Financial hedging in two-stage sustainable commodity supply chains

doi:10.1016/j.ejor.2022.02.048

	Financial hedging in two-stage sustainable commodity supply chains
	Wang, Moran 1; Guo, Xiaolong 1; Wang, Shouyang 1,2,3
刊名	EUROPEAN JOURNAL OF OPERATIONAL RESEARCH
	2022-12-01
卷号	303 期号:2 页码:803-818
关键词	Risk analysis Financial hedging Index-based price contract Sustainable supply chain management Competition
ISSN号	0377-2217
DOI	10.1016/j.ejor.2022.02.048
英文摘要	This paper studies the optimal financial hedging strategy and sustainable development in four supply chain structures. To help manufacturers reasonably hedge the risks caused by the fluctuation of input commodity prices, we use an index-based price contract by which manufacturers can transfer part of their risk to downstream retailers and realize risk-sharing in the supply chain. We discuss the optimal hedging strategy and the product's green degree in four structures: monopoly (manufacturer sets contract), monopoly with Nash bargaining, retailer competition, and manufacturer competition. Our model follows two-stage Stackelberg game, which delivers us the results that the hedge ratio is positively related to the consumer's preference for green products but is inversely related to the green product research and development costs. Interestingly, in the manufacturer competition supply chain, the profits of both manufacturers increase significantly when the input commodity price fluctuates slightly, but as that fluctuation continually increases, the profit of one manufacturer declines, while the profit of the other rises slowly. Considering another perspective, green degree competition harms the profits of the manufacturers and the retailer, as well as decreasing the green degree. (c) 2022 Elsevier B.V. All rights reserved.
资助项目	National Natural Science Foun-dation of China[71871207] ; National Natural Science Foun-dation of China[71988101] ; USTC Research Funds of the Double First-Class Initiative[YD2040 0 02017]
WOS研究方向	Business & Economics ; Operations Research & Management Science
语种	英语
出版者	ELSEVIER
WOS记录号	WOS:000829682600006
内容类型	期刊论文
源URL	[http://ir.amss.ac.cn/handle/2S8OKBNM/61148]
专题	中国科学院数学与系统科学研究院
通讯作者	Guo, Xiaolong
作者单位	1.Univ Sci & Technol China, Int Inst Finance, Sch Management, Anhui Prov Key Lab Contemporary Logist & Supply Ch, Hefei 230026, Anhui, Peoples R China 2.Univ Chinese Acad Sci, Sch Econ & Management, Beijing 100190, Peoples R China 3.Chinese Acad Sci, Acad Math & Syst Sci, Beijing 100190, Peoples R China
推荐引用方式 GB/T 7714	Wang, Moran,Guo, Xiaolong,Wang, Shouyang. Financial hedging in two-stage sustainable commodity supply chains[J]. EUROPEAN JOURNAL OF OPERATIONAL RESEARCH,2022,303(2):803-818.
APA	Wang, Moran,Guo, Xiaolong,&Wang, Shouyang.(2022).Financial hedging in two-stage sustainable commodity supply chains.EUROPEAN JOURNAL OF OPERATIONAL RESEARCH,303(2),803-818.
MLA	Wang, Moran,et al."Financial hedging in two-stage sustainable commodity supply chains".EUROPEAN JOURNAL OF OPERATIONAL RESEARCH 303.2(2022):803-818.