中文摘要：

考虑双源采购的双寡头制造商进行古诺竞争，根据两制造商选取风险管理策略的不同共有三种竞争结构：（SS）两制造商都采取现货交易策略，（HH）两制造商都采取套期保值策略，（SH）一个制造商采取现货交易策略而另一个制造商采取套期保值策略．文章分别推导出三种竞争结构下的均衡策略及其效用并结合我国工程机械行业的实际数据给出均衡竞争结构．研究发现终端市场需求规模的大小对竞争结构影响显著，而制造商的风险态度和市场需求波动率对竞争结构没有影响．文章还发现在不对称竞争的情况下较低的远期合约价格不一定使得两制造商同时采用远期合约采购原材料．

英文摘要：

This paper studies a situation in which two manufacturers first adopt risk management instruments respectively, and then engage in a Cournot competition in the final product market. According to the firms＇ strategies of risk management, there are three competition structures： （SS） both firms choose spot trading strategy, （HH） both firms adopt financial hedging strategy, and （SH） one firm adopts spot trading strategy whereas the other adopts financial hedging strategy. We analytically derive the unique equilibrium strategies under these three competition structures. We then use the data from Chinese construction machinery industry to show which scenario is the equilibrium competition structure. Our study finds that the demand scale in the final product market has a large impact on the equilibrium competition structure, but the demand volatility and risk attitude of the players do not. We also find that in SH scenario, firms may not simultaneously adopt forward contract even when the contract price is relatively low.