零售商资金约束下基于混合契约的绿色供应链融资与订购决策

Financing Strategies and Ordering Decisions in Green Supply Chain with a Capital-Constrained Retailer Based on Hybrid Contracts

摘要: 针对绿色供应链中中小型零售商面临的风险规避与资金约束双重困境，文章构建了风险中性生产商与风险规避型零售商组成的二级绿色供应链模型，引入具有订购柔性的“批发价格 + 期权”混合契约，并利用条件风险价值(CVaR)准则刻画零售商风险规避行为，深入剖析了资金规模及风险偏好对最优决策与期望利润的影响。研究表明：1) 在无融资情境下，零售商仅在自有资金超过特定阈值后才开始进行期权订购以分担风险；2) 外源融资虽能提升订购能力并实现帕累托改进，但其增量效益随自有资金增加而递减，且在高风险规避区间，融资情境下的期望利润可能低于未融资情境。研究为绿色供应链成员在复杂约束下的融资运营决策提供了理论依据。

Abstract: To address the dual dilemma of risk aversion and capital constraints faced by small and medium-sized retailers in green supply chains, this paper constructs a two-echelon green supply chain model consisting of a risk-neutral producer and a risk-averse retailer. It introduces an ordering-flexible “wholesale price + option” hybrid contract, and employs the Conditional Value-at-Risk (CVaR) criterion to characterize the retailer’s risk-averse behavior, providing an in-depth analysis of how capital scale and risk preference affect optimal decisions and expected profits. The research results indicate that: 1) In the non-financing scenario, there exists a specific initial capital threshold for the retailer; only when the initial capital exceeds this threshold will the retailer initiate option ordering to share risks; 2) While external financing significantly enhances the ordering capacity of capital-constrained retailers and achieves Pareto improvements for supply chain members, its incremental benefits diminish as the initial capital increases. Furthermore, in the high risk-aversion interval, the expected profit in the financing scenario may fall below that of the non-financing scenario due to the accumulation of interest costs. This study provides a theoretical basis for the financing and operational decision-making of green supply chain members under complex constraints.