中文摘要：

在林浆纸供应链的发展中，营林企业与制浆造纸企业的紧密合作是实现供应链稳定的关键。笔者在考虑林浆纸供应链特征的基础上，采用实物期权理论构建营林企业与制浆造纸企业的Stackelberg期权博弈模型，并对营林企业期权定价决策、制浆造纸企业的期权购买决策和执行决策进行探讨。研究表明，实物期权契约可以保证制浆造纸企业的原料供应，同时在一定程度上也能降低营林企业的风险，增加营林企业的利润。

英文摘要：

With the development of pulp and paper supply chain, the close cooperation between the forest company and the pulp and paper company is the key factor for the stability of supply chain. Under consideration of the characteristics of pulp and paper supply chain, this paper proposed a staekelberg real options game model based on the real options the- ory. The options pricing decisions of the forest company and the reservations and execution number decisions of the pulp and paper company were analyzed. Studies show that the real options contract can ensure the supply of raw materials for the pulp and paper company. And it can reduce the risk of the forest company and increase the profit of the forest com- puny