中文摘要：

根据金融衍生品标的资产与市场需求之间的相关性，从理论上证明了线性相关条件下利用金融期权对冲市场需求风险的有效性，并给出了基于期权对冲的零售商最优订货策略，通过分析零售商净利润与标的资产价格、无风险利率、库存周期及波动率之间的影响关系，证明零售商可以通过期权对冲策略可获得最大期望利润，同时基于逆向拍卖的竞价机制，证明了供应商的报价会随着生产能力的增加而下降，在综合考虑了供应商选择与库存订货之间的相互影响，提出了在完全信息条件下基于期权对冲的零售商最优订货及最佳供应商选择问题，并给出了具体的解析解。

英文摘要：

Based on the correlation between underlying assets and market demands, the paper proves theoretically the validity of using financial options to hedge the risks of market demand in the condition of linear correlation and gives the optimal ordering policies of retailer based on option hedging. Moreover, the paper analyses the correlations between net profit of retailers and the price of underlying asset, risk free rates, inventory cycle and volatility and proves that the retailer may acquire the biggest expect profit by option hedging policies. Finally, the paper proves that the pricing of supplier decreases with the increase of production capacity based on the price bidding mechanism of reverse auction. After considering synthetically the mutual impact between supplier selection and inventory ordering, the paper studies the problem of optimal ordering and supplier selecting based on options hedging in case of complete information and gives its analytic solutions