现货流动性不对等环境下多渠道供应链均衡决策

阐述了中国电子交易市场现货买卖流动性不对等的特点. 基于固定合约、电子交易市场的期权交易和现货交易三种交易方式，研究了单一生产商、单一零售商和第三方电子交易市场组成的多渠道供应链均衡决策问题，讨论了生产商的固定合约最优定价策略和零售商的多渠道最优采购策略，分析了不对等的现货流动性对供应链均衡策略的影响，并通过数值算例分别讨论了现货买入流动性和现货卖出流动性对参与者行为的影响. 结论表明，现货流动性的提高可以带来供应链整体效益的提升；零售商更偏好现货买入流动性好的市场，并随之减少合约订购量和期初总预定量；而现货卖出 流动性好的市场则对生产商更为有利，会同时抬高生产商的固定合约定价和零售商的合约订购量.

Equilibrium strategies in multi-channel supply chain with imbalance spot liquidity

In this paper, we introduce the inequity of spot trading liquidity in China B2B e-market. Considering a multi-channel supply chain consisting of a manufacturer, a retailer and a third-party B2B e-market, we combine fixed contract between manufacturer and retailer and option contract and spot trading on B2B e-market, and build a Stackelberg game model with the manufacturer as the leader. Then we study the manufacturer's optimal pricing strategy for fixed contract and the retailer's optimal procurement strategies. Finally, we discuss the impacts of spot liquidity on equilibrium outcomes through numerical examples. The result shows that the increasing of spot liquidity can improve the total profit of the supply chain. Retailers prefer the market with higher spot liquidity of buying and will lower down the order quantity of fixed contract and initial booking volume accordingly. A market with higher spot liquidity of selling is more profitable for the manufacturer, which will result in the raise of the manufacturer's fixed contract price and the retailer's order quantity.