风险、技术投入和竞争对企业套期保值策略影响研究

Research on the Impact of Risk, Technology Input and Competition on Enterprise Hedging Strategy

在竞争供应链中,研究了原材料价格风险、技术投入和竞争对制造商套期保值策略的影响。分别分析了制造商不套期保值策略和制造商套期保值策略两种情形,并结合制造商的技术投入,构建了各策略下的竞争决策模型。在此基础上,利用动态博弈理论对两种策略下的决策模型进行求解和分析,揭示了市场风险和技术投入对制造商套期保值策略的影响。研究结果表明,当市场风险较低时,不论技术投入成本的高低,制造商选择套期保值更有利;当市场风险适中时,随着技术投入成本的增加,套期保值策略更有利;当风险较高时,制造商选择不套期保值更有利。此外可以发现制造商在套期保值时的产品定价更高,而且技术投入能够给企业带来更高的利润。

In a competitive supply chain,this paper examines the impact of raw material price risk and technology input on manufacturers'hedging strategies.We analyze the manufacturer's non-hedging strategy and the manufacturer's hedging strategy,and combine the manufacturer's technical investment to construct the competitive decision model under each strategy.On this basis,we use dynamic game theory to solve and analyze the decision-making model under the two strategies,revealing the impact of market risk and technical investment on the manufacturer's hedging strategy.The results show that when the market risk is low,regardless of the cost of technology input,it is more advantageous for manufacturers to choose hedging;when market risk is moderate,hedging strategy is more advantageous as the cost of technology inputs increases;when the risk is high,it is more advantageous for manufacturers to choose not to hedge.In addition,it can be found that manufacturers are hedging products at higher prices,and technology investment can bring higher profits to enterprises.