针对林浆纸供应链中原材料供应不稳定、价格存在波动的情况,基于实物期权理论对营林企业原材料的期权定价决策、制浆造纸企业的原材料期权购买决策和期权执行决策进行探讨。通过构建Stackelberg博弈模型,分析营林企业与制浆造纸企业间的博弈过程,得到各决策变量间的相互影响。通过数值算例验证实物期权契约优于传统契约,为企业的实际运作提供管理启示。
In the pulp and paper supply chain, the supply and price of raw materials are uncertainty. Based on the real options theory, the paper analyzes the options pricing decisions of forest enterprises, decisions of raw material options purchase and execution of options for the pulp & paper industry. The paper also proposes a Stackelberg Game Model and studies the relationship between forest enterprises and the pulp & paper making in- dustry. We discuss how the parameters affect each other. The numerical example verifies that the real options contract is better than the traditional contract. It is hoped that the research would provide implications for the management operations.