关键词: 风险规避, 资金约束, 双向期权契约, 供应链协调

Abstract: To explore the equilibrium solution and coordination mechanism of the two-echelon supply chain composed of suppliers,Banks and retailers,the income model of each participant based on the two-way option contract was established.The optimal purchasing strategy of risk-averse retailers and the conditions of supply chain coordination were analyzed.The results showed that the order quantity of physical products and options increased with the increasing of risk aversion coefficient.In the case of certain risk aversion coefficient,the bank interest rate was positively correlated with the retailer's physical order volume and negatively correlated with the option order volume.The physical order quantity of retailer was positively correlated with the strike price of call option and put option,and the option order quantity was negatively correlated with put option strike price.Under the circumstance that the retailer had a certain degree of risk aversion,the two sides could effectively coordinate the supply chain by adjusting the wholesale price of option,strike price of call option and wholesale price of physical option.

Key words: risk aversion, financial constraints, bi-directional option contract, supply chain coordination