中文摘要：

文章研究了二级供应链中风险厌恶型零售商面对随机市场需求时的最优广告投入及订货策略。在以期望利润和CVaR的加权平均为目标函数下,分析了零售商的订货策略及广告投入,在此基础上研究了上游供应商的广告投入费用,并阐述了解决该问题的方法,分析了当仅存在零售商广告或供应商广告的2种情形下,风险因子对广告投入及订货量的影响。研究结果可以为风险厌恶的零售商和供应商制定联合广告投入策略和订货策略提供参考。

英文摘要：

This paper considers the optimal advertising investment and order policy under a two-level supply chain model, in which the retailer is risk-averse and faces a random demand depending on advertising expenditure. Considering the weighted average of the expected profit and conditional value at risk（CVaR） as target function, the advertising investment and order policy of the retailer are analyzed as well as the advertising investment of the supplier. An approach to solve this problem is developed, and the influence of risk factor on the advertising investment and order quantity when there is only the retailer advertisement or supplier advertisement is studied. The results obtained are helpful for both retailers and suppliers who are risk-averse to make joint advertising investment policy and order policy.