VMI中基于期权的供应商风险管理-VMI中基于期权的供

345Vol.34,No.5200410JOURNALOFUNIVERSITYOFSCIENCEANDTECHNOLOGYOFCHINAOct.2004:025322778(2004)0520549208VMIX,,(,,230052):.,.VMI.:;;;:F713.3:A0(VendorManagedInventory,VMI).[1],VMIJIT;[2],,VMI;[3]VMI(EDIFACTSAPR/3).[4]VMI.[5]VMI:();();();().VMI:VMI[68];VMI[913].VMI,..[14]VMI,,,,.,VMI,,[14],VMI,,X:2003209226:863(2002AA41361):,1962,.:.E\|mail:[e-mail]©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved..1VMIVMI,.,,.EOQ.B=p(y)y-wy-sByQB+hB2QB,s=wy-c(y)-ssyQB+hs2QB;VMI:CB=p(y)y-wCy,Cs=wCy-c(y)-(sB+ss)yQB+(hB+hs)2QB.:y,p(y),,p(y)0.hB,sB,2w,c(y),hs,ss.,1.1Fig.1Theprocessofnegotiationaboutpriceandquantity,p3y33B3s.VMI,p3Cy3CC3BC3s[14].VMI,C3BB3.,2-1+sssB1/2-1+hshB1/220,C3ss3[14];:y3Cy31/21-2-1+sssB1/2-1+hshb1/221+sssB1/21+hshB1/2+[c(y3C)-c(y3)](2y3)1/2(hs+hB)1/2(ss+sB)1/2C3ss3[14].,VMI,,,,05534©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.Cs=wCy-c(y)-syQB+h2QB.:sssss+sB,max{hs,hB}hhs+hB,sh.(2shy)1/2-sbhb21/2sssB+hshB0,;C3ss3;y3Cy31/21-2-1+sssB1/2-1+hshb1/221+sssB1/21+hshB1/2+[c(y3C)-c(y3)](2y3)1/2(h+s)1/2C3ss3.,sh,,C3ss3,,VMI.2Fig.2Theprocessofsuppliergettingprofit,VMIs=C3s-s30,s=C3s-s30.VMI,,.VMI,,,,.,(2),tj;t3.2VMIVMI,,:tj,y3C.,VMI.,,,.:().p(y),p(y)VMI,VMI,p(y),.().p(y),.1555VMI©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.(),VMI,VMI,Tjtj.,VMI.()VMI,,.(),,,.VMI,:(),;(),.VMI,VMI,,1.,VMI;RVMI,.1Tab.1Allkindsofsuppliersprofitsandpolicies0,0VMI0,0,R0VMI0,0,R0VMI,0,0VMI0,0,0,0,R0,,.,.[15],,.3VMI,:,;..,,.,,.,.:;,;VMI,,25534©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,.,tjTj(Tw).()VMI,,,()0VMI,VMI,-.Y3CVMI.i.0,0,R0,R=(y3C)t3t=tj1(1+i)t-(y3)tjt=01(1+i)t0.,Tjtj,Y3Cy3C,,TW.:.,3VMIVMIFig.3TheoperationsofVMIbasedoncontractandinpractice,,P;,,0.VMIVMI,3:,,-(y3)((y3)0).,Tjtj,Y3Cy3C,P,R,R,P=R-R=(y3C)t3t=tj1(1+i)t-(y3)tjt=01(1+i)t-(Y3C)t3t=Tj1(1+i)t-(y3)Tjt=01(1+i)tP0.P,Tj(Y3C)P.P.Y3C=y3C,Tj,:P=00Tjtj(y3C)tjt=tj1(1+i)t-t3t=Tj1(1+i)t+(y3)Tjt=01(1+i)t-tjt=01(1+i)tjTjt33555VMI©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.tjTjt3,5P5Tj0,52P5T2j0,Tj=t3,PPmax,Pmax=(y3C)t3t=tj1(1+i)t+(y3)t3t=01(1+i)t-tjt=01(1+i)t.4Y3C=y3C,P0,Tjtj,PTj,,Tjt3,PPmax.Tj=tj,Y3Cy3C,()Y3C,P(Y3C),PY3C,:P=0Y3Cy3C(y3C)-(Y3C)t3t=tj1(1+i)tY3Cy3CTj=tj,5,t3t=tj1(1+i)t,P(Y3C),(Y3C)(y3C)P;(Y3C)=0,P,Pmax=(y3C)t3t=tj1(1+i)t.,PTjY3C.6VMIFig.6TheoperationsofVMIofbuyerbreachingtheagreement:..TW,TW.P,C(VMI)TW,,Y3Cy3C,.45534©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.VMI6.P:P=+[C+(y3)]TWt=01(1+i)t,0TWtj+CTWt=01(1+i)t+(y3)tjt=01(1+i)t-(y3C)TWt=tj1,(1+i)ttjTWt3.,0TWtj,5P5TW0,52P5T2W0.tjTWt3,5P5TW0,52P5T2W0.7PTWFig.7Thetrendofprice(P)ofAmericanputoptionaccordingtoTWTW=tj,PPmax,Pmax=+[C+(y3)]tjt=01(1+i)t.PTW7.VMI,,.VMI,,VMI,,.3(VMI),,,.VMI,,VMI.VMI,,.[1]GerberN.Objectivecomparisonsofconsignment,just2in2time,andstockless[J].HospitalMaterialManagementQuarterly,1991,13(1):10217.[2]AndelT.Manageinventory,owninformation[J].TransportationandDistribution,1996,37(5):54258[3]JanHolmstrom.Businessprocessinnovationinthesupplychain2acasestudyofimplementingvendormanagedinventory[J].EuropeanJournalofPur2chasing&SupplyManagement,1998,4:1272131[4]BurkeM.Itstimeforvendormanagedinventory[J].IndustrialDistribution,1996,85(2):90[5].VMI[D].,1998.[6]ECRBestPracticesOperatingCommittee.Catego2rymanagementreportenhancingconsumersvalueinthegroceryindustry[J].JointIndustryProjectonEfficientConsumerResponse,USA,1995.[7]BenefieldD.Consignment:whatthehospitalCFO5555VMI©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.shouldknow[J].HospitalMaterialManagementQuarterly,1987,8(4):29237[8]CottrillK.Reforgingthesupplychain[J].Jour2nalofBusinessStrategy,1997,18(6):35239[9]PadmanabhanLeeH,PWhangS.Informationdistortioninasupplychain:thebullwhipeffect[J].ManagementScience,1997,43(4):5462558[10]ChenF,DreznerZRyan,JKSimchi2LeviD.Quantifyingthebullwhipeffectinasimplesupplychain:theimpactofforecasting,leadtimeandin2formation[J].ManagementScience,2000,46(3):4362443[11]ThomasDJ,GriffinPM.Coordinatedsupplychainmanagement[J].EuropeanJournalofOperationalResearch,1996,94:1215[12]XuKDong.YEversPT.Towardsbettercoordina2tionofthesupplychain[J].TransportationRe2searchPartE:LogisticsandTransportationRe2view,2001,37(1):35254[13]WallerMJohnsonME.DavisT.Vendor2managedinventoryintheretailsupplychain[J].JournalofBusinessLogistics,1999,20(1):1832203[14]YanDong.KefengXu.Asupplychainmodelofvendormanagedinventory[J].TransportationRe2search,PartE,200238:75295[15],[M].:,2001RiskManagementofVendorManagedInventoryBasedonOptionsLIANGLiang,PUXu2jin,ZHANGTing2long(BusinessSchool,USTC,Hefei230026,China)Abstract:Vendormanagedinventoryisoneoftheimportantmethodsinsupplychainmanagement.Basedonsuppliersshort2termandlong2termprofitcapacities,thispaperreviewsdifferentoperationalrisksandproposesutilizingbothEuropeanandAmericanoptionstodecreasethevariousoperationalrisksofsuppliersfaceafterenteringVMI.Keywords:supplychain;vendormanagedinventory;risk;option.65534©1995-2005TsinghuaTongfangOp