming to maximize sellers' profit.(2)The procurement strategies of purchasing options by reseller based on options and spot markets procurement with correlation between demand and price.The dissertation researches the procurement strategy of options when the market demand is related to the selling price of commodities and price on the spot market.Optimal pricing for commodities and optimal procurement strategies for option with the correlation of market demand with selling price are given under the conditions of existence of spot markets,with the maximization of retailers' income as an aim,based on linear demand function and non-linear demand function expressed by power function and in consideration of risk neutrality of retailers.Optimal pricing for commodities and optimal procurement strategies for option in bivariate normal distribution composed of market demand fluctuation and spot prices are provided based on two types of market demand functions and in consideration of risk-averse distributor and corporate procurement decision problems under the conditions of uncertainties in market demand and spot prices are resolved efficiently.(3)On the basis of meeting the seller's procurement strategies,this dissertation researches the production optimization strategy under the random capacity of manufacturers,establishes the production model that enables random capacity and quick production capacity of manufacturers and allows them to sell excessive capacity on the spot market.Besides,it presents the optimization strategy of capacity injection of manufacturer's maximum benef it about whether or not the seller will share the information of procurement strategy with the manufacturer.On account of the principle of information disclosure,the dissertation also reveals the necessity of information sharing in helping manufacturers to make assessment on their own profits and shows the significance of information sharing in practices of production for enterprises.(4)The coordination problem of supply chain based on joint procurement of option contract and spot market.Based on the premise of satisfying seller's consortium purchasing,this dissertation respectively establishes the manufacturer-led supply chain coordination model of options contract and considers such model under the condition that the excess capacity is sold on the spot market.The dissertation indicates the strategies of manufacturer's capacity injection under different models with the aim to maximize manufacturer's profit;in addition,by studying the supply chain coordination model,it points out the manufacturer's pricing strategy of options contract to realize supply chain coordination by making analysis on the decentralized decision of supply chain members and the overall centralized decision of the supply chain.The research enriches the connotation of the operation management of the option contract supply chain and expands the research fields,which provides the theoretical basis for the supply chain management needs of the enterprise for the formulation of the option contract,the procurement strategy,the capacity management and so on,and provides the decision reference for the managers and promotes the use of the option contract and spot market by supply chain members.