风险承担机制视角下企业汇率管理的供应链分析

Supply Chain Analysis about Enterprise’s Exchange Rate Risk Management Based on the Risk-taking Mechanism

"一带一路"倡议引导企业走出国门的同时也使企业面临着更多的汇率波动风险。本文刻画了一个跨国二级供应链,引入了供应链运作的主导结构,探究汇率风险的承担机制对供应链决策与绩效带来的影响。我们对比了供应商与零售商主导下的汇率风险承担机制,发现:虽然供应商或零售商承担汇率风险对供应商主导下供应链不会带来运作差别(这与Arcelus(2013)研究结论一致),但零售商主导下的汇率风险承担对供应链运作产生实质影响与冲击。进而,建议了收益共享契约来调整汇率风险承担的影响,发现了风险应对的合作途径。

The "one belt and one way" initiative guides enterprises to go abroad,but also makes enterprises face more risk of exchange rate fluctuations.Against this background,it is needed to explore who is better to bear exchange rate risk under different circumstances of supply chain leaders,and is there any way to improve the profits of both sides.A transnational secondary supply chain is described,the dominant structure of supply chain operation is introduced,and the impact of exchange rate risk bearing mechanism on supply chain decision-making and performance is explored.Firstly,the impact of the change of exchange rate risk bearer under the situation of supplier dominance is analyzed.Then it is analyzed that when retailers dominate the supply chain,what changes will the change of exchange rate risk bearers bring to the profits of enterprises.And revenue-sharing contracts are used to cooperate at risk.It is found that although the supplier or retailer-led exchange rate risk-taking mechanism will not bring operational differences to the supplier-led supply chain which is consistent with the conclusions of Arcelus et al.(2013).But retailer-led exchange rate risk-taking has a substantial impact on supply chain operation.Furthermore,a revenue sharing contract is proposed to adjust the impact of exchange rate risk taking,and a cooperative way is found to deal with the risk.