WorldWideScience

Sample records for buyback

  1. A critical review of Iran's buyback contracts

    International Nuclear Information System (INIS)

    Iran's oil and gas industry requires investments of US$ 15 billion in the short term and over US$70 billion in the medium term. Iran tries to interest international oil companies (IOC) in investing in Iran's oil and gas business by offering buyback contracts. Under a buyback contract an IOC invests and when production starts, the field is handed over to the National Iranian Oil Company (NIOC) or one of its representatives. The IOC gets its costs and an agreed upon profit paid out of the oil and/or gas gross profits, assuming the field produces as agreed upon and the international energy prices are high enough. According to the Iranian government, the buyback contract contains sufficient incentives for an IOC to invest in Iran. The IOCs, however, disagree. They claim that they solely bare the risks in a buyback contract, whereas the Iranian counterpart receives all windfall profits. Furthermore, the IOCs claim that the utilisation of Iran's oil and gas reserves will be sub-optimal if they are not involved in optimising long-term recovery. In this paper, we investigate these claims and show that they are partly correct. Given Iran's need for investment capital, Iran might have to change its policy

  2. Hartford's gun buy-back program: are we on target?

    Science.gov (United States)

    Marinelli, Laura W; Thaker, Shefali; Borrup, Kevin; Shapiro, David S; Bentley, George C; Saleheen, Hassan; Lapidus, Garry; Campbell, Brendan T

    2013-09-01

    Gunbuy-backprograms have been proposed as away to remove unwanted firearms from circulation, but remain controversial because their ability to prevent firearm injuries remains unproven. The purpose of this study is to describe the demographics of individuals participating in Connecticut's gun buy-backprogram in the context of annual gun sales and the epidemiology of firearm violence in the state. Over four years the buy-back program collected 464 firearms, including 232 handguns. In contrast, 91,602 firearms were sold in Connecticut during 2009 alone. The incidence of gun-related deaths was unchanged in the two years following the inception of the buy-back program. Suicide was associated with older age (mean = 51 +/- 18years) and Caucasian race (n = 539, 90%). Homicide was associated with younger age (mean = 30 +/- 12 years) and minority race (n = 425, 81%). A gun buy-back program alone is not likely to produce a measurable decrease in firearm injuries and deaths.

  3. Is a share buyback right for your company?

    Science.gov (United States)

    Pettit, J

    2001-04-01

    Contrary to popular wisdom, buybacks don't create value by raising earnings per share. But they do indeed create value, and in two very different ways. First, a buyback sends signals about the company's prospects to the market--hopefully, that prospects are so good that the best investment managers can make right now is in their own company. But investors won't see it that way if other, negative, signals are coming from the company, and it's rarely a good idea for companies in high-growth industries, where investors expect that money to be spent pursuing new opportunities. Second, when financed as a debt issue, a buyback is essentially an exchange of equity for debt, conferring the traditional benefits of leverage--a tax shield and a discipline for managers. For such a buyback to make sense, a company would need to have taxable profits in need of shielding, of course, and be able to predict its future cash flows fairly accurately. Justin Pettit has found that managers routinely underestimate how many shares they need to buy to send a credible signal to the markets, and he offers a way to calculate that number. He also goes through the iterative steps involved in working out how many shares must be purchased to reach a target level of debt. Then he takes a look at the advantages and disadvantages of the three most common ways that companies make the actual purchases--open-market purchases, fixed-price tender offers, and auction-based tender offers. When a company's performance is lagging, a share buyback can look attractive. Unfortunately, a buyback can backfire--unless executives understand why, when, and how to use this powerful and risky tool.

  4. Product Safety, Buybacks and the Post-Sale Duty to Warn

    OpenAIRE

    Kathryn E. Spier

    2011-01-01

    A manufacturer learns a product's risks after it has been sold and distributed to consumers. When held strictly liable for product-related injuries, the manufacturer offers to repurchase the product when the risk exceeds a threshold. Consumers accept the offer when their private valuations of consumption are smaller than the buyback price. The manufacturer's private incentives to stage a buyback are insufficient, the buyback price offered is too low, and the continued product usage by consume...

  5. Do Gun Buybacks Have Effect on Crime Rate?

    OpenAIRE

    Chmelík, Pavel

    2013-01-01

    This paper analyzes effect of gun buyback that took place in Great Britain in years 1996 and 1997 on crime rate and compares the results with theoretical arguments and previous empirical findings. It contains analysis of three independent time series: crime rate in England and Wales, Scotland and Northern Ireland. Models of the time series are built using Box-Jenkins methodology. The models are tested for presence of a structural break using visual analysis, Chow test and Quandt-Andrews test....

  6. Takeover Deterrent Effect of On-market Share Buyback in Australia

    Directory of Open Access Journals (Sweden)

    Dong Hai Trieu Doan

    2011-12-01

    Full Text Available This study examines whether Australian firms use on-market share buybacks to deter unwanted takeover risk. We found a statistically significant and positive relationship between a firm’s ex-ante takeover probability and its on-market share buyback activities. Our result is robust to alternative modelling techniques, namelyTOBIT and Censored Quantile Regressions. This paper found evidence that in a dividend imputation credit taxation system the yield of share buyback is positively related to dividend payments. However, on-market share buyback activity is closely related to temporary cash flows rather than to permanent operating cash flows. This might indicate that, besides dividend payments, Australian firms take advantage of the financial flexibility that comes with share buybacks to redistribute nonpermanent cash flows to their shareholders.

  7. Supply Chain Coordination with Buy-back and Wholesale-price Contracts under Random Demand

    Directory of Open Access Journals (Sweden)

    Azamat Rajapov

    2016-02-01

    Full Text Available In order to increase supply chain total profit, we design a supply chain collaboration mechanism between one supplier and one retailer. Throughout the paper we present one supplier and one retailer set up with random demand in a decentralized supply chain. An incentive function on the buy-back cost and wholesale price cost is presented and scheme through the buy-back contract and wholesale-price contract has been developed to enrich the retailer take part in the collaboration ways. Furthermore, the paper shows that, how corporation between buy-back contract and wholesale contract could coordinate the supply chain in both a decentralized and centralized supply chain. Lastly, we set up numerical analyses and the result shows the implied collaboration mechanism is not permit the decentralized system to achieve the same performance as the centralized decision however it allows both members in the supply chain gains profit sharing by setting up the contract parameters.

  8. A New Buy-back Contract Coordinating Dual-channel Supply Chain under Stochastic Demand

    Directory of Open Access Journals (Sweden)

    Guangxing Wei

    2013-01-01

    Full Text Available The conflict between the manufacturer and the retailer except the double marginalization is an important issue in order to coordinate the dual-channel supply chain. In the general case of the non-linear stochastic demand which also is affected by the sales effort of the retailer, this paper designs a new buy-back contract to coordinate the dual-channel supply chain. On the base of developing the Stackelberg game model between the manufacturer and the retailer, the value of every parameter for the new buy-back contract, which can coordinate the dual-channel supply chain, is achieved respectively. The numerical experiment shows that the effort of the retailer can promote the sales amount of the retailing channel and the direct selling, and increase the profits of the manufacturer and the retailer simultaneously, while the overmuch effort of the retailer isnt good anymore.

  9. THE EFFECTS OF SHARE BUYBACK IN THE FINANCIAL RESTRUCTURING OF COMPANIES

    OpenAIRE

    Valentina Duvnjak; Nebojša Balaban

    2011-01-01

    Companies in mature industries,which generate high and stable cash flows but lackgood investment opportunities, do not know how touse surplus cash. Apart from one-time and specialdividend payments, management has a possibility ofshare buyback implementation. Theoretically, thisrepurchase of shares increases their market value.The goal of such share redemption may beconcentration of ownership. In order to preservecontrol and protect the firm from overtaking, acompany may use defensive techniqu...

  10. Buy-back and Revenue-Sharing Contracts in Global Supply Chain

    Directory of Open Access Journals (Sweden)

    Yang Liu

    2015-09-01

    Full Text Available Purpose: The main propose of this study is to investigate how exchange rate risk affects the buy-back and revenue-sharing contracts in the global supply chain, hence to improve the performance of global supply chain. Design/methodology/approach: Based on a two-echelon global supply chain, with the model equilibrium, this paper studies the difference between the buy-back contract and the revenue-sharing contract. By the transmitting of the exchange rate risk, it discusses the node-enterprises’ optimal strategies. Findings: The result shows that: (1 Both these two contracts can diminish the inefficiency caused by demand risk, but none of them can manage the exchange rate risk. (2 No matter which currency is used to settle the payment, both these two contracts will lead to the transmitting of exchange rate risk from one node-enterprise to another. (3 When the currency of the supplier’s country in the relatively appreciating, it is better to use the buy-back contract; when the currency of the supplier’s country in the relatively depreciating, the revenue-sharing contract will lead to a better result. Research limitations/implications: Though this study analyzes how the exchange rate risk affects these two contracts, it based on the assumption that node-enterprises’ goal is maximizing theirs expected profit. In fact, many firms not only focus on maximizing theirs expected profit; the risk-taking is also an important concern. For future researches, how firms’ risk-preferences affects theirs decisions in the global supply chain will be an interesting question. Also, will there be any difference if consider the node-enterprises’ utility functions instead of the expected profit. Originality/value: Existing literature about the global supply chain mainly focus on the exchange rate risk management, few of them considers the double marginalization effect caused by the demand risk. Therefore, with the exchange rate fluctuation, we discuss the

  11. Pricing and Inventory Control Strategy for a Periodic-Review Energy Buy-Back System

    Institute of Scientific and Technical Information of China (English)

    ZHANG Jihong; CHEN Hongqiao; DING Xiaosong; LI Xian

    2016-01-01

    Along with the rapid development of economics and enhancement of industrialization,the power demand keeps rising and frequently creates mismatch between demand and supply in electricity.This provides miscellaneous energy buy-back programs with great opportunities.Such programs,when activated,offer certain amount of financial compensations to participants for reducing their energy consumption during peak time.They aim at encouraging participants to shift their electricity usage from peak to non-peak time,and thereby release the demand pressure during peak time.This paper considers a periodic-review joint pricing and inventory decision model under an energy buy-back program over finite planning horizons,in which the compensation levels,setup cost and additive random demand function are incorporated.The objective is to maximize a manufacturer's expected total profit.By using Veinott's conditions,it is shown that the manufacturer's optimal decision is a state dependent (s,S,P) policy under a peak market condition,or partly an (s,S,A,P) policy under the normal market condition.

  12. THE EFFECTS OF SHARE BUYBACK IN THE FINANCIAL RESTRUCTURING OF COMPANIES

    Directory of Open Access Journals (Sweden)

    Valentina Duvnjak

    2011-01-01

    Full Text Available Companies in mature industries,which generate high and stable cash flows but lackgood investment opportunities, do not know how touse surplus cash. Apart from one-time and specialdividend payments, management has a possibility ofshare buyback implementation. Theoretically, thisrepurchase of shares increases their market value.The goal of such share redemption may beconcentration of ownership. In order to preservecontrol and protect the firm from overtaking, acompany may use defensive techniques of sharebuyback. Announcements of proactive sharebuybacks always result in significant positiveabnormal returns on shareholders’ equity. Shorttermmarket reaction to the announcement fails tocapture the impact of shares repurchasecompletely; therefore, even after the repurchase ofshares, abnormal returns are present over a longerperiod of time. Share buybacks may lead toredistribution of value from shareholders tomanagers by management strengthening, in casecorporate governance and market controls are notpowerful enough. The final impact of sharesrepurchases on the share price and shareholders’welfare depends on the concentration of ownership.The redistribution of value can be transmitted fromone interest group to another through tax savingsfrom tax on capital gains as well. In order to createvalue for shareholders by redemption of shares,essential factors are: signals that managementtransmits across the market, its involvement in the172 ô Валентина Дувњак и Небојша БалабанЗборник радова Економског факултета, 2011, 5, стр. 171-180ownership, and reduction of systemic risk and costof capital.

  13. Coordinating a multi-retailer decentralized distribution system with random demand based on buyback and compensation contracts

    Directory of Open Access Journals (Sweden)

    Jinyu Ren

    2015-01-01

    Full Text Available Purpose: The purpose of this paper is to set up the coordinating mechanism for a decentralized distribution system consisting of a manufacturer and multiple independent retailers by means of contracts. It is in the two-stage supply chain system that all retailers sell an identical product made by the manufacturer and determine their order quantities which directly affect the expected profit of the supply chain with random demand. Design/methodology/approach: First comparison of the optimal order quantities in the centralized and decentralized system shows that the supply chain needs coordination. Then the coordination model is given based on buyback cost and compensation benefit. Finally the coordination mechanism is set up in which the manufacturer as the leader uses a buyback policy to incentive these retailers and the retailers pay profit returns to compensate the manufacturer. Findings: The results of a numerical example show that the perfect supply chain coordination and the flexible allocation of the profit can be achieved in the multi-retailer supply chain by the buyback and compensation contracts. Research limitations: The results based on assumptions might not completely hold in practice and the paper only focuses on studying a single product in two-stage supply chain. Practical implications: The coordination mechanism is applicable to a realistic supply chain under a private information setting and the research results is the foundation of further developing the coordination mechanism for a realistic multi-stage supply chain system with more products. Originality/value: This paper focused on studying the coordination mechanism for a decentralized multi-retailer supply chain by the joint application of the buyback and compensation contracts. Furthermore the perfect supply chain coordination and the flexible allocation of the profit are achieved.

  14. Optimal Decisions in a Single-Period Supply Chain with Price-Sensitive Random Demand under a Buy-Back Contract

    Directory of Open Access Journals (Sweden)

    Feng Wang

    2014-01-01

    Full Text Available This paper studies a single-period supply chain with a buy-back contract under a Stackelberg game model, in which the supplier (leader decides on the wholesale price, and the retailer (follower responds to determine the retail price and the order quantity. We analytically investigate the decentralized retailer’s optimal decision. Our results demonstrate that the retailer has a unique optimal simultaneous decision on the retail price and the order quantity, under a mild restriction on the demand distribution. Moreover, as it can be shown that the decentralized supply chain facing price-sensitive random demand cannot be coordinated with buy-back contract, we propose a scheme for the system to achieve Pareto-improvement. Theoretical analysis suggests that there exists a unique Pareto-equilibrium for the supply chain. In particular, when the Pareto-equilibrium is reached, the supply chain is coordinated. Numerical experiments confirm our results.

  15. The Supply Chain's Buy-back Contract Considering Capital Earning%考虑资金收益情况下的供应链回购契约

    Institute of Scientific and Technical Information of China (English)

    张义刚; 唐小我

    2012-01-01

    在制造商的资金收益率大于零售商资金收益率的情况下,以报童模型为基础,研究了资金收益对回购契约的影响.系统预期利润变为与批发价相关,利用拉格朗日方程求解了满足零售商参与约束、同时使系统和制造商预期利润取得最大值的契约参数.与不考虑资金收益情况下的供应链协调不同的是:订货批量大于相应批发价下不考虑零售商参与约束的最优订货批量;若零售商的保留利润一定,则回购价增大;回购价可以大于批发价,批发价可以小于制造商的边际生产成本.%The earning and cost of capital are often considered when the firms make their operation decisions. However, these factors are often not considered when studying supply chain contracts based on the newsvendor model. The capital earning rates of firms are different in selling cycles even though these rates are stable over a long period of time. For example, a manufacturer's capital earning rate is high when it urgently needs capital. This paper studies the influence of capital earning on supply chain contracts by discussing buy-back contracts.This paper first investigates expected profit models for manufacturer, retailer, and supply chain system. The whole expected profit of the supply chain is not connected with the endogenetic wholesale price p and buy-back price b when the capital earning is not considered. Therefore, there is an optimal order quantity defined by the system exogenous variables. The supply chain is coordinated if the order quantity of the retailer is equal to that of the optimal order quantity of the supply chain system. However, the whole expected profit of the supply chain is connected with the wholesale price if the capital earning is considered and the manufacturer's capital earning rate is not equal to that of a retailer. The optimal order quantity of the system is also connected with the wholesale price.In the next part of this paper, the

  16. The role and linkages of buy-back centres in the recycling industry: Pretoria and Bloemfontein (South Africa

    Directory of Open Access Journals (Sweden)

    J. M.M. Viljoen

    2012-12-01

    Full Text Available Purpose/objectives: The aim of this paper is to get a better understanding of the role and linkages of buy-back centres (BBCs in the recycling industry. The first objective is to analyse the institutional profile of the BBCs in two different geographical areas - namely, Pretoria and Bloemfontein. The second objective is to discuss the role and linkages of BBCs with the informal sector activities and specifically the activities of street waste pickers. The third objective is to explain the linkages that exist between BBCs and recycling companies. Problem investigated: Recycling, and specifically the collection and sorting of waste, is currently receiving much attention on the national as well as municipal level. To understand the recycling industry, and to make informed policy decisions concerning the recycling industry, policy makers need to have an understanding of the role and crucial link of all role players in the industry. Knowledge on the BBCs, who act as a link between the formal and informal sector activities in the recycling industry, is of the utmost importance. Design/Methodology/Approach: A mixed method approach consisting of a quantitative survey coupled with qualitative questions was used. The mixed method approach is used to collect as much data as possible from the BBCs, which is beyond the scope of what a structured questionnaire on its own can achieve. A lack of accurate location information on BBCs necessitated an intensive search for BBCs in the two areas. Findings/Implications: The BBCs in Pretoria and Bloemfontein act as an important link between informal sector activities and recycling companies and therefore promote informal and formal job opportunities. Formal job opportunities are created at the BBC sites as well as formal jobs at the upper end of the recycling chain, namely at formal recycling companies. Informal income generating opportunities are created for the informal waste collectors. Any changes in the formal or

  17. Stackelberg game of buyback policy in supply chain with a risk-averse retailer and a risk-averse supplier based on CVaR.

    Directory of Open Access Journals (Sweden)

    Yanju Zhou

    Full Text Available This paper considers a decentralized supply chain in which a single supplier sells a perishable product to a single retailer facing uncertain demand. We assume that the supplier and the retailer are both risk averse and utilize Conditional Value at Risk (CVaR, a risk measure method which is popularized in financial risk management, to estimate their risk attitude. We establish a buyback policy model based on Stackelberg game theory under considering supply chain members' risk preference and get the expressions of the supplier's optimal repurchase price and the retailer's optimal order quantity which are compared with those under risk neutral case. Finally, a numerical example is applied to simulate that model and prove related conclusions.

  18. Stackelberg game of buyback policy in supply chain with a risk-averse retailer and a risk-averse supplier based on CVaR.

    Science.gov (United States)

    Zhou, Yanju; Chen, Qian; Chen, Xiaohong; Wang, Zongrun

    2014-01-01

    This paper considers a decentralized supply chain in which a single supplier sells a perishable product to a single retailer facing uncertain demand. We assume that the supplier and the retailer are both risk averse and utilize Conditional Value at Risk (CVaR), a risk measure method which is popularized in financial risk management, to estimate their risk attitude. We establish a buyback policy model based on Stackelberg game theory under considering supply chain members' risk preference and get the expressions of the supplier's optimal repurchase price and the retailer's optimal order quantity which are compared with those under risk neutral case. Finally, a numerical example is applied to simulate that model and prove related conclusions. PMID:25247605

  19. 成本信息不对称下的供应链回购契约模型%Buyback contract model in supply chain under the asymmetrical cost information

    Institute of Scientific and Technical Information of China (English)

    程赐胜; 邹浩

    2011-01-01

    Buyback contract coordination based on the asymmetric cost information was studied when the market demand was affected by the market price elasticity. Based on the analysis of supply chain under symmetric information model of buyback contract coordination, the asymmetric information model of buyback contract coordination was designed. And through adjusting the cost and the price parameters, this model makes the cost information be reflected. And makes the supply chain system to obtain the coordination and the best value. Finally, the example was used to verify the model to be scientific and feasible.%研究了市场需求受市场价格弹性影响下,基于成本信息不对称的回购契约协调问题.在分析信息对称下供应链回购契约协调模型的基础上,设计了成本信息不对称下的供应链回购契约协调模型,该模型通过调整成本、价格参数以使成本信息得到反映,从而获得供应链系统的协调与最佳效益.最后通过算例验证了模型的科学性和可行性.

  20. Interdependencies of markets in southeastern Europe and buyback of shares on shallow capital markets: The application of cointegration and causality tests

    Directory of Open Access Journals (Sweden)

    Đukić Đorđe

    2015-01-01

    Full Text Available Due to the global financial crisis the stock exchange indices of Southeastern European (SEE countries are stagnating or are slowly recovering. The issuers of securities, namely banks that achieve good business results, may be in a dilemma whether to buy back their shares so as to slow down the share price decrease and manage capital. In this paper, the cointegration tests, Granger causality test and equilibrium error correction model were applied to examine: 1 interdependencies of stock exchange indexes in SEE countries (Slovenia, Croatia, Serbia, Montenegro, Republic of Srpska, Macedonia - FYROM and Bulgaria; 2 interdependencies of most actively traded shares in Serbia and the representative index. The main conclusion is that it is not possible to successfully use the share buyback to stop or reduce the share price fall on a shallow capital market of SEE countries. This is opposite to what successful banks can do on deep capital markets. In interpreting quantitative results it is necessary to be cautious because of a small number of banks from SEE which were able to use share repurchase. [Projekat Ministarstva nauke Republike Srbije, br. 179065, br. 47009 i br. 179015

  1. PRICING AND INVENTORY POLICY FOR AN ENERGY BUY-BACK PROGRAM%能源回购补偿机制下的联合生产与定价策略

    Institute of Scientific and Technical Information of China (English)

    张继红; 丁晓松; 陈曦

    2011-01-01

    世界经济的快速发展和工业化进程的推进促使各国电力需求激增,电力供需矛盾为能源回购项目的发展提供了条件.考虑能源回购补偿机制下企业生产定价联合决策问题,建立了相应的具有线性需求函数的企业生产定价联合决策模型,研究了引入启动成本和参与能源回购项目得到的经济补偿对企业生产与定价策略性质的影响,并利用k凸函数的概念证明了在线性需求函数的假设下,(s,S,P*)策略为最优生产定价策略.%The power demand keeps rising with the rapid development of economics and enhancement of industrialization. The contradiction between supply and demand provides energy buy-back programs with great opportunities. This paper considers a periodic review joint pricing and inventory model under an energy buy-back program by incorporating the compensation as well as setup cost over finite T planning horizons. At the beginning of each period, a decision maker has to figure out a joint pricing and inventory strategy under an energy buy-back program in order to maximize the expected total profit. It is shown that an (s, S, P*) policy is optimal with the concept of fc-convexity when the demand function is additive.

  2. 销售努力与价格干扰下的回购契约模型分析%Analysis of Buyback Contract Model with Sales Effort and Price Interference Considerations

    Institute of Scientific and Technical Information of China (English)

    翁醇子; 冀巨海

    2015-01-01

    In this paper, on the premise of the verifiable sales efforts, we studied the buyback contract coordination problem where the market demand was influenced simultaneously by retailing price and sales effort level. First we presented the optimal ordering volume, efforts level and retailing price of the supply chain system under centralized decision-making, then explained why the traditional buyback contract malfunctioned under distributive decision-making, then on such basis introduced the mixed buyback contract that introduced effort cost apportionment and price ceiling to realize supply chain coordination, and at the end, through a numerical example, validated the model established.%实现供应链协调的一个重要方法就是供应链契约,以一个两阶段存货式生产供应链系统为背景,研究了在销售努力可以核实的前提下,零售价格与销售努力水平同时影响市场需求时的回购契约协调问题。首先在集中决策下给出系统最优的订货量、努力水平和零售价格,然后解释了分散决策下传统回购契约失灵的原因。为此,引入基于努力成本共担与最高限价的混合回购契约,实现了供应链协调。最后,通过数值算例对模型进行了检验。

  3. 不同碳排放政策下基于回购合同的供应链协调策略%Supply chain coordination with buyback contract under different carbon emission policies

    Institute of Scientific and Technical Information of China (English)

    鲁力; 陈旭

    2014-01-01

    碳排放政策给企业运营和供应链管理带来了新的挑战,使供应链上企业的管理决策更加复杂。考虑由一个供应商与一个制造商组成的二级供应链,研究不同碳排放政策(碳税、限额、限额与交易)下基于回购合同的供应链协调问题,并与无碳排放约束的情形进行比较。研究结果表明,在不同碳排放政策下,回购合同均能实现供应链协调,无碳排放约束、碳限额与交易和碳限额政策下制造商的最优订货量依次减小,而供应商给出的回购价格依次提高。%Carbon emission policies bring new challenges to the enterprise operation and supply chain management, making the decision of management more complicated. With a two-echelon supply chain consisting of one supplier and one manufacturer taken into consideration, the supply chain coordination with buyback contract under different carbon emission policies(carbon emissions tax, mandatory carbon emissions capacity, cap and trade) is researched and compared with the situation of no carbon constrain. The results show that, under different carbon policies, the buyback contract can coordinate the supply chain. The manufacture’s optimal order quantity gradually decreases under unconstrained condition, cap and trade, and mandatory carbon emissions capacity, while the buyback price offered by the supplier gradually increase.

  4. Online Leasing Problem with Nonlinear Exponential Buy-back Contract%非线性指数回购合同约束的占线租赁问题

    Institute of Scientific and Technical Information of China (English)

    王扬; 徐维军; 徐寅峰

    2012-01-01

    考虑到设备的使用寿命通常呈现出更一般的非线性衰减,本文以非线性指数价格函数为回购合同约束建立了占线租赁决策模型,并得到了模型的最优竞争策略。首先分别对指数非线性回购合同进行数学刻画并讨论了其相关的一些性质。其次对存在旧货市场的离线租赁问题进行最优分析,进而提出该问题的占线租赁策略,并运用竞争分析方法从理论上完美证明了该策略的最优性。与经典的占线租赁模型比较发现,其竞争比小于Karp"雪橇租赁"模型中最优策略的竞争比。另外,本文提出的具有回购合同约束的占线租赁模型是对已有研究仅考虑新货市场进行扩展突破,即考虑了允许旧货市场的存在,是对现有占线租赁模型库的一个有益补充。%Considering that the life of the equipment generally presents a non-linear decay, we establish online leasing model with non-linear buy-back contracts, i.e. , exponential price function, and then give its optimal competitive strategy. First, we characterize the mathematical model of this non-linear buy-back contract and discuss some properties. Second, we study optimal off-line leasing problem with existence of the second-hand market, and propose online leasing strategy. Finally, we use competitive analysis to prove perfectly the optimality of this strategy, and find its competitive ratio is smaller than that of Karp's model. Also, the optimal competitive performance of the strategy is discussed and illustrated by numerical analysis. In addition, our proposed online leasing model with the constraint of the above buy-back contract has expanded the previous studies that only allow for new products in the market. Our model considers old products into the lease market, which is a useful supplement to the existing literature of online leasing models.

  5. Pricing Decisions on Inventory Financing of the Banks with Core Enterprises' Buy-back Guarantee%核心企业回购担保下银行的存货质押融资定价决策

    Institute of Scientific and Technical Information of China (English)

    易雪辉; 周宗放

    2011-01-01

    采用剩余产品回购率的大小来刻画供应链的上游核心企业对下游中小企业存货质押融资行为的担保程度,模型化了银行的存货质押融资决策.研究表明,银行的期望利润、存货质押率与核心企业的担保程度成正相关,贷款利率与担保程度无关且固定等于管制利率;并且发现某一程度的担保(对应某一质押率)是合理的.本文的研究为银行要求核心企业提供回购担保以及提供什么程度的担保提供了解释,也为基于期权思想进行中小企业融资金融产品的创新设计提供了启发.%This paper takes the repurchase ratio of surplus products as the index which can depict the degree of the upstream core enterprises' buy-back guarantee against the downstream small and medium-sized enterprises' financing inventory, and model banks' decisions on inventory financing. Studies show that banks' expected profit, the loan-to-value ratio of inventory financing positively correlate to the guarantee degree of core enterprises while the loan ratio is a constant equal to the regular interest rate. The loan-to-value ratio will be the best value when the buy-back ratio is a rational number. This study provides a theoretical explanation to banks' requirements for core enterprises' buy-back guarantee and the degree of their guarantee and also reference for the designing af financial product innovation of small and medium-sized enterprises based on option theory.

  6. Research on the Coordination of Three-Stage Supply Chain Based on Buy-Back Contracts%基于回购合同的三级供应链协调

    Institute of Scientific and Technical Information of China (English)

    刘浩

    2011-01-01

    The existing studies show that a two-stage supply chain with buy-back can be coordinated by buy-back contracts. However, it is not known that if this result can be applied to a three-stage supply chain. To answer this question, a three-stage supply chain composed of a manufacturer, a distributor, and . A retailer is considered in this paper. A mathematical model is developed to describe the impact of buy-back contracts between the manufacturer and distributor, and the distributor and retailer on the supply chain coordination. With this model, it is shown that the three-stage supply chain can be coordinated to be "win-win" by tuning the contract parameters. Further, with this model, conditions under which the supply chain can be coordinated to be "win-win" are presented. The effectiveness of the proposed method is dem-onstrated by a numerical example.%现有的研究表明回购合同能够很好地协调二级供应链网络,但对于一个三级供应链而言,协调是否仍然有效,尚无定论。为了回答这一问题,本文建立了由单个制造商、单个分销商、单个零售商组成的三级供应链网络,运用数学模型考察制造商与分销商以及分销商与零售商之间的回购合同对整条供应链的协调作用,结果表明合理设置回购合同参数能够有效增加供应链各成员利润,实现各成员间的“共赢”,并得到了实现“共赢”的条件。最后通过一个算例证明了该模型的有效性。

  7. The Supply Chain Buyback Contract Coordination Strategy Based on Conditional Value-at-Risk Criterion%基于条件风险值准则的供应链回购契约协调策略

    Institute of Scientific and Technical Information of China (English)

    邱若臻; 黄小原

    2011-01-01

    研究了由具有风险偏好的零售商和风险中性的供应商组成的两级供应链回购契约协调问题.针对具有风险偏好的零售商,考虑了风险中性、风险厌恶和风险喜好三种态度,建立了由风险厌恶程度和悲观系数两个参数描述的基于条件风险值(CVaR)的集成目标决策函数.推导了不同风险偏好态度下的零售商最优订货决策,分析了不同风险偏好参数下的零售商订货决策变化情况.给出了能够完全协调风险偏好零售商和风险中性供应商的供应链回购契约协调机制.最后,进行了数值计算,验证了设计的供应链回购契约协调策略的有效性.结果表明,在给出的回购契约协调机制下,考虑风险偏好情况下的零售商最优订货决策能够保证整个供应链系统实现最优绩效,而供应链成员期望利润却随不同的风险偏好参数而不同.%A buyback contract coordination of two-stage supply chain consisting of the retailer with risk preferences and the risk-neutral supplier is studied. An integrated objective function with two risk parameters described by risk averse level and pessimism coefficient based on Conditional Value-at-Risk( CVaR) is established under the consideration of risk-neutral, risk-averse and risk-taking with respect to the retailer with risk preferences. The retailer's optimal ordering strategy under different risk preferences is derived, and the change of retailer' s ordering decision under different risk preferences is analyzed. A supply chain buyback contract coordination mechanism which can coordinate the retailer with risk preferences and the risk-neutral supplier fully is proposed. At last, a numerical calculation is done to validate the effectiveness of designed supply chain buyback contract. The results show that the optimal ordering decision of the retailer with risk preferences can ensure the achievement of supply chain system's optimal performance under the proposed

  8. Supply Chain Coordination Model with Trade Credit and Buyback Contracts%基于商业信用和回购契约的供应链最优化策略研究

    Institute of Scientific and Technical Information of China (English)

    郭金森; 周永务; 钟远光; 李昌文

    2014-01-01

    The paper considers a supply chain that consists of a supplier and a retailer , who sells a single product to the customers over a short selling season .In this paper , we mainly research how the retailer uses the trade credit to entice customers to increase their ordering quantity and how the supplier designs the buyback contract so as to maximize his/her own expected profit with different perspective .Solving the models , we have got the opti-mal solutions that can make the total profit reach the maximum and obtain some effective theorems .Finally, we provide a detailed numerical example to illustrate the model and some meaningful management implications .%本文考虑由单一供应商和零售商组成的供应链系统,当供应商为零售商提供回购契约,同时零售商又为下游顾客提供商业信用契约时,供应商如何设计回购契约来有效协调整个供应链,以及零售商又如何借助回购和商业信用契约来做出自身最优订货策略问题,并建立了相应的决策模型。通过模型分析,给出了供应商和零售商在四种情形下的最优契约设计参数,以及零售商的最优订货决策。研究发现,当满足一定的参数范围时,供应链中两主体同时采用协调契约能够更加有效地增加整个供应链中的订货量和利润,为各主体创造更多新的价值。最后,本文结合数值例子,分析了模型参数变化对最优订货策略和各主体利润的影响。

  9. Loan-to-Value Ratio Decision on the Retailer’ s lnventory Financing under Supplier ’ s Buy-Back Guarantee%供应商回购承诺下的销售商存货质押融资决策

    Institute of Scientific and Technical Information of China (English)

    吴英晶; 李勇建

    2015-01-01

    In this paper, a supply chain consisting of a supplier and a retailer is considered.Being a small and medium-sized enterprise, the retailer can’ t obtain enough financing by its own credit when facing funding con-straints.However, the line of the retailer’s credit can be raised through the supplier’s loan guarantee.By meas-uring the degree of financing risk-sharing by the buy-back ratio of unsold pledge, partners’ inventory financing decisions are intensively analyzed in this study.The results show that, the buy-back guarantee of the supplier not only increases profit of the bank, but also raises the loan-to-value ratio when certain conditions are satisfied;meanwhile, the retailer’ s funding dilemma can be effectively alleviated by the supplier’ s buy-back guarantee when the market conditions are optimistic.%研究由一个供应商和销售商组成的供应链。销售商为中小企业,在受资金约束时无法通过自身信用获得所需融资,此时供应商可以为销售商贷款提供担保以提高其融资授信额度。本文采用销售商违约后剩余质押物的回购率来衡量供应商对融资风险的分担程度,对参与各方的存货质押融资决策进行了深入研究。结果表明:供应商的回购承诺提高了银行利润,在一定条件下提高了银行的质押率;并且,有回购承诺的融资决策在市场前景乐观情况下可以有效缓解销售商的融资困境。

  10. 基于二次订货与回购的供应链网络应对需求扰动%Supply chain network coping with demand disruption based on second order and buy-back contracts

    Institute of Scientific and Technical Information of China (English)

    徐兵; 张小平

    2012-01-01

    各类频发的突发事件经常导致需求扰动,使供应链网络难以正常运作和应对.分析了批发价合同和提前订货策略下生产商之间、零售商之间的竞争行为,得到供给市场和零售市场的均衡模型;由价格平衡和供需平衡条件得到需求市场均衡模型;进而建立了多商品流三层供应链网络均衡的变分不等式模型.当突发事件导致需求扰动时,原供应链网络均衡状态难以维持,供需矛盾将引起需求市场价格波动,导致供应链运作风险和社会福利损失.假定生产商提供回购合同、并允许零售商二次订货,分析了需求扰动后供给市场、零售市场和需求市场均衡的变化,建立了可应对需求扰动的供应链网络均衡模型.仿真算例验证了模型的合理性和有效性.%It is difficult for supply chain network to operate normally and cope with the demand disruption led by the frequent unexpected events. The competition behaviors of multiple manufacturers and multiple retailers are analyzed respectively under the assumption that the manufacturers offer wholesale price contract and retailers make advance order, and the equilibrium models of supply market and retail market are put forward respectively; the equilibrium model of demand market is set up according to the balance conditions of supply and demand in price and quantity; then the variational inequality model of three-level supply chain network with multi-commodity is set up. When market demand is disrupted by an unexpected event, the original equilibrium state of supply chain network can't be kept. The fluctuation of price at demand market led by the contraction between supply and demand will result in the operational risk of supply chain network and the loss of social welfare. Assume that manufacturers offer buy-back contract and retailers have an opportunity to replenish inventory, this paper analyzes the equilibrium states of supply market, retail market

  11. Latvijas Gaze buyback likely to flop

    Index Scriptorium Estoniae

    2003-01-01

    Veerandi Läti gaasifirma Latvijas Gaze omanik Itera kavatseb lähiajal lõpule viia üheksa protsendi Läti firma aktsiate müügi ettevõttele Gazprom. Gazprom'i kontrolli all on praegu 25 protsenti, Ruhrgas'il 28,66 ning E.ON Energie AG-l 18,06 protsenti Latvijas Gaze aktsiatest

  12. 随机需求下基于商业信用的回购与收入共享联合契约协调研究%Combined Contract of Buy-back and Revenue Sharing with the Stochastic Demand Based on Trade Credit

    Institute of Scientific and Technical Information of China (English)

    马慧; 杨德礼; 王建军

    2011-01-01

    在由单个供应商和单个零售商组成的供应链中,零售商由于资金短缺或风险规避不能达到系统的最优订货量,因此需要采取一些措施使得供应链节点企业间相互合作来实现供应链的协调.本文针对需求随机且供应链节点企业存在缺货惩罚的情况,通过设计基于商业信用(即供应商允许零售商延期支付货款)的完全回购契约来促进零售商提高订购量,以实现供应链系统达到最优利润,分析给出了该契约下的最优订货量和批发价格;在此基础上,为了合理分配供应链系统的总利润,建立了回购与收入共享联合契约模型,发现通过共享系数的变动能够实现供应链系统协调和渠道成员双赢.%This paper considers a supply chain consisting of a supplier and a retailer. Because of the retailer' s funding constraints or risk aversion, the system cannot achieve the optimal order quantity, so it needs to take some measures to make the enterprises mutually cooperate to achieve coordination of the supply chain. Under a random demand and existing punishment of goods shortage, a model of entirely buy-back is designed to improve the order quantity of the retailer based on trade credit (I. E. Suppliers allow retailers to delay payment of the loan). This model makes the supply chain system achieve the optimized profit. And the optimized order quantity and the wholesale price based on the contract is given. Furthermore, a revenue-sharing mechanism based on the model for distributing the profit and improving the operational performance of entire supply chain is analyzed. The parties of supply chain can achieve coordination through the given parameters.

  13. Float Shares Buyback: Event Response and Performance%流通股回购:股价的事项性反应与绩效研究

    Institute of Scientific and Technical Information of China (English)

    林敏; 干胜道

    2006-01-01

    邯郸钢铁股票回购是我国首例流通股回购,本文运用事件研究法考察了市场的反应,分析了回购对企业价值的影响.研究结果发现,邯郸钢铁股票回购公告能够传递某种信息,市场对回购的反应经历了先积极,然后振荡调整,最终大幅下滑的过程,原因可能是投资者对公司回购流通股的真正目的难以辨认.邯郸钢铁此次回购并没有增加企业的价值.

  14. 我国上市公司股票回购公告效应影响因素研究%China listed compay shares buy-back publicity effect influence factor research

    Institute of Scientific and Technical Information of China (English)

    汪启涛; 王丽娟

    2011-01-01

    The paper intends to research the event of stock repurchase announcements(resolution announcements of board of directors) in the A-share market in China occurred between 1st January 2007 and 15th March 2011,aiming at exploring and analyzing influence factors of stock repurchase announcement effects of listed companies.The result shows that the market has had a positive response to these announcements and stock prices engender a significantly positive and outstanding return consequently.In addition,undervaluation of stock prices,financial leverage as well as the governing structure,growth,and the size of one company also have a positive impact on the stock repurchase announcement effects.%本文以2007年1月1日至2011年3月15日期间我国A股市场发生的股票回购公告(董事会决议公告)事件为研究对象,对上市公司股票回购公告效应的影响因素进行探析。研究发现,市场对股票回购公告的反应积极,股价在公告日前后产生显著为正的超常收益率;股价被低估程度、财务杠杆、公司治理结构、公司成长性以及公司规模对股票回购公告效应有着正向影响。

  15. Stock price reactions to share repurchase announcements in Germany: Evidence from a tax perspective

    OpenAIRE

    Pick, Tobias; Schanz, Deborah; Niemann, Rainer

    2009-01-01

    In this study we analyse stock price reactions to share buyback announcements from a tax perspective in Germany. To determine the influence of taxes on stock prices on the announcement day of share buybacks two different tax regimes - the corporate imputation system and the classical corporate tax system - are analysed. Taking the shareholder structure into account, we find evidence that the share price reaction on share repurchase announcements was significantly larger under the full imputat...

  16. 房屋按揭贷款中回购条款的几个法律问题——由一则案例引发的思考%The Legal Problems of Buy-back Clause in Mortgage of House for Loaning

    Institute of Scientific and Technical Information of China (English)

    郭晓莉

    2007-01-01

    房屋按揭中的回购又称为无力还贷型回购,从条款设立的目的以及回购人履行义务所表现出来的效果来看,将其定性为保证担保行为而不是买卖行为更有利于回购关系中各方利益的平衡,但前提条件是保证人能够行使代位权.在债务人提供担保物的情况下,签订不可撤销回购条款的后果相当于保证人放弃先诉抗辩权.保证人的权益可以通过代位权的行使,在程序上以变更抵押登记或者直接实现抵押权的方式得到相应保障.

  17. Voluntary Debt Reduction Operations. Bolivia, México, and Beyond Voluntary Debt Reduction Operations. Bolivia, México, and Beyond...

    Directory of Open Access Journals (Sweden)

    Rubén Lamdany

    1989-03-01

    Full Text Available Voluntary Debt Reduction Operations. Bolivia, México, and Beyond This paper studies two recent voluntary operations of debt reduction: Bolivia's buy-back and Mexico's exchange of loans for bonds. This argued that the buy-back had a cost for Bolivia and, hence, it required a political decision when comparing this option to other alternative use of its scarce foreign exchange resources. In the case of Mexico, it is shown that the operation, which can be seen as an indirect buy-back, gave this country a rate of return on the use of its reserves, between 18% and 24%. The effects of both transactions on the debtor are examined, as well as on participating and non-participating creditor banks.

  18. Retrocompras "Swaps" de Deuda por Capital, Intercambios de Activos y Valoració de Mercado

    Directory of Open Access Journals (Sweden)

    Michael P. Dooley

    1989-03-01

    Full Text Available This paper develops a framework for evaluating a range of proposals to "buy-back" the external debt of developing countries. It is argued that the potential benefits of buy-backs and debt-equity swaps financed by a third party include a reduction in the contractual value of a country's debt, capital gains for creditors and a possible increase in domestic  investment in the debtor country. These benefits are compared to the cost of the buy-back to the third prty. Two important conclusions emerge from this analysis. First, the proposals that are able to increase the market price of debt also generate roughly the some increases in prices at which private investors will sell or exchange these debts. Second, the voluntary exchange of existing contracts for new contracts with different atributes, will reflect the post-exchange values of alternative contracts.

  19. Reforming Housing Finance

    DEFF Research Database (Denmark)

    Willemann, Søren; Svenstrup, Mikkel

    2006-01-01

    We investigate the effect of adding a distinct feature of the Danish mortgage market to the US market, namely a buyback option, which enables mortgagors to buy back their share of the mortgage-backed security at market price. Extending a standard referenced pricing-model, we find that the introdu...

  20. 市政基础设施BT项目的回购期及回购担保%Buy-back Period and Guarantee of the Urban Infrastructure BT Project

    Institute of Scientific and Technical Information of China (English)

    王将军

    2012-01-01

    In combination with the"People's Bank of China,Lending General Provisions" and loan provisions of other commercial banks,this paper gives some suggestions about the buy-back period of BT project,i.e.buy-back period should not be shorter than the defects liability period,and adds up the buy-back period and the total construction period less than 10 years.There are many different effects of different buy-back period and different payment terms on buy-back,the paper makes a comparison of these effects,then introduces the type and the select principles of buy-back guarantees.%结合《中国人民银行贷款通则》以及其他商业银行的贷款规定,对BT项目回购期提出建议,即回购期一般不应短于项目的缺陷责任期,且回购期与建设期合计不应超过10年。就回购期及支付方式对回购款的影响进行比较;并就回购担保重点阐述现行BT项目回购担保的类型以及选择原则。

  1. 78 FR 7371 - Fisheries Off West Coast States; Pacific Coast Groundfish Fishery; Trawl Rationalization Program...

    Science.gov (United States)

    2013-02-01

    ... be used by the C/P Coop Program in determining their ex-vessel value. The MS pricing will be based on... fill out the weight (in lbs) and fees paid based on the cost recovery program fee percentage (which is... the cost recovery form should match that reported on the buyback form, because both forms report...

  2. A Price Earnings Index for the Danish Stock Market

    DEFF Research Database (Denmark)

    Risager, Ole

    2004-01-01

    Price-earnings ratios are part of the toolkit that is used for assessing the valuation ofindividual firms on the stock market as well as the entire market itself. This paperpresents consistent P/E series for the liquid Danish shares adjusted for share buybacks.The results show that over the period...

  3. Photovoltaics for residential applications

    Energy Technology Data Exchange (ETDEWEB)

    1984-02-01

    Information is given about the parts of a residential photovoltaic system and considerations relevant to photovoltaic power use in homes that are also tied to utility lines. In addition, factors are discussed that influence implementation, including legal and environmental factors such as solar access and building codes, insurance, utility buyback, and system longevity. (LEW)

  4. 77 FR 58775 - Second Fishing Capacity Reduction Program for the Longline Catcher Processor Subsector of the...

    Science.gov (United States)

    2012-09-24

    ... voluntary, net effects are expected to be minimal relative to the status quo. Implementation of the buyback... Information and Regulatory Affairs, Office of Management and Budget (OMB), Washington, DC 20503 (Attention... the economic efficiency of harvesting, and facilitate the conservation and management of...

  5. 78 FR 70016 - Fishing Capacity Reduction Program for the Pacific Coast Groundfish Fishery

    Science.gov (United States)

    2013-11-22

    ... INFORMATION: On November 16, 2004, NMFS published a Federal Register document (69 FR 67100) proposing... July 13, 2005 (70 FR 40225) and fee collection began on September 8, 2005. Interested persons should... immediately. Any overpayment of buyback fees submitted to NMFS will be refunded on a pro-rata basis to...

  6. Copyright and Multimedia, Part Two: Higher Education.

    Science.gov (United States)

    Talab, Rosemary

    1995-01-01

    Discusses copyright issues related to the use of multimedia in higher education. Highlights include student impetus for change; constructivism; growth of the Internet; faculty copyright buybacks; lack of university multimedia policy; student and faculty productions; transmission and downloading; educational music licensing; a video clearinghouse;…

  7. 汽车市场中租赁渠道对传统零售渠道的影响%The Importance of Retail Channels in the Automobile Market

    Institute of Scientific and Technical Information of China (English)

    梁喜; 熊中楷

    2011-01-01

    在零售与租赁混合渠道供应链中,占主导地位的单个汽车制造商向单个零售商和单个租赁商分别销售产品,然后零售商在零售市场销售产品,租赁商在租赁市场出租产品.在两周期设置下根据制造商是否向租赁商提供回购合同,将渠道结构划分为独立式、冲突式和回购式三类,并分析了租赁渠道对传统零售渠道的影响以及对制造商的启示.%Manufacturers are in the upstream automobile supply chain, whereas used car buyers or leasing customers are in the downstream supply chain. The leasing automobile industry is a closed-loop supply chain because a car needs to go through the product life cycle of selling, leasing, buying back, refurbishing, reselling, and recycling. The key for the success of the closed loop supply chain is to ensure that manufacturer and leaseholder sign a buy-back contract to optimize the recovery and utilization of old cars.Retail and leasing are two main marketing channels. A car manufacturer needs to deal with two major problems. First, a car manufacturer needs to specify reasonable buy-back contract items, such as repurchase price, units and time, in order to strengthen cooperation with leaseholders and coordination with the leasing supply chain. Second, in order to strengthen hybrid channel management that consists of retail channel and leasing channel, a car manufacturer needs to analyze the effect of the buy-back contract on retail and hybrid channels, and to determine a reasonable channel management strategy. Current literature on durable product leasing primarily offers the perspectives of industrial organizations and yields management, but rarely offers the perspective of supply chain management.Our paper investigates the impact of buy-back contract on retail and hybrid channels from the perspectives of closed-loop supply chain management in the automobile industry. We categorize the hybrid channel structure into three types

  8. Consumer returns policies with endogenous deadline and supply chain coordination

    DEFF Research Database (Denmark)

    Xu, Lei; Li, Yongjian; Govindan, Kannan;

    2015-01-01

    on consumers' behavior and the pricing and inventory policies of the retailer are systematically investigated. Moreover, based on the analysis of consumer return behavior on a traditional buy-back contract, we present a new differentiated buy-back contract, contingent on return deadline, to coordinate a supply......This paper considers returns policies under which consumers' valuation depends on the refund amount they receive and the length of time theymustwait after the item is returned. Consumers face an uncertain valuation before purchase, and the realization of that purchase's value occurs only after...... chain consisting of an upstream manufacturer and a downstream retailer. Finally, extensions on some specific behavioral factors such as moral hazard, inertia return, and external effect are investigated....

  9. Contract Coordination Strategy of Supply Chain with Substitution under Supply Disruption and Stochastic Demand

    Directory of Open Access Journals (Sweden)

    Rongfang Yan

    2016-07-01

    Full Text Available Based on two substitute products, we study the inventory and contract coordination strategy of a three-echelon supply chain, which consists of two suppliers, a manufacturer and a retailer, under supply disruption and stochastic demand. We investigate the channel gross profit model of the centralized supply chain and obtain a unique optimal order quantity. Under a decentralized decision, we find that the commonly-used wholesale price contracts cannot coordinate the system. Then, we propose a buy-back contract and prove that this contract can more efficiently coordinate the system than the former. At last, we show that the integrated performance of the decentralized system can be maximized through choosing the buy-back parameter by the manufacturer and reveal that the effects of supply uncertainty and the substitution behavior of customers on the optimal decision by numerical examples.

  10. Second-Hand Markets and Collusion byManufacturers of Semidurable Goods

    OpenAIRE

    Pasquale Schiraldi

    2009-01-01

    The focus of the present work is to study the impact of the second-hand market the collusivebehavior. I analyze firms' preferences for having an active second-hand market and whetherpolicies (i.e. leasing policy, buy-back policy and warranty policy) that affect the functioningof the second-hand market strengthen collusion. I show how collective incentives to adoptstrategies that strengthen collusion often differ from monopoly incentives to achieve higherprofits.

  11. NABYWANIE AKCJI WŁASNYCH W CELU UMORZENIA

    OpenAIRE

    Sójka, Tomasz

    2002-01-01

    Repurchase of shares for the purpose of their redemption is one of the exemptions to the general rule that forbids companies to buy their own shares back. Thus, the Polish code of commercial partnerships and companies sets out a series of restrictions for the re-acquisition of shares for the purpose of their redemption. These limitations aim at protecting the creditors and minority shareholders of a given company. If the buy-back is financed with distributable profits of the co...

  12. Achieving the economic potential for industrial cogeneration in Ontario: A financial perspective on electric utility policy

    International Nuclear Information System (INIS)

    The impact of private vs public ownership regimes on the magnitude of achievable industrial cogeneration capacity in Ontario is assessed. Estimates of technical and economic potential are presented for several industrial subsectors and heat demand categories, showing that nearly all of the technically feasible 7,600 MW is also economically efficient given a value of power of at least 4 cents/kWh in 1991 dollars. Using financial data and investment criteria specific to the two forms of ownership, the project evaluation model points to a significantly larger quantum of financial (achievable) potential with public rather than private development of industrial cogeneration. At avoided costs and associated buyback rates of 4 and 5 cents/kWh, the achievable cogeneration capacities are ca 2,400 and 7,600 MW under public ownership and 132 and 3,000 MW under private ownership. Ratepayer savings are significant: the full economic potential can be achieved through public ownership at a buyback rate of 5 cents/kWh; under private ownership, a comparable capacity requires a 6 cents buyback rate, reflecting additional ratepayer costs of nearly $600 million annually. 1 fig., 4 tabs

  13. Decision Analysis on Prepayments Financing under Downside Risk Control Environment%风险下侧控制环境下预付账款融资决策分析

    Institute of Scientific and Technical Information of China (English)

    郭健; 余开朝; 秦睿

    2015-01-01

    In the model of supply chain prepayments financing, commercial banks can transferred the risk of financing enterprise to the core enterprise by setting the downside risk control of the bank and the buy-back guarantee of the core enterprise. Through the establishment of Stackelberg game mode-l, the expected revenue of core enterprise and financing enterprise were analyzed and the condition of the optimal strategies were studied. Research results showed that the buy-back price of core enterprise and the default cost of financing enterprise were the key factors affecting financing operations. When the strategy (guarantee, observe) was selected, Core enterprise' buy-back guarantee can prompt the risk-averse bank to boost the loan limit to capital-constrained retailers, which can enhance the purcha-sing power of retailers and increase the performance of supply chain.%在供应链预付账款融资模式下,银行通过下侧风险控制和核心企业回购担保将下游融资成员企业的风险转移到核心企业,根据一级Stackelberg博弈模型建立核心企业与融资成员企业期望收益矩阵,分析了核心企业回购担保与融资企业守约的条件,认为核心企业担保回购价格和融资成员违约成本是影响融资决策过程的关键因素,当策略(担保、守约)发生时,核心企业、融资成员企业以及供应链整体绩效能够得到提高。

  14. Shareholders’ Pay-Out–Related Thresholds and Earnings Management

    Directory of Open Access Journals (Sweden)

    Jernej Koren

    2013-06-01

    Full Text Available We investigate the thresholds in net shareholder pay-outs (dividends, share buy-backs and issuances of a large sample of UK quoted firms. Discretionary accruals are analysed at these thresholds in relation to earnings management. By examining distributions and using a robust test for discontinuities, we show the existence of thresholds at zero bins of variables in question. Additionally, by looking at differences in means and medians of discretionary accruals in sorted distributions, we find that they are statistically different from bin to bin in vicinity of previously identified thresholds.

  15. Accrual of ROCs LECs and REGOs

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2005-07-01

    This report summarises the findings of a project to identify the technical and administrative difficulties experienced by microgenerators in accessing the benefits of Renewables Obligation Certificates (ROCs), Levy Exemption Certificates (LECs) and Renewable Electricity Guarantees of Origin (REGO). These include cost, administrative complexity and financial risk. Changes allowing bulk processing, meter data provision, sell and buyback contracts, and alignment of ROCs, LECs and REGOs are discussed as well as making the schemes more customer friendly. The background to the project is traced, and an overview of the processes associated with gaining ROCs, LECs and REGOs is presented.

  16. A study on electricity export capability of the μCHP system with spot price

    OpenAIRE

    You, Shi; Træholt, Chresten; Poulsen, Bjarne

    2009-01-01

    When a number of muCHP systems are aggregated as a virtual power plant (VPP), they will be able to participate in the electricity wholesale market with no discrimination compared to conventional large power plants. Hence, this paper investigates the electricity export capability of the muCHP system when the electricity buyback price is given at a value equalizing the dynamic spot price. A muCHP system is modeled with optimized generation, and the marginal price of electricity export for such ...

  17. The Bank's Credit Decision Mechanism of Inventory Financing with Two Stackelberg Models%双重Stackelberg博弈的存货质押融资银行信贷决策机制

    Institute of Scientific and Technical Information of China (English)

    易雪辉; 周宗放

    2011-01-01

    针对供应链金融中核心企业为中小企业提供回购担保的存货质押融资业务,考虑核心企业与中小企业,银行与企业(核心企业和中小企业的整体)发生双重S tacke lberg博弈,建立了中小企业、核心企业和银行各自的期望利润最大化模型;然后通过逆向归纳法求解双重博弈,逐步分析中小企业的产品订购决策,核心企业的批发价格决策和银行的产品回购担保要求、质押融资贷款利率决策。研究表明,当双重S tacke lberg博弈存在均衡结果时,产品回购担保要求和质押融资贷款利率的银行信贷决策机制必定满足一定条件组合,并且中小企业产品订购数量与核心企业批发价格、银行贷款利率负相关,与银行回购担保要求正相关。%Concerning core enterprises' buy-back guarantee against small and medium-sized enterprises' inventory financing,this paper establishes the expect-profit-maximization models for the bank,the core enterprises and the small and medium-sized enterprises when they game in Stackelberg.Then the article analyzes the small and medium-sized enterprises' order decision,the core enterprises' wholesale price decision and the bank's buy-back guarantee request and lending rate decisions during solving the two Stackelberg models.Research results show that when there is an equilibrium solution to the two Stackelberg models,the bank's buy-back guarantee request and lending rate must satisfy some conditions,and that the small and medium-sized enterprises' order quantity negatively correlate to the core enterprises' wholesale price or the bank's lending rate,positively correlate to the bank's buy-back guarantee request.

  18. Dynamic Models and Coordination Analysis of Reverse Supply Chain with Remanufacturing

    Science.gov (United States)

    Yan, Nina

    In this paper, we establish a reverse chain system with one manufacturer and one retailer under demand uncertainties. Distinguishing between the recycling process of the retailer and the remanufacturing process of the manufacturer, we formulate a two-stage dynamic model for reverse supply chain based on remanufacturing. Using buyback contract as coordination mechanism and applying dynamic programming the optimal decision problems for each stage are analyzed. It concluded that the reverse supply chain system could be coordinated under the given condition. Finally, we carry out numerical calculations to analyze the expected profits for the manufacturer and the retailer under different recovery rates and recovery prices and the outcomes validate the theoretical analyses.

  19. Contract Coordination in Dual Sourcing Supply Chain under Supply Disruption Risk

    Directory of Open Access Journals (Sweden)

    Tong Shu

    2015-01-01

    Full Text Available This paper explores a coordination model for a three-echelon supply chain including two different manufacturers, one distributer and one retailer via the combined option and back contracts. And one manufacturer provides the high wholesale price with low supply disruption risk and the other is completely the opposite. This differs from the previous supply chain coordination model. Firstly, supply disruption is added to the three-echelon supply chain. Secondly, considering the coordination of the supply chain, we deploy the combined option and back contracts which are seldom used in the previous study. Furthermore, it is interesting that supply disruption risk and buyback factor do not affect the distributor’s order quantity from the manufacturer who has low product price and unreliable operating ability, while the order quantity increases with the rise of option premium and option strike price. The distributor’s order quantity from the manufacturer, which has high product price and reliable operating ability, increases with the rise of supply disruption risk but decreases when the buyback factor, option premium, and option strike price decrease.

  20. 股票回购市场效应的实证研究%Empirical study of stock repurchase market

    Institute of Scientific and Technical Information of China (English)

    王海龙

    2011-01-01

    利用最新的数据,分析了我国上市公司的股票回购所造成的市场效应。证明我国股票回购有着正向的市场效应,并且依旧存在着回购信息提前泄露的现象。同时,还发现回购的比例越大、净资产增长率越高等因素对股票回购的市场效应有显著的影响。%This paper use the latest data to analysis the market effects of china's listed company's stock repurchase.Proves that our market share buy-back has a positive effect,and still there isthe phenomenon of buy-back of information leaked in advance.Also found that the effect of stock repurchase market size and price to book ratio,asset liability ratio and other factors.

  1. Stock markets are not what we think they are: the key roles of cross-ownership and corporate treasury stock

    Science.gov (United States)

    Roehner, Bertrand M.

    2005-03-01

    We describe, document and statistically test three mechanisms by which corporations can influence or even control stock prices: (i) Parent and holding companies wield control over other publicly traded companies. (ii) Through clever management of treasury stock based on buyback programs and stock issuance, stock price fluctuations can be amplified or curbed. The shock of September 11, 2001 is used to test this effect. (iii) Finally, historical evidence shows that there is a close interdependence between the level of stock prices on the one hand and merger and acquisition activity on the other hand: on average, a 10% increase in the number of mergers brings about a 3% increase in the overall level of stock prices. If one adds up buybacks, initial public offerings and takeover transactions, all of which depend upon strategic decisions taken by corporate management, they represent on average 7.2% of the trade on the New York Stock Exchange over the period 1987-2003 (as much as 12% in specific years such as 1988). This perspective, in which the Boards of Directors of major companies “shepherd” the market, offers a natural interpretation of the so-called “herd behavior” observed in stock markets. The traditional view holds that, by driving profit expectations, corporations have an indirect role in shaping the market. In this paper, we suggest that over the last decades they became more and more the direct moving force of stock markets.

  2. 存货质押融资业务中决策问题研究%Study on Decision-making in Inventory Pledge Businesses

    Institute of Scientific and Technical Information of China (English)

    黄莉; 王雅蕾

    2014-01-01

    采用Stackelberg博弈理论研究了核心企业回购担保下的存货质押融资业务中零售商与银行的决策问题。首先,根据质押运作流程构建出零售商与银行的预期收益模型,然后从博弈的角度分析了零售商的最优订购量,发现最优订购量与银行利率与质押率负相关,但是与回购率正相关,并给出了这些相关性的管理启示。最后分析了在已知零售商最优订购量的前提下,银行的最优质押率与利率的决策问题,进一步讨论出银行的期望收益与利率、回购率成正相关的管理意义。%In this paper, we used the Stackelberg game theory to study the decision-making of the retailers and banks in the inventory pledge businesses under the buyback guanrantee of the core enterprises. First, in accordance with the operational process of the pledge, we built the expected revenue model of the retailers and banks, then from a game perspective analyzed the optimal ordering quantity of the retailers, found that the optimal ordering quantity was negatively related to the interest rate and loan-to-value ratio of the banks and positively with the buyback rate, and then presented the administrative enlightenments of these relations. At the end, we further discussed the administrative significance of the positive correlation of the expected revenue and interest rate of the banks with the buyback rate.

  3. Supply Chain Inventory Financing Based on Supply Chain Coordination%基于供应链协调的供应链存货融资模式

    Institute of Scientific and Technical Information of China (English)

    傅永华

    2011-01-01

    通过供应链协调决策问题与供应链存货融资的结合,提出了供应链存货融资作用.通过结合回购、VMI、价格补贴等供应链协调决策提出供应链存货融资的业务流程和业务模式.%The paper studies the function of supply chain inventory financing from the perspective of supply chain coordination and introduces its business process and operational mode taking into consideration the decisions of supply chan coordination such as buy-back, VMI and price subsidies, etc.

  4. A love affair with hydro in New England: Producing environmentally sound energy

    International Nuclear Information System (INIS)

    A small, abandoned hydropower plant on the Assabet River in Acton, Massachusetts, first sparked Bob King's interest in renewable energy when he was 11 years old. King and his family discovered the plant while taking their traditional after-dinner Thanksgiving Day walk. Thirteen years later after graduating from Cornell University with a degree in mechanical engineering, King set out to find an abandoned hydro plant suitable for reconstruction. Today, King owns and operates the Nashaway Plant, a 275-kW run-of-river hydro project on the French River in Thompson, Connecticut. King sells the electricity generated at the plant-about 1 gigawatt-hour a year-to Connecticut Light ampersand Power Co. The plant requires only minor maintenance, and operating costs are low. Based on current buyback rates, King estimates the plant grosses $35,000 annually

  5. Coordination in a Single-Retailer Two-Supplier Supply Chain under Random Demand and Random Supply with Disruption

    Directory of Open Access Journals (Sweden)

    Fei Hu

    2013-01-01

    Full Text Available This paper studies the coordination issue of a supply chain consisting of one retailer and two suppliers, a main supplier and a backup supplier. The main supplier’s yield is subject to disruption and the retailer faces a random demand. We determine the retailer’s optimal ordering policy and the main supplier’s production quantity that maximize expected profit of the centralized supply chain. We also analyze the decentralized scenario, and a combination of overproduction risk sharing and buy-back contracts with a side payment from/to the backup supplier is provided to coordinate the supply chain. Numerical examples are given to gain some qualitative insights.

  6. Financial incentives to promote renewable energy systems in European electricity markets: a survey

    International Nuclear Information System (INIS)

    Renewable energy systems may contribute to sustainable development. Therefore, one of the challenges for energy policy is to ensure that renewable energy options have a fair opportunity to compete with other supply resources. This paper presents a survey on promotion mechanisms to enhance the market penetration of renewable energies in European electricity markets. Strategies include rebates and tax incentives, regulated rates, system benefit charges, bidding-oriented mechanisms and various types of green pricing programs. The paper concludes that efficient promotion mechanisms should focus on incentives per kWh generated rather than on rebates on the investment in generating capacity (kW), and that there is no one single program type which has the best application to the promotion of all renewable technologies. For example, enhanced buy-back rates work as a dissemination strategy for wind energy but they do not work for photovoltaics. (author)

  7. The age of markets: low oil and gas prices and the new competition for investment capital

    International Nuclear Information System (INIS)

    This paper focuses on Iran's re-entry into the market for upstream capital to obtain the investment required to maintain current production capacity, the creation of a special contract to attract foreign investment, the impact of the US sanctions, and deals resulting from the opening-up of some offshore resources with buy-back contracts. The effects of the downturn in oil markets on Tehran's cash flow as well as foreign contractors' cash flow are reviewed, and the main concerns of the industry over the too short terms of the contract, the refusal of Iran to allow oil companies to book reserves, and the guaranteed rate of return are examined. The re-opening of Kuwait which does allow contractors to book reserves, the threat posed by Saudi Arabia if it reopens its hydrocarbon sector to foreign investment, and the potential difficulty for Iran to meet its expanded production targets are considered

  8. Integrated design and evaluation of biomass energy system taking into consideration demand side characteristics

    Energy Technology Data Exchange (ETDEWEB)

    Ren, Hongbo [Ritsumeikan Global Innovation Research Organization, Ritsumeikan University, 56-1 Toji-in Kitamachi, Kita-Ku, 603-8577 Kyoto (Japan); Zhou, Weisheng; Nakagami, Ken' ichi [College of Policy Sciences, Ritsumeikan University, 603-8577 Kyoto (Japan); Gao, Weijun [Faculty of Environmental Engineering, The University of Kitakyushu, 808-0135 Kitakyushu (Japan)

    2010-05-15

    In this paper, a linear programming model has been developed for the design and evaluation of biomass energy system, while taking into consideration demand side characteristics. The objective function to be minimized is the total annual cost of the energy system for a given customer equipped with a biomass combined cooling, heating and power (CCHP) plant, as well as a backup boiler fueled by city gas. The results obtained from the implementation of the model demonstrate the optimal system capacities that customers could employ given their electrical and thermal demands. As an illustrative example, an investigation addresses the optimal biomass CCHP system for a residential area located in Kitakyushu Science and Research Park, Japan. In addition, sensitivity analyses have been elaborated in order to show how the optimal solutions would vary due to changes of some key parameters including electricity and city gas tariffs, biogas price, electricity buy-back price, as well as carbon tax rate. (author)

  9. Coordinating a Supply Chain with a Loss-Averse Retailer under Yield and Demand Uncertainties

    Directory of Open Access Journals (Sweden)

    Weiwei Luo

    2016-01-01

    Full Text Available This paper investigates the channel coordination of a supply chain (SC consisting of a loss-averse retailer and a risk-neutral supplier under yield and demand uncertainties. Three existing contracts are analyzed. Our results demonstrate that the buyback (BB and quantity flexibility (QF contracts can not only coordinate the supply chain but also lead to Pareto improvement for each player, while the wholesale price (WP contract fails to coordinate the chain due to the effects of double marginalization and risk preference. For comparison, a chain with a risk-neutral retailer is also analyzed. Furthermore, numerical examples are provided to demonstrate the effectiveness of the coordination contracts, and the impacts of loss aversion and random yield on the decision-making behaviors and system performance are then discussed.

  10. Six kilowatt, residential photovoltaic power systems study; design, performance, economics, market potential

    Science.gov (United States)

    Partain, L. D.

    1980-08-01

    A cost and performance analysis is presented for a solar cell electric system that can provide 70% of the electric power to a home in a California-like climate. Both a battery storage and no-storage configuration with a six kilowatt, peak power, solar array were considered, including batteries, for a 15 kWh per day average energy use that equals that of an average household in Northern California. For the promising, no-storage home system the uncertainties in important parameter values are too large to allow definitive assessment until better characterizations have been made. The political and policy decisions that can have a strong influence were assessed and quantified. The effects of tax credits, utility buyback, and proper home construction were considered. Potential markets in the hundreds of millions of dollars per year range that involve on the order of one million peak kilowatts of solar cells per year were estimated.

  11. A study on electricity export capability of the μCHP system with spot price

    DEFF Research Database (Denmark)

    You, Shi; Træholt, Chresten; Poulsen, Bjarne

    2009-01-01

    When a number of muCHP systems are aggregated as a virtual power plant (VPP), they will be able to participate in the electricity wholesale market with no discrimination compared to conventional large power plants. Hence, this paper investigates the electricity export capability of the muCHP system...... when the electricity buyback price is given at a value equalizing the dynamic spot price. A muCHP system is modeled with optimized generation, and the marginal price of electricity export for such system is explained. A sensitivity analysis of several key factors, e.g. fuel price, heat to power ratio...... of the muCHP unit, which influence the export capability of muCHP system, is firstly carried out in the intraday case study, followed by the annual case study which explores the annual system performance. The results show that the electricity export capability of a muCHP system is closely related to its...

  12. Analysis of Iran's crude oil export future capacity

    International Nuclear Information System (INIS)

    The paper analyzes Iran's oil export capacity and the factors affecting it. First, the local energy demand is reviewed and crude oil, with 5.7% annual growth rate, is introduced as a major source to respond to the increasing domestic energy demand. Then, the national plans for controlling the local demand and replacing oil with other types of energy carriers are reviewed to create a view over the future of local demand for crude oil in Iran. In the next step, crude oil production and exploration situation in Iran are investigated and the required increase in production to maintain the present level of export is calculated. By estimating the average capital expenditures for adding each barrel of new capacity to Iran's daily oil production, the necessary annual investment to compensate the production drop and domestic consumption growth for maintaining the export is introduced. Then, the future of oil export in Iran is predicted in three optimistic, reference, and pessimistic scenarios on the basis of the country's ability in managing the financial resources in upstream oil industry. Finally, domestic and foreign investment and the history of buyback contracts and their undeniable role in development of Iranian oil and gas projects are discussed. - Highlights: → We analyze Iran's oil export capacity and the factors affecting it. → With a focus on crude oil, local energy demand is reviewed. → Technical-economical aspects of crude oil production and exploration are investigated. → We review the investment-related activities in Iranian oil and gas industry. → Buyback contract is the most applicable financial mechanism in short to mid-term.

  13. Supply Chain Contracts of Two Production Modes with Information Updating%具有两阶段生产模式和需求信息更新的供应链契约研究

    Institute of Scientific and Technical Information of China (English)

    简惠云; 王国顺; 许民利

    2013-01-01

    To short-life-cycle product with long lead time of production and short selling season, such as fashion and some electronic product, retailer is admitted to change its order after the demand information is updated in quick response strategy (QR). The manufacturer in the supply chain has two production modes. One is slow response mode with long lead time and low cost, and another is fast response mode with quick response and high cost. The research of QR combined with coordination contracts is one of the hot topics of supply chain management of short-life-cycle products. In the two-stage supply chain where manufacturer dominated, price discount contract is used to induce the retailers placing the order in advance. To the retailer, the discounted price can increase its profits in the two-stage ordering mode. But the results show that price discount contract can not coordinate the supply chain with two-stage ordering. A joint contract of price discount and buy-back is designed to coordinate the supply chain. The conditions of discounted price and buy-back price are studied. The numeric results show that the manufacturer's profits of joint contract may be worse than that of price discount contract when the cost increase fast in the quick response mode. By redesigning the price discount and buy-back price, the contract based on Nash negotiation model can not only get optimal benefit of the whole supply chain, but also improve the benefit of the retailer and the manufacturer greatly compared with price discount contract. The price discount contract and the joint contract of price discount and buy-back are applied to a three-stage supply chain. The necessary condition that two-stage ordering policy can be carried out in a three-stage supply chain is that both the distributor and the retailer set the same optimal order in advance. The numeric results show that the manufacturer offers very little discount or no discount to the distributor under price discount contract

  14. Study on Control of Price Risks in Inventory Receipt Pledge Businesses%存货质押融资业务价格风险控制研究

    Institute of Scientific and Technical Information of China (English)

    黄莉; 王雅蕾

    2014-01-01

    In this paper, we discussed the determination of the pledge ratio under the risk of random price fluctuation in the scenario where the core enterprise practiced buy-back guaranteed finance. First, in accordance with the operational process of the inventory receipt pledge business under the risk of price stochastic fluctuation, we built the expected profit model of the banks, then analyzed the model from the perspective of lateral risk control, found that the buy-back rate was positively related to the expected profit level and the correlation between the sale rate and the expected profit was uncertain, and at the end, verified the findings through a relevant numerical example.%产品的价格风险往往影响银行的存货质押融资质押率设定。在核心企业回购担保融资的情形下,讨论价格随机波动风险下的质押率确定问题。首先,根据价格随机波动风险下的质押运作流程建立银行的预期利润模型;然后,从下侧风险控制的角度对模型进行分析,讨论出实际质押率,揭示出回购率与期望利润正相关,销售率与期望利润相关性不确定;最后,通过不同违约情形下的数值分析验证了相关分析结果,同时得出高违约企业低质押率的结论。因此银行在开展存货质押融资业务时需要做好风险控制分析工作。

  15. Effects of customer experiences on new product supply chain coordination%顾客体验之于新产品供应链协调的影响

    Institute of Scientific and Technical Information of China (English)

    计国君; 杨光勇

    2011-01-01

    新产品引入市场时,其内在价值很难判断,顾客体验能够降低其接受产品的风险.研究了外生体验与内生体验对供应链协调的影响.考虑了销售补偿合同与回购合同,其中,销售补偿合同是供应商对销售商已销售的产品给予补偿,而回购合同是对未销售的产品进行补偿.结论表明,提升外生体验,即顾客收到的噪声信号质量较高,销售商能制定更高的销售价格,供应链协调利润、供应商利润与销售商利润均增加;相反,提升内生体验,即顾客得到的退货补偿越大,供应链协调利润与供应商利润均减少.销售补偿合同不能协调供应链;而回购合同能协调供应链,并且供应商与销售商通过协商批发价格能任意分割供应链利润.%Customers who purchase a new or innovative product face product fit risks, this risk can be reduced by customer experiences. We consider two forms of contracts that characterized opposite natures: sales rebate contract, in which supplier compensates sellers for the units that are sold, and buyback contract, in which supplier compensates sellers for the units that are unsold. We find that enhancing customer exogenous experi ences so that customers can obtain more accurate information indicating his type of maximum willingness to pay, the seller's price is higher, and supply chain coordination, the seller's as well as supplier's profits are higher; whereas enhancing customer endogenous experiences so that customers can obtain more refund for return, supply chain coordination as well as supplier's profits will decrease. We also show that supply chain coordination cannot be achieved by sales rebate contract, however, buyback contract achieves supply chain coordination , and this contract can allocate supply chain total profits arbitrarily between the supplier and the seller by negotiating wholesale price.

  16. 基于顾客学习行为的供应链契约协调研究∗%Research on contract coordination of supply chain based on customer learning behaviors

    Institute of Scientific and Technical Information of China (English)

    姜宏; 宋婷

    2015-01-01

    As the existence of strategic customers, social learning behaviors of customers have an important influence on the dynamic price of product, optimal stock and coordination contract of supply chain. Under the environment of the centralized supply chain, the optimal operation decision is discussed based on customer learning behaviors; the influence of customer learning behaviors is studied on revenue sharing contract, buy back contract and sale rebate contract in the second level of the distributed supply chain. It is pointed out that the traditional revenue sharing contract and sales rebate contract can coordinate the supply chain, but the former must satisfy the customer learning ability reaching a fixed value condition, while the latter cannot divide the profit of supply chain in arbitrary proportion. Based on that conclusion, the differential buyback contracts are proposed in different sales period. No matter what the learning ability of the customer is, the differential buyback contracts can always coordinate the supply chain, and can divide the profit of supply chain in any proportion. That lays the foundation for the theory of customer learning behaviors.%由于策略型顾客的存在,顾客社会学习行为对产品的动态价格、最优库存以及供应链的协调契约均具有重要影响。在集中供应链环境下探讨基于顾客学习行为的最优运营决策,研究二级分散供应链中顾客学习行为对收益分享契约、回购契约和销售折扣契约的影响。指出传统的收益分享契约和销售折扣契约虽能协调供应链,但前者必须满足顾客学习能力达到某固定值的条件,后者则不能以任意比例分割供应链利润,基于此提出基于销售期的差别回购契约,即无论顾客学习能力为何值其均能协调供应链,并且能以任意比例分割供应链利润,以期为顾客学习行为理论夯实基础。

  17. Negotiating a deal in Iraq

    International Nuclear Information System (INIS)

    The legal and diplomatic environment surrounding oil production negotiations in Iraq was discussed with reference to the essential terms generally negotiated for upstream contracts between oil companies and the Iraqi Ministry of Oil. Legal considerations were discussed for the following upstream contracts: production sharing contracts, a risk service contract, a modified buy-back contract, a technical service contract, and a joint venture company. It was noted that negotiations in Iraq require a great amount of diplomacy as projects are very high profile and attract significant international attention. Information sharing is critical in gaining valuable government support. The main problem for interested investors in Iraq is predicting when the UN sanctions will be lifted. Once lifted, the Ministry of Oil's Development Plan is to increase oil production through the co-operative assistance of foreign oil companies. While the sanctions remain in place, Iraq is allowed to sell oil on a renewable basis every 6 months under the oil-for-food programme, which permits Iraq to spend US$600 million every 6 months for spare parts to upgrade its oil industry. 9 figs

  18. Study on the carry capacity of edible jellyfish fishery in Liaodong Bay

    Science.gov (United States)

    You, Kui; Bian, Yongning; Ma, Caihua; Chi, Xupeng; Liu, Zhiqiang; Zhang, Yuyu

    2016-06-01

    Jellyfish fishing is a special type of fishery that mainly exists in some countries of East and Southeast Asia. China has the largest jellyfish fishery yield in the world with an annual harvest of around 300 thousand tons. Liaodong Bay is the most important jellyfish fishery ground in China. However, due to the high benefits of jellyfish fishery, which leads to illegal and out-of-season jellyfish fishing occurring each year in Liaodong Bay. Illegal jellyfish fishery in Liaodong Bay is a typical example of the tragedy of the commons. The key problem is that fishermen seek to an illegally initiate jellyfish fishing as early as possible. In this paper, basing on the data of edible jellyfish's biology and ecology, we mainly analyzed the history of jellyfish fishery in China, especially in Liaodong bay, and then we calculated the carry capacity of edible jellyfish in Liaodong Bay which is about 300 thousand tons one year. This number is equal to the recent annual yield of edible jellyfish in China. Furthermore, basing on the carry capacity and reasonable quotas price analysis, we set up a Jellyfish fishing quotas and deficit quotas buyback system which could be a suitable and effective solution for jellyfish fishery management and development in Liaodong Bay at the underlying roots. Although China is the first country with edible jellyfish aquaculture, the annual yield of jellyfish aquaculture is only one fifth of jellyfish fishing. So, there is a very bright developing prospect about edible jellyfish aquaculture in China.

  19. 基于采购执行的物流金融贷款价值比研究%Study on Loan-to-value Ratio of Logistics Financing Based on Purchasing Execution

    Institute of Scientific and Technical Information of China (English)

    宋蓉; 杜军

    2012-01-01

    分析基于采购执行的物流金融创新模式的结构和相应利益相关者的角色作用,并与其他物流金融模式进行分析对比.考虑利润和风险在银行与物流企业之间的分配以及物流企业、供应商和借款企业构成的协调型物流供应链,利用批发价格和回购契约改进采购执行模式,并将契约决策引入下侧风险规避的银行的贷款价值比率决策模型.%In this paper, we analyzed the structure of logistics financing innovated mode based on purchasing execution and the role and func tion of the stakeholders and compared the mode with other logistics financing modes. Then considering the distribution of profit and risk between banks and logistics enterprises and the coordinative logistics supply chain composed of logistics enterprises, suppliers and borrowing enterprises, used the wholesaling price and buy-back contract to modify the purchasing executive mode and introduced contract decision into the loan-to-value ratio decision-making model of banks aversive to downside risks.

  20. The role of desalinisation to address aquifer overdraft in SE Spain.

    Science.gov (United States)

    Martínez-Granados, David; Calatrava, Javier

    2014-11-01

    Aquifer overdraft is a major environmental and water management problem in Southeast Spain. In some areas, availability of desalinised seawater resources is being expanding, which provides an opportunity to address this problem at a lower social and economic cost. We analyse the economic impact of using several instruments to address the problem of non-renewable groundwater pumping in the aquifers of the Guadalentín basin: an environmental tax on groundwater use, the buyback of groundwater rights and the subsidization of desalinised resources. Their impact is assessed using a mathematical programming model that maximises the farm net margin resulting from the use of the available water resources for irrigation in the area. Our results show that, in the current situation of water availability, all the alternatives have significant economic impacts. Moreover, the first two alternatives would be unfeasible from a political point of view. The existence of abundant, though expensive, desalinised water resources in the foreseen future would reduce, but not eliminate, the negative economic impact of such instruments. Furthermore, water demand is so high in this area that even strongly subsidising desalinised water in exchange for reducing the use of groundwater would not allow to eliminate aquifer overdraft.

  1. The financial viability of an SOFC cogeneration system in single-family dwellings

    Science.gov (United States)

    Alanne, Kari; Saari, Arto; Ugursal, V. Ismet; Good, Joel

    In the near future, fuel cell-based residential micro-CHP systems will compete with traditional methods of energy supply. A micro-CHP system may be considered viable if its incremental capital cost compared to its competitors equals to cumulated savings during a given period of time. A simplified model is developed in this study to estimate the operation of a residential solid oxide fuel cell (SOFC) system. A comparative assessment of the SOFC system vis-à-vis heating systems based on gas, oil and electricity is conducted using the simplified model for a single-family house located in Ottawa and Vancouver. The energy consumption of the house is estimated using the HOT2000 building simulation program. A financial analysis is carried out to evaluate the sensitivity of the maximum allowable capital cost with respect to system sizing, acceptable payback period, energy price and the electricity buyback strategy of an energy utility. Based on the financial analysis, small (1-2 kW e) SOFC systems seem to be feasible in the considered case. The present study shows also that an SOFC system is especially an alternative to heating systems based on oil and electrical furnaces.

  2. Doubs Electricity. Hydroelectric use of water from the sewage treatment plant and the street drains of the city of La Chaux-de-Fonds. Technical report; Courant Doubs. Turbinage des eaux epurees de la ville de La Chaux-de-Fonds. Rapport technique

    Energy Technology Data Exchange (ETDEWEB)

    Rueetschi, M.

    2008-07-01

    The exploitation of municipal purified sewage and drain waters of the city of La Chaux-de-Fonds for energy production requires complex and varied developments, in the domains of both civil engineering, and hydraulic equipment; this explains why, beyond some generic investigations, this source of energy has not been exploited so far. In fact, the purified water must first be pumped uphill over a little summit, before its hydraulic energy can be exploited downhill to the Doubs River. A number of engineering works in sequence must be achieved, beyond installing the electro-mechanic turbine device. The key data in this project are the following: (i) nominal electric power: 1532 kW (excluding pumping power requirement of about 400 kW); (ii) net hydraulic head: 380 m (excluding preliminary pumping height of 65 m); (iii) annual production: 4,178,830 kWh/yr (net of energy requirement for pumping); (iv) cost price: 0.13 CHF/kWh. The planned exploitation mode gives priority to the exploitation at the times of peak electricity demand, by the construction of a retention basin. This cost price is significantly lower in comparison to the other renewable energy technologies available in Switzerland. Chances of achievement are excellent; one electric utility has already expressed its interest in project buyback, in view of a short-term execution.

  3. Coordinating a Supply Chain with a Loss-Averse Retailer and Effort Dependent Demand

    Directory of Open Access Journals (Sweden)

    Liying Li

    2014-01-01

    Full Text Available This study investigates the channel coordination issue of a supply chain with a risk-neutral manufacturer and a loss-averse retailer facing stochastic demand that is sensitive to sales effort. Under the loss-averse newsvendor setting, a distribution-free gain/loss-sharing-and-buyback (GLB contract has been shown to be able to coordinate the supply chain. However, we find that a GLB contract remains ineffective in managing the supply chain when retailer sales efforts influence the demand. To effectively coordinate the channel, we propose to combine a GLB contract with sales rebate and penalty (SRP contract. In addition, we discover a special class of gain/loss contracts that can coordinate the supply chain and arbitrarily allocate the expected supply chain profit between the manufacturer and the retailer. We then analyze the effect of loss aversion on the retailer’s decision-making behavior and supply chain performance. Finally, we perform a numerical study to illustrate the findings and gain additional insights.

  4. Coordinating a supply chain with a loss-averse retailer and effort dependent demand.

    Science.gov (United States)

    Li, Liying; Wang, Yong

    2014-01-01

    This study investigates the channel coordination issue of a supply chain with a risk-neutral manufacturer and a loss-averse retailer facing stochastic demand that is sensitive to sales effort. Under the loss-averse newsvendor setting, a distribution-free gain/loss-sharing-and-buyback (GLB) contract has been shown to be able to coordinate the supply chain. However, we find that a GLB contract remains ineffective in managing the supply chain when retailer sales efforts influence the demand. To effectively coordinate the channel, we propose to combine a GLB contract with sales rebate and penalty (SRP) contract. In addition, we discover a special class of gain/loss contracts that can coordinate the supply chain and arbitrarily allocate the expected supply chain profit between the manufacturer and the retailer. We then analyze the effect of loss aversion on the retailer's decision-making behavior and supply chain performance. Finally, we perform a numerical study to illustrate the findings and gain additional insights. PMID:25197696

  5. Coordinating a supply chain with a loss-averse retailer and effort dependent demand.

    Science.gov (United States)

    Li, Liying; Wang, Yong

    2014-01-01

    This study investigates the channel coordination issue of a supply chain with a risk-neutral manufacturer and a loss-averse retailer facing stochastic demand that is sensitive to sales effort. Under the loss-averse newsvendor setting, a distribution-free gain/loss-sharing-and-buyback (GLB) contract has been shown to be able to coordinate the supply chain. However, we find that a GLB contract remains ineffective in managing the supply chain when retailer sales efforts influence the demand. To effectively coordinate the channel, we propose to combine a GLB contract with sales rebate and penalty (SRP) contract. In addition, we discover a special class of gain/loss contracts that can coordinate the supply chain and arbitrarily allocate the expected supply chain profit between the manufacturer and the retailer. We then analyze the effect of loss aversion on the retailer's decision-making behavior and supply chain performance. Finally, we perform a numerical study to illustrate the findings and gain additional insights.

  6. Coordinating a Supply Chain with a Loss-Averse Retailer and Effort Dependent Demand

    Science.gov (United States)

    Li, Liying

    2014-01-01

    This study investigates the channel coordination issue of a supply chain with a risk-neutral manufacturer and a loss-averse retailer facing stochastic demand that is sensitive to sales effort. Under the loss-averse newsvendor setting, a distribution-free gain/loss-sharing-and-buyback (GLB) contract has been shown to be able to coordinate the supply chain. However, we find that a GLB contract remains ineffective in managing the supply chain when retailer sales efforts influence the demand. To effectively coordinate the channel, we propose to combine a GLB contract with sales rebate and penalty (SRP) contract. In addition, we discover a special class of gain/loss contracts that can coordinate the supply chain and arbitrarily allocate the expected supply chain profit between the manufacturer and the retailer. We then analyze the effect of loss aversion on the retailer's decision-making behavior and supply chain performance. Finally, we perform a numerical study to illustrate the findings and gain additional insights. PMID:25197696

  7. Progress report on the promotion and use of renewable energy sources. 1. report. Implementation of article 22 of European Union Directive 2009/28/EEC

    International Nuclear Information System (INIS)

    , non-food cellulose material and lignocellulose material; 9. 9.Estimated incidence of biofuel production from bio-liquids on biodiversity, water resources, water quality and soil quality over the past 2 years; 10. Estimated net reductions of greenhouse gas emissions achieved thanks to the use of renewable energy sources; 11. Values and estimates for the surplus or deficit production of renewable energy, compared with the indicative trajectory. indicative; 11.1. Detailed statistical transfers, joint projects and decision-making arrangements for joint support schemes; 12. Information on how to assess the share of biodegradable waste in all waste used for energy production, including measures adopted towards improving and verifying these estimates production energy, including measures adopted towards improving and verifying these estimates; 13. Specific points for the first progress report [article 22, paragraph 3, points a) to c)]; Annex 1 - Summary table of buyback rates for electricity produced from renewable sources, and buyback rates for biomethane injected into natural gas networks; Annex 2 - Review of measures implemented

  8. 基于 NASH 协商的促销努力成本分担机制%A Research on the Mechanism of Sharing Sales Effort Cost Based on Nash Negotiation

    Institute of Scientific and Technical Information of China (English)

    马小勇; 陈良华

    2014-01-01

    The traditional buy-back contract , quantity discount contract and profit sharing contract can solve the problem of mismatch between vendors ordering quantity and the actual demand , but they produce new incentive failure .Introduction of the cooperation promotion , combined with other coordination mecha-nism , can effectively improve the level of optimization of supply chain coordination .With the cost sharing as the object , adopting the asymmetric Nash negotiation model with retailer promotional effort , a supply chain coordination contract is designed , thus making up the residual income data which are difficult to ob-tain and ignore the negotiation ability factors causing defects in optimal reward contract design .%传统的回购契约、数量折扣契约和利润共享契约等可以解决销售商订购量与实际需求不匹配问题,但会产生新的激励约束而失效。合作促销契约的引入,并与其他协调机制的结合可以有效改善供应链协调的最优化水平。以成本分担为对象,采用不对称Nash协商模型,来设计伴随销售商促销努力的供应链协调契约,弥补了剩余收益数据难以获得与忽略谈判能力因素造成最优报酬契约设计的缺陷。

  9. Analysis of Listed Company′s Stock Repurchases Motivation and Problems in China%我国上市公司股票回购的动因与问题分析

    Institute of Scientific and Technical Information of China (English)

    徐红; 李刚

    2012-01-01

    在成熟的证券市场中,回购公司股票是一种有效的资本运作模式,公司在适当的时机,进行合理的股本收缩,是上市公司面临外部市场环境变化进行自我调节和保护的一种有效的应对策略。近年来,随着我国股票市场的发展,股票回购的案例日渐增多,但与西方成熟的资本市场相比,在回购过程中还存在着许多问题和不足,文章结合国内证券市场发展的实践,对此进行分析。%In the mature stock market,to repurchase company stock capital is an effective mode of operation.To conduct a reasonable equity for a listed company at an appropriate time is an effective coping strategy of self-regulation and protection to face changes in the external market environment.In the recent years,with the development of China′s stock market,stock repurchase has increased.But there still exist many problems and deficiencies,compared with the mature capital market in the West in the buy-back process.This paper will make an analysis of this combining the development of the domestic securities market practice.

  10. B Shares:Reform or Self-Redemption%B股:改革或自我救赎

    Institute of Scientific and Technical Information of China (English)

    刘志坚; 张辉

    2014-01-01

    With capital market developing in China, the problem for B shares is increasingly prominent. Although the administrators have been hesitating for a long term, B shares have taken many approaches to rescue themselves since 2012, including turning B shares into H shares, turning B shares into A shares, B share buyback, and B share drawing back. However, the self-redemption could not make way for B shares. Whether it is to close the B share market or to make the market grow strong, the fundamental approach is to innovate with proper policy guidance. B shares will see no future without making any effort; the growth should be with clear targets, reform measures and self-redemption methods for a better result.%伴随着我国资本市场不断走向成熟,B股问题越发凸显。相对于管理层长久观望的迟疑态度,B股自2012年起至今,掀起了包括B股转H股、B股转A股、B股回购和B股缩股等多方式自救,但仅仅依靠B股自我救赎,不可能完全解决B股出路问题。无论是决定彻底关闭B股市场或者将B股市场做大做强,必须伴随政策推动的改革创新,双管齐下才是根本性途径,B股的未来不在于放任自流,而是要敢于打破现状,确立清晰的发展方向,改革措施和自我救赎方式才能有的放矢,相得益彰。

  11. 10 ways to create shareholder value.

    Science.gov (United States)

    Rappaport, Alfred

    2006-09-01

    Executives have developed tunnel vision in their pursuit of shareholder value, focusing on short-term performance at the expense of investing in long-term growth. It's time to broaden that perspective and begin shaping business strategies in light of the competitive landscape, not the shareholder list. In this article, Alfred Rappaport offers ten basic principles to help executives create lasting shareholder value. For starters, companies should not manage earnings or provide earnings guidance; those that fail to embrace this first principle of shareholder value will almost certainly be unable to follow the rest. Additionally, leaders should make strategic decisions and acquisitions and carry assets that maximize expected value, even if near-term earnings are negatively affected as a result. During times when there are no credible value-creating opportunities to invest in the business, companies should avoid using excess cash to make investments that look good on the surface but might end up destroying value, such as ill-advised, overpriced acquisitions. It would be better to return the cash to shareholders in the form of dividends and buybacks. Rappaport also offers guidelines for establishing effective pay incentives at every level of management; emphasizes that senior executives need to lay their wealth on the line just as shareholders do; and urges companies to embrace full disclosure, an antidote to short-term earnings obsession that serves to lessen investor uncertainty, which could reduce the cost of capital and increase the share price. The author notes that a few types of companies--high-tech start-ups, for example, and severely capital-constrained organizations--cannot afford to ignore market pressures for short-term performance. Most companies with a sound, well-executed business model, however, could better realize their potential for creating shareholder value by adopting the ten principles. PMID:16967621

  12. Adoption and supply of a distributed energy technology

    Science.gov (United States)

    Strachan, Neil Douglas

    2000-12-01

    Technical and economic developments in distributed generation (DG) represent an opportunity for a radically different energy market paradigm, and potentially significant cuts in global carbon emissions. This thesis investigates DG along two interrelated themes: (1) Early adoption and supply of the DG technology of internal combustion (IC) engine cogeneration. (2) Private and social cost implications of DG for private investors and within an energy system. IC engine cogeneration of both power and heat has been a remarkable success in the Netherlands with over 5,000 installations and 1,500MWe of installed capacity by 1997. However, the technology has struggled in the UK with an installed capacity of 110Mwe, fulfilling only 10% of its large estimated potential. An investment simulation model of DG investments in the UK and Netherlands was used, together with analysis of site level data on all DG adoptions from 1985 through 1997. In the UK over 60% of the early installations were sized too small (market and CO2 reduction regulatory policy, Dutch distributions utilities played a proactive role in DG. This involved joint ventures with engine cogen suppliers and users, offering improved electricity buy-back tariffs and lower connection costs. This has allowed flexible operation of distributed generation, especially in electricity sales to the grid. Larger units can be sized for on-site heat requirements with electricity export providing revenue and aiding in management of energy networks. A comparison of internal and external costs of three distributed and three centralized generation technologies over a range of heat to power ratios (HPR) was made. Micro-turbines were found to be the lowest cost technology, especially at higher heat loads. Engines are also very competitive providing their NOx and CO emissions are controlled. A cost optimization program was used to develop an optimal green-field supply mix for Florida and New York. (Abstract shortened by UMI.)

  13. Opportunity for peri-urban Perth groundwater trade

    Science.gov (United States)

    Gao, Lei; Connor, Jeff; Doble, Rebecca; Ali, Riasat; McFarlane, Don

    2013-07-01

    Groundwater trade is widely advocated for reallocating scarce groundwater resources between competing users, and managing over-allocated and declining aquifers. However, groundwater markets are still in their infancy, and the potential benefits and opportunities need investigation, particularly where there is a need to reduce the extraction from declining aquifers. This article evaluates economic impacts of reducing groundwater extraction for irrigation use in peri-urban Perth, Australia, where irrigation, a lake-based ecosystem, and public water supply are highly dependent on a declining groundwater resource. We present an assessment of market-based water trading approaches to reduce groundwater extraction with an economic model representing diversity in returns to groundwater use across a population of irrigators. The results indicate that potential economic costs of a proportional reduction in available groundwater for irrigation are 18-21% less if groundwater trade is possible. We also evaluate a water buyback from irrigation to provide public water supply as an alternative to new infrastructure. We find that buying back up to around 50% of current irrigation allocations could create new public water supply only at the cost of 0.32-0.39 million per GL, which is less than one fifth of the costs of new desalinisation or recycled water supply options (2-3 million per GL). We conclude that, with rapid development of computer and internet based trading platforms that allows fast, efficient and low cost multiple party trading, it is increasingly feasible to realise the economic potentials of market-based trade approaches for managing overexploited aquifers.

  14. Assessment of on-farm anaerobic digester grid interconnections

    International Nuclear Information System (INIS)

    While several anaerobic digestion (AD) pilot plants have recently been built in Canada, early reports suggest that interconnection barriers are delaying their widescale implementation. This paper examined grid interconnection experiences from the perspectives of farmers, local distributing companies (LDCs) and other stakeholders. The aim of the paper was to identify challenges to the implementation of AD systems. Case studies included an Ontario Dairy Herd AD system generating 50 kW; a Saskatchewan hog farm AD system generating 120 kW and an Alberta outdoor beef feedlot AD system generating 1000 kW. Two survey forms were created for project operators, and LDCs. The following 3 category barriers were identified: (1) technical concerns over islanding conditions, power quality requirements, power flow studies and other engineering analyses; (2) business practices barriers such as a lack of response after initial utility contact; and (3) regulatory barriers including the unavailability of fair buy-back rates, the lack of net metering programs, restrictive net metering programs, and pricing issues. It was suggested that collaborative efforts among all stakeholders are needed to resolve barriers quickly. Recommendations included the adoption of uniform technical standards for connecting generators to the grid, as well as adopting standard commercial practices for any required LDC interconnection review. It was also suggested that standard business terms for interconnection agreements should be established. Regulatory principles should be compatible with distributed power choices in regulated and unregulated markets. It was concluded that resolving interconnection barriers is a critical step towards realizing market opportunities available for AD technologies. refs., tabs., figs

  15. Prospects and Challenges for Harnessing Opportunities in Medicinal Plants Sector in India

    Directory of Open Access Journals (Sweden)

    Harbir Singh

    2006-09-01

    Full Text Available The importance of the medicinal plants sector can be gauged from the fact that herbal medicines serve the healthcare needs of about 80 per cent of the world's population. India, with approximately eight percent of world's biodiversity including plant genetic diversity with medicinal properties, has the potential of becoming a major global player in market for medicinal plants-based herbal formulations and products. However, prior to establishment of Medicinal Plants Board, there was no nodal agency to look into medicinal plants as an economic 'sector' and different organisations dealt with different aspects of medicinal plants without any clear cut focus and coordination. This lack of co-ordination led to critical research gaps relating to socio-economic and policy aspects of medicinal plants. At the same time, absence of formal marketing linkages and effective buy-back arrangements hindered the development of medicinal plants sector. Developing appropriate varieties for cultivation which could ensure uniform quality and continuous supply of raw material for processing industry would not only meet the industry demand but also halt the degradation of natural resource base. To capitalize on expanding opportunities in the international market, we need to focus on scientific methods of cultivation, harvesting, processing, grading, transport, storage, labeling and marketing practices involved in the entire supply chain for medicinal plants. Policy and institutional issues particularly related to co-ordination among various stake holders are one of the major constraints faced by this sector. Species- specific and socio-economic environment specific research would be helpful for identification of an optimal institutional framework to take care of needs of various stakeholders and also cater to social needs without adverse implications for equity and environment.

  16. Empirical Study On The Benchmark Interest Rate Selection for China's Monetary Market%中国货币市场基准利率选择的实证研究

    Institute of Scientific and Technical Information of China (English)

    王志栋

    2012-01-01

    基准利率具有市场性、基础性、测控性、波动性和预测性等五个基本属性,参考FFR和LIBOIL的数量属性,利用EGAlKCH、Granger等模型对2001年至2010年中国货币市场候选基准利率的时间序列数据进行市场性检验、测控性检验、波动性检验、基础性检验及预测性检验。实证结果表明,七天期银行间回购利率是当前中国货币市场上表现最好的基准利率,同时SHIB0R利率也具有很强的基准利率潜质,但因时间序列较短,难以定论。%The five basic attributes of the benchmark rate include marketing, measure & adjustment, fluctuation, foundation, pre- diction. Referring to international benchmark rate FFR and LIBOR, the empirical test for the five basic attributes of marketing, measure & adjustment, fluctuation, foundation, prediction, is made through the time series data of benchmark rates of monetary market in china from 2001 to 2010,and by EGARCH,Granger model. The empirical results show that 7 day buyback interest rate is the best benchmark rate in china monetary market, and SHIBOR is a potential benchmark rate but difficult to reach a conclusion because of its short time series.

  17. Promotion of energy conservation in developing countries through the combination of ESCO and CDM: A case study of introducing distributed energy resources into Chinese urban areas

    International Nuclear Information System (INIS)

    The implementation of an energy service company (ESCO) project in developing countries may result not only in reduced energy cost but also in considerable environmental benefits, including the reduction of CO2 emissions, which can be assessed in an economic manner under the Clean Development Mechanism (CDM) scheme. In this way, the economic and environmental benefits of energy conservation activities can be enjoyed by both the investor and the end-user, which can reduce the investment risk and realize a rational profit allocation. This study presents a numerical analysis of the introduction of distributed energy resources (DER) into a Chinese urban area. An optimization model is developed to determine the energy system combination under the constraints on the electrical and thermal balances and equipment availability. According to the simulation results, the introduction of DER systems possesses considerable potential to reduce CO2 emissions, especially when considering that the economic profit of the CO2 credit will increase the incentive to adopt DER systems to an even greater extent. Furthermore, by sharing the energy cost savings with the investors under an ESCO framework, the investment risk can be further reduced, and the conditions required for the project to qualify for CDM can be relaxed. Highlights: ► An investor focused analytical model is developed to aid the investment of a DER system. ► The combination of ESCO and CDM enhances the incentive to introduce energy conservation measures. ► Electricity buy-back is effective in boosting the DER system adoption under the proposed framework. ► The increased energy cost savings allocated to the investor promotes the DER system adoption. ► The rational allocation of CER credits is of vital importance to the success of the project.

  18. 中国风险资本市场退出渠道的现状、问题及政策建议%The Status,Problems and Policy Recommendations of China Venture Capital Exit Channels

    Institute of Scientific and Technical Information of China (English)

    张俊芳

    2011-01-01

    风险投资是创业企业融资的主要来源,也是实现科技成果转化的重要手段.风险投资的成功退出是实现风险资本增值的基本前提,是风险投资在时序上和空间上不断循环的保证.国际上,风险投资退出有四种方式:IPO退出、企业并购、股权回购和公司清算.本文结合统计数据系统地梳理分析了我国风险投资退出渠道的现状,探讨了我国风险投资退出的主要障碍,并提出适宜于我国现阶段发展的几点对策建议.%The venture capital is the main source of financing start-ups, and also an important means to achieve transformation of scientific and technological products. The success exit of venture capital is the basic premise to achieve capital appreciation, and also the guarantee of achieve continuous loop on investing in temporal and spatial. Internationally, there are four ways for exit: IPO exit, mergers and acquisitions, stock buybacks and corporate liquidation. In this paper, combining with the statistical analysis data, we combed the channels of Chinese venture capital, discussing the main obstacles of Chinese venture capital and to propose some suitable policy proposals for the development of Chinese venture capital.

  19. 基于联合契约的供应链协调与抗突发事件研究%Study on Supply Chain Coordination and Emergency Prevention Based on Associated Contracts

    Institute of Scientific and Technical Information of China (English)

    刘秋生; 邱元水; 侯云章

    2014-01-01

    In this paper, in view of a simple three-echelon supply chain composed of one manufacturer, one distributor and one retailer and considering the stochastic market demand, we first established the associated contract mechanism based on buyback contracts and revenue-sharing contract, discussed the allocation of supply chain profit among the nodal enterprises, then analyzed the impact of changes in market scale caused by outbreak events on the three-echelon supply chain, adjusted the parameters in the contract to re-coordinate the supply chain, and at the end, presented a specific numerical example.%针对由一个制造商、一个分销商和一个零售商组成的简单三级供应链,考虑随机市场需求下,首先建立了一个使供应链协调的基于回购契约和收益共享契约联合使用的联合契约机制,并讨论了节点企业间的利润分配情况;其次分析了突发事件导致市场规模发生变化时三级供应链受到的影响:当需求变化比较大时,供应链在原有契约机制下的协调将被打破;最后通过调整联合契约的契约参数,使供应链重新协调,具有抗突发事件性;最后给出具体算例。

  20. Successful Characterization and Remedial Contour of Highly Contaminated Mercury Soil at the Y-12 National Security Complex - 13593

    International Nuclear Information System (INIS)

    An area known as the 81-10 pad within the footprint of the Y-12 National Security Complex, suspected to be heavily contaminated with mercury, was slated for characterization in support of a Federal Facilities Agreement (FFA) milestone to be accomplished by September 30, 2012. A full remedial design report (RDR) required the soil in Exposure Unit -9 (EU-9) to be fully characterized for a number of contaminates of concern including mercury. The goal of this characterization effort was to determine what soil, if any, would need to be removed for the protection of industrial workers and impacts to the surface and ground water. Funding for this project was made available using buy-back scope under the American Recovery and Reinvestment Act (ARRA). The EU-9 soil unit involved 3 different classifications which were determined as follows: Class 1: Known to have been impacted, contamination is likely; Class 2: Suspected to have been impacted, contamination is unknown; Class 3: Area not known to have been impacted, contamination unlikely. Due to various sampling and analysis events since the 1980's, significant mercury contamination was expected under the concrete pad of an area known as 81-10. Mercury contamination outside of the boundary of this pad within the EU-9 footprint was not known and therefore an original planned estimate of 1,461 cubic meters of material were expected to be heavily contaminated with mercury requiring removal, treatment and disposal. Through the use of a highly effective nature and extent sampling and analysis design that involved a hybrid of statistically-based and judgmental sampling, the actual remedial contour requiring removal was approximately 717 cubic meters, roughly 12% of the original estimate. This characterization approach was executed in full compliance with the Record of Decision (ROD) [1] documents that were agreed upon by the U.S. Department of Energy, Environmental Protection Agency and Tennessee Department of Environment and

  1. 制造商与渠道势力不对称零售商的合作广告模型研究%Cooperative Advertising Model of Manufacturer and Multi-retailers With Different Channel Authorities

    Institute of Scientific and Technical Information of China (English)

    陆媛媛

    2011-01-01

    This paper addresses the cooperative advertising problem between one manufacturer and multi-retailers with different channel authorities. Under the uncertain demand situation, cooperative advertising models under both the decentralized system and the centralized system are made. We get optimal cooperative advertising strategy with different systems of the manufacturer and the dominant retailer, obtaining optimal ordering strategy of the dominant retailer and fringe retailers and their optimal expectation profit. By analyzing and comparing with the e-quilibrium outcomes of different systems, we prove that the decentralized system is uncoordinated, The study designs the united contract for realizing and conducting channel coordination, and points out that the united contract is not unique under the decentralized system. Contract parameter is positively correlated with each other, and advertising allowance rate, wholesale price and buy-back price are the balance focus of power between manufacturers and dominant retailers.%研究制造商与渠道势力不对称零售商的合作广告问题.在需求不确定的情况下,建立了制造商和零售商的分散式与集中式系统下的合作广告模型,得到了不同系统下制造商和强势零售商的最优合作广告策略、强势零售商和边缘零售商的最优订货策略,及他们的最优期望利润.通过对不同系统下均衡结果的比较分析,证明了分散式系统存在不协调.设计了实现渠道协调的联合契约,指出分散式协调系统下的联合契约不唯一,契约参数两两正相关,广告补贴率、产品批发价格和回购价格是制造商和强势零售商力量平衡的焦点.

  2. Introduction of Renewable Energy Certificate in the Indian scenario

    International Nuclear Information System (INIS)

    Generation deficit in India is in the range of 9% and the scenario is expected to get grimmer in the context of high growth rate of the country. With peak power shortage as high as 15.2% (Source: Annual report FY08, MoP) the nation needs to harness all forms of generation including renewables, which currently has a meager share of 8% of the total generation in the country at present. Shooting price of crude oil reaching up to $135 (May 2008) per barrel along with increasing awareness and concerns about environment, the stage seems to be set for an increased mix of Renewable Energy (RE) into the overall energy requirement in the country. Keeping the concern for environment and energy security for the country in mind, government of India has been putting emphasis on promotion of renewable energy sources. Central and state government policies have always been instrumental in the propagation of capacity additions in renewable energy power. One of the main aims of these policies has been on increasing the private sector participation in this sector. In the pre-reform period, the state governments took policy decisions regarding financial incentives, buy-back tariff and other measures targeting investment in renewable energy. However, the State Electricity Regulatory Commissions (SERCs) are now responsible for many of these tasks. SERCs have come up with a host of initiatives, inline with their functions laid down in the Electricity Act 2003, to increase the share of renewable energy inside their respective States. Despite the efforts of SERCs, large potential of renewable energy generation remains untapped. There is lack of clarity on how to promote renewable energy generation inside states which are not having significant renewable energy generation potential. This paper explores the way in which SERCs can introduce measures to further promote renewable energy generation inside the country. We discuss in detail the framework to promote renewable energy through a

  3. 伊拉克石油工业对外合作模式%An Analysis of the Pattern of Foreign Cooperation in the Iraqi Petroleum Industry

    Institute of Scientific and Technical Information of China (English)

    刘夏荣; 方小美

    2002-01-01

    近两年来,国际社会解除对伊拉克制裁的呼声日益高涨,俄罗斯、法国、印度、印度尼西亚、马来西亚和一些阿拉伯国家频频与伊拉克接触,协商合作在伊开展油气勘探开发.目前伊拉克与外国石油公司开展合作和签订合同主要有4种模式.产量分成合同(SPA):外国公司持有75%的股权,伊拉克政府持股25%;服务合同:包括技术服务合同(TSA)和风险服务合同(RSC)两种形式,伊拉克政府持股25%;合资经营(Joint Venture Agreement):伊拉克政府持股51%;回购合同(Buyback Contract):伊拉克政府持股10%.伊拉克对外石油合作模式及合同的特点表现为:政治色彩浓厚、对外合作范围广泛、合同条款比较优惠,但项目执行难.对外国石油公司来说,伊拉克的石油对外合作中存在诸如政治风险、战争风险、再协商风险、某些油田存在边界纠纷、运输等基础设施严重不足、国内石油销售市场极不发达等一系列不容忽视的问题.

  4. Study on Game and Learning between OEM and UOEM in Remanufacturing Market%再制造市场 OEM 与 UOEM 的博弈与学习研究

    Institute of Scientific and Technical Information of China (English)

    石岿然; 孙玉玲; 吴鸽

    2015-01-01

    Motivated by the interests of remanufacturing , some un-original equipment manufacturers ( UOEM) wish to enter the remanufacturing market .In order to investigate the entry game of UOEM , the replicator dynamics between original equipment manufacturers ( OEM ) and UOEM is formulated by evolutionary game theory .The results show that UOEM ’ s evolutionary direction is influenced by buyback prices and the cost of eliminating ob-stacles .In addition , the unique evolutionary stable strategy of the dynamics is that UOEM enter remanufacturing market and OEM give an implied consent .Furthermore , the players ’ learning behavior is considered and another asymptotic attractor is given by perturbed replicator dynamics , which is not a sub-game perfect equilibrium .That is, when OEM with noise choose their strategy , the optimal strategy of the entrants is not to compete in the market .%在再制造利益的驱动下,一些非原始设备制造商( UOEM )欲进入再制造市场。为探究UOEM参与再制造的进入博弈,应用演化博弈理论构建了原始设备制造商( OEM)和UOEM策略选择的复制动态。研究表明:博弈双方的回收价格、UOEM排除障碍的成本会影响UOEM的策略选择;OEM选择默许而潜在的UOEM进入再制造品市场是二维动态系统唯一的演化稳定策略。进一步考虑了参与人的学习行为,将噪声项引入复制动态方程中,得到了一个非子博弈完美均衡,即当带着噪声项的OEM采取竞争策略时,进入者的最优策略是置身于市场之外。

  5. 非标准保兑仓模式下追偿权的实现--对保兑仓追偿权实现方式的评析%The Achievement of Recovery Right under Nonstandard Confirmed Warehouse Mode---Comment on the Ways to Achieve the Recovery Right of Confirmed Warehouse

    Institute of Scientific and Technical Information of China (English)

    强兆彤

    2015-01-01

    保兑仓业务是国内金融资本市场近年来为保证资金流转安全、维护商业银行利益而产生的新型金融服务项目。保兑仓追偿权是指,当产品购买方在银行承兑汇票到期前不能归还保兑仓协议项下承兑汇票保证金以外差额部分款项,产品出卖方以约定的回购方式向金融机构承担担保责任后向产品购买方行使追偿权应当得到支持,这一权利设置的目的在于维系保兑仓业务金融模式的利益平衡。在其他担保主体替代仓储方提供担保的非标准保兑仓模式下,出卖方承担回购责任后依然有权向购买方追偿。%Confirmed warehouse is a new financial service project which appears in domestic financial capital market in recent years. It is to ensure the safety of cash flow in financial market, and safeguard the interests of commercial banks. The confirmed warehouse recovery right means when the buyer cannot return the difference part which exceeds the bond of confirmed warehouse before bank acceptance bill's expiration, it will be sup-ported that the seller exercises his right of recovery when the seller completes his buy-back responsibility from the financial institution by the contract agreement of liability of guarantee. The purpose of this setting is to maintain the balance of interests of confirmed warehouse business financial model. In non-standard confirmed warehouse model when other guarantee subject instead of storage party provides guarantees, the seller should bear the liability of repurchase but he still has the right to recourse to the purchaser.

  6. Competing and Coordination Strategies for the Dual Channel under Stochastic Demand and Cooperative Promotion%随机需求和联合促销下双渠道供应链的竞争与协调

    Institute of Scientific and Technical Information of China (English)

    禹爱民; 刘丽文

    2012-01-01

    An increasing number of manufacturers are adopting the dual sales channel structure: selling their products to customers via both online and physical channels. Although many companies, including HP, IBM, are using the dual channel to distribute products successfully, some of these manufacturers are facing problems. One major problem is about how a manufacturer can motivate its retailers to expand the market and coordinate these two channels. To motivate their retailers, an increased number of manufactures cooperate with retailers to make promotion. For instance, a manufacture shares promotion fees with its retailers or the manufacturer sends its employees to help retailer conduct promotional activities.The paper studies the pricing competing and channel coordination strategies in the dual channel supply chain where manufacturer and retailer face the stochastic demand and they need to cooperate to make promotion. The research result shows that the Nash equilibrium of price exists and the optimal price of the online channel will decrease the effort of a retailer. The promotional effort of a retailer will increase in the ratio of cost shared by its manufacturer. When the ratio is low, a retailer's effort will increase slowly in the ratio. When the ratio is high, a retailer's effort will increases rapidly in the ratio. Furthermore, this paper proves that the buy-back contract will benefit each other. However, the contract cannot coordinate the whole supply chain.%针对制造商同时拥有零售渠道和网上直销渠道的双渠道供应链系统,在随机需求和联合促销情况下,对制造商和零售商之间的价格竞争和协调问题进行研究.研究表明价格的纳什均衡解存在,网上渠道的最优价格随零售商促销努力程度的增大而降低.当制造商分担促销成本的比例上升时,零售商促销的努力程度会增加.当比例值较低时,零售商的努力程度变化不大;当比例值超过一定数值时,零售商

  7. Plumbemia em trabalhadores da indústria de reciclagem de baterias automotivas da Grande Porto Alegre, RS Blood lead levels in the battery recycling industry of the metropolitan region of Porto Alegre, RS

    Directory of Open Access Journals (Sweden)

    Renato Minozzo

    2008-12-01

    Full Text Available A reciclagem de baterias pode contaminar o ar, o solo e a água, não só no lugar de processamento, mas também nas regiões circunvizinhas, sendo que os resíduos permanecem no local mesmo após o término da atividade. No presente artigo descrevemos os resultados da avaliação da plumbemia em 53 operários que trabalhavam com reciclagem de baterias automotivas e em 53 indivíduos sem história de exposição. Os dados obtidos foram comparados e discutidos em relação às normas do Ministério do Trabalho (MT e da Occupational Safety and Health Administration (OSHA. A plumbemia no sangue do grupo controle foi de 2,44±1,15 µg/dl e, no grupo exposto, de 59,43±28,34 µg/dl, sendo que 79,2% dos indivíduos mostraram níveis acima do valor de referência (até 40 µg/dl. Estudos recentes recomendam estratégias para prevenir a intoxicação com chumbo: identificação, eliminação ou controle da fonte, monitoração da exposição e respectivos danos e um programa de recompra de baterias usadas das por parte da indústria de origem.Battery recycling may contaminate soil, air and water not only at the processing site but also in the neighboring areas, inasmuch as the residues remain at the site even after the end of the activity. In the present article, we describe the results of plumbism evaluation in 53 individuals that work with car battery recycling and 53 individuals without history of lead exposure. The obtained data were compared and discussed according to the regulations of Brazilian Ministry of Labor and OSHA (Occupational Safety and Health Administration. Blood lead levels in the control group were 2.44 ± 1.15 µg/dl and 59.43 ± 28.34 µg/dl in the exposed group. 79.2 % of the individuals presented levels above the reference value (40 µg/dl. Recent studies recommend strategies to prevent lead intoxication: source identification, control or elimination, monitoring of environmental exposure and hazards and a buy-back program of used

  8. 基于供应链金融的存货质押融资决策分析%An Inventory Pledge Financing Decision Analysis Based on SCF

    Institute of Scientific and Technical Information of China (English)

    魏悦

    2015-01-01

    Taking the product market as the typical newsboy model, dealers apply to the bank with their initial inventory for inventory impawn financing under the core enterprise’s guarantee of buyback contract. According to the numerical analysis of the dealer’s cost-benefit structure, the article introduces a decision model for the downside risk control of bank loans to value ratio to build the bank’s expected profit models, analyzes the situation where the days sales outstanding cannot pay off the loan principal and interest because of insufficient demand, and discusses the effect of repurchase rate on dealers’ loan limit and its coordination of the supply chain. The results show that dealers’ initial inventory help them get loans even when the demand is zero, and the threshold is proportional to the initial inventory (positive correlation). The essence of the repurchase rate growth is to increase the disposal price of unsalable products by the bank, and when the price increases the bank can raise its maximum loan amount.%考虑产品市场为典型的报童模型,经销商以其初始库存作质押,在核心企业回购契约的担保下向银行申请库存质押融资,在对报童模型下经销商的成本收益结构进行数值分析的基础上,引入银行下侧风险控制的贷款价值比决策模型构建银行的期望利润模型,分析了需求不足导致的销售回款无法还清贷款本息和的情况,继而分析核心企业回购率对经销商贷款限额的影响及对供应链的协调作用。研究表明,初始库存保证经销商在需求为零时仍能获得贷款,该贷款额与初始库存成正相关关系;回购率的增长实质上是提高了银行对滞销产品处置的价格,进而提高了银行对经销商的最大贷款额。

  9. 农业水权和排污权相互置换的探讨%Explore the substitution between agricultural water right and pollution emission permit

    Institute of Scientific and Technical Information of China (English)

    严冬; 周建中; 王学敏; 刘晨

    2014-01-01

    在当前用水和排污限额几乎耗尽的情况下,水权和排污权交易能够提供的水资源或水环境调控空间相当有限。为此,本文以水环境裕量为置换出发点,探讨了农业水权和排污权相互置换的思路,根据置换参与方和置换效果确定了不同的置换方式,并针对水权排污权分别定价方式无法确定置换中第三方正效应购回费用的缺陷,提出了基于水体污染物浓度变化的水权排污权集成定价方法。算例分析表明,水权排污权相互置换可行域显著大于水权和排污权单独交易可行域,能适应更严格的水环境要求。%In the current situation that the quotas of water abstraction and pollution emission are nearly ex⁃hausted, and the function of water trade and pollution emission permit trade is rather limited. For this rea⁃son,this article discusses the substitution between agriculturral water right and emission permit from the as⁃pect of water environment allowance, identifies different types of substitution according to the participant and effects. To overcome the weakness that the buyback cost for positive third-party effects can not be iden⁃tified using separate pricing about water and pollution emission permits in substitution, the integrated pric⁃ing basing on the change of water pollutant concentration is put forward. The example analysis shows that, the feasible region of substitution is significantly greater than the feasible regions of separate trade of water or pollution emission permit,and the substitution is able to adapt to more stringent water environmental re⁃quirements.

  10. 不同建筑负荷下分布式能源系统优化与政策激励研究%Study on Optimization and Policy Incentives of Distributed Energy System Under Different Building Loads

    Institute of Scientific and Technical Information of China (English)

    王惠; 赵军; 安青松; 康利改

    2015-01-01

    探索优化运行策略和激励机制对分布式供能系统的影响是加快其应用推广,保障其充分发挥效能的重要内容之一。该文首先针对北方某地区办公型建筑和宾馆型建筑夏季负荷需求,构建了一套冷热电三联供(combining cooling,heating and power,CCHP)分布式能源系统三维和二维模型,考虑系统碳排放并引进碳税和电力回购(电力反向卖回电网),构建了以运行费用为目标的分布式能源系统和常规系统分析模型,分析了三维模型和二维模型的差异;并讨论了蓄能系统对分布式能源系统经济性的影响,得出该系统为宾馆型建筑和办公型建筑供能的最优策略;最后对影响分布式能源系统经济性的相关政策和激励进行分析,得出了分别针对办公型建筑和宾馆型建筑的分布式能源系统经济性的气价和碳税激励控制域。%Exploring the influence of the incentive mechanism on the distributed system is one of the important contents. This paper established a distributed energy system combining cooling, heating and power (CCHP) based on the summer load demand of an office building and a hotel building in northern area. It is modelled with the three-dimensional and two-dimensional of distributed system. The operating cost was selected as objective function, the model considered the carbon emissions, carbon tax and the electricity buy-back from on-site (the surplus electricity out of the CCHP system can be sold back to the grid when the generated power exceeds local demands), and analyzed the difference of three-dimensional and two-dimensional model. Then, the influences of the energy storage on operating cost was discussed, the optimal energy supply strategy of distributed system for the office building and hotel building was reached respectively. Finally compared with the conventional power system, the economic influence of policy incentives for the distributed system was

  11. Research on the decision models of supply chain network with n-2 structure and inventory-dependent demand%需求依赖库存量的n-2型供应链网络决策模型研究

    Institute of Scientific and Technical Information of China (English)

    徐兵; 熊勇

    2012-01-01

    Considering a supply chain network consisting of n manufacturers and 2 retailers,under the assumption that the products produced by different manufacturers are homogeneous and the demand of each kind of product is dependent on its inventory and influenced by the inventories of other products at the same retailer and another retailer,three decision models of supply chain network were studied respectively such as the equilibrium problem with equilibrium constrains when each agent tries to make decentralized decisions to maximize his own profit.Nash equilibrium model when each manufacturer is dominant and tries to make centralized decisions to maximize the profit of his brand,Nash equilibrium model when each retailer is dominant and tries to make centralized decisions to maximize the profit of his channel.The equilibrium states of three cases were put forward.It shows that the order quantities under decentralized model is lowest,so that the profits of each brand under decentralized model is lower than those under brand-profit-maximization model,and the profits of each channel under decentralized model is lower than those under channel-profit-maximization model.Two buy-back contracts are put forward respectively to coordinate the retailers in decentralized supply chain to choose the same order quantities under brand-profit-maximization model and under channel-profit-maximization model.Final numerical example proves the reasonability of models and validity of coordinative contracts.%针对n个制造商和2个零售商组成的供应链网络,假定不同制造商生产的品牌产品无差异、产品需求依赖于产品初始库存水平,并受到竞争产品库存和竞争零售商产品库存的影响,分别研究了各成员以自身利润最大化为目标进行分散式决策的带均衡约束的均衡模型、制造商主导的以品牌利润最大化为目标进行集中式决策的纳什均衡模型、以及零售商主导的以渠道

  12. Building a 40% Energy Saving House in the Mixed-Humid Climate

    Energy Technology Data Exchange (ETDEWEB)

    Christian, Jeffrey E [ORNL; Bonar, Jacob [ORNL

    2011-10-01

    This report describes a home that uses 40% less energy than the energy-efficient Building America standard - a giant step in the pursuit of affordable near-zero-energy housing through the evolution of five near-zero-energy research houses. This four-bedroom, two-bath, 1232-ft2 house has a Home Energy Rating System (HERS) index of 35 (a HERS rating of 0 is a zero-energy house, a conventional new house would have a HERS rating of 100), which qualifies it for federal energy efficiency and solar incentives. The house is leading to the planned construction of a similar home in Greensburg, Kansas, and 21 staff houses in the Walden Reserve, a 7000-unit "deep green" community in Cookville, Tennessee. Discussions are underway for construction of similar houses in Charleston, South Carolina, Seattle, Washington, Knoxville and Oak Ridge, Tennessee, and upstate New York. This house should lead to a 40% and 50% Gate-3, Mixed-Humid-Climate Joule for the DOE Building America Program. The house is constructed with structurally-insulated-panel walls and roof, raised metal-seam roof with infrared reflective coating, airtight envelope (1.65 air changes per hour at 50 Pascal), supply mechanical ventilation, ducts inside the conditioned space, extensive moisture control package, foundation geothermal space heating and cooling system, ZEHcor wall, solar water heater, and a 2.2 kWp grid-connected photovoltaic (PV) system. The detailed specifications for the envelope and the equipment used in ZEH5 compared to all the houses in this series are shown in Tables 1 and 2. Based on a validated computer simulation of ZEH5 with typical occupancy patterns and energy services for four occupants, energy for this all-electric house is predicted to cost only $0.66/day ($0.86/day counting the hookup charges). By contrast, the benchmark house would require $3.56/day, including hookup charges (these costs are based on a 2006 residential rates of $0.07/kWh and solar buyback at $0.15/kWh). The solar

  13. Ordering and Coordination Decisions of a Supply Chain with Consumer Returns Policy Based on Demand Information Update and Service Constraint%基于信息更新与服务水平约束的供应链订货及协调决策

    Institute of Scientific and Technical Information of China (English)

    申成霖; 侯文华; 张新鑫; 卿志琼

    2012-01-01

    In this paper, a single-period supply chain composed by one supplier and one retailer as well as a group of consumers is investiguted. The retailer has two order opportunities with the second one after ob- serving a market signal. Firstly,consumers' buy and return policy is analyzed and then the optimal pricing and refund policies are determined. Next, the retailer's optimal ordering decisions are derived to maximize the retailer's total profit, and the optimal first-stage order quantities, optimal second-stage order quanti- ty, as well as the critical market signal are given by introducing the service constraint. Impacts Of the in- formation update and the service constraint on retailer's optimal order policies and on the expected profit are also discussed. The results show that, first, when the target service level is low, the retailer's optimal order quantities are the same with quantities without service level constraints. Second, when the observed signal is low at the time of second order, the retailer does not need a second order, no matter what the re- quired signal is high or low. When the observed signal is high, the retailer need a second one, and the re- quired service level will affect the optimal quantities of the second order. Finally, a differentiated buy-back contract is designed to coordinate the supply chain and the coordination conditions are given.%研究由一个供应商和一个零售商及一组顾客组成的单周期供应链系统。供应商向零售商提供两次订货机会,零售商根据第一阶段的订货情况及市场信号,对需求信息进行更新预测,确定第二阶段是否需要补货。首先,通过分析顾客购买与退货决策,确定产品的最优零售价格与退货价格。其次,对零售商的订货策略进行研究,以两阶段利润之和最大化为目标函数,引入服务水平约束,确定了零售商第一阶段和第二阶段的最优订货量,并探讨了市场信号和服务

  14. Study on the Premium and Penalty Mechanism of Reverse Supply Chain Based on Manufacturers’ Competition%制造商竞争环境下逆向供应链的政府奖惩机制研究

    Institute of Scientific and Technical Information of China (English)

    王文宾; 陈祥东; 达庆利; 聂锐; 陈伟达

    2014-01-01

    Mainly considering the premium and penalty mechanism of reverse supply chain under manufacturers ’ competition environment, using game theory, we build 5 models, which are centralized decision-making of reverse supply chain , the total profits decision-making based on the profits of reverse supply chain and the manu-facturer who does not collect waste products , decentralized decision-making with no premium and penalty mecha-nism, government ’ s premium and penalty mechanisms for the manufacturers and recyclers of reverse supply chain.The study presents several conclusions .Competition is beneficial to raising collection rate and the more intense the competition , the higher the collection rate;the retail price of new products offered by manufacturers actively recycling is lower , which brings about price-competitive advantage .The fourth and fifth scenarios play a part in increasing collection rate , and the greater premium and penalty , the higher collection rate , the lower retail price of new products .It is more efficient for the government to offer them premium mechanism rather than the premium and penalty mechanism , sine the former is valid for increasing both the manufacturer and the collec-tor’ s enthusiasm .The buyback price of the fourth scenario is higher than that of the fifth scenario .With premi-um and penalty mechanism the profit of manufacturer who collects waste products is higher than that of manufac -turer who does not collect waste products .The profit of manufacturer , who does not collect waste products , decreases with the increase of the degree of premium and penalty .%主要运用博弈论方法探讨制造商竞争环境下的逆向供应链奖惩机制,建立了5个决策模型,分别是逆向供应链集中式决策、以逆向供应链和不回收再制造的制造商的总利润为目标决策、逆向供应链分散式决策、政府对制造商实施奖惩机制以及政府对回收商实施奖惩机制下逆向供应链

  15. Sensitivity Analysis on Carbon Tax and Gas Price of Distributed Energy System Under Optimal Strategy%分布式能源系统最佳策略下碳税与气价敏感性分析

    Institute of Scientific and Technical Information of China (English)

    赵军; 王惠; 康利改; 安青松

    2016-01-01

    Considering the limitation of combined cooling,heating and power(CCHP)system application at present,a three-dimensional model simulating the correlation of system load with efficiency,load ratio and cooling water temperature was established,which consisted of CCHP,electric heat pump and energy storage.The conver-sion coefficient of adding carbon tax to electricity price was put forward,and the system model of distributedsystem taking the day operating cost as the target was built based on carbon emissions,carbon tax and the electricity buy-back from on-site(the surplus electricity out of the distributed system can be sold back to the grid when the generated power exceeds local demands).Then the conversion coefficient of adding carbon tax to the electricity price that con-siderated the environment and economy was proposed,the model of regard operating cost as the target was built, based on the analysis on several different operation strategies of the system,it is shown that the distributed system brings out better economic benefit when the carbon tax is added to the electricity price entirely,and the heat priority mode is the best operating strategy.Finally,by comparing the economy of the distributed system with traditional coal-fired power plant system,and conducting a sensitivity analysis on carbon tax value and gas price,it is shown that the carbon tax and gas price for the distributed system and coal-fired power plant system are economically interac-tive;when the gas price is 3.15 CNY/m3 and carbon tax is higher than 0.75 CNY/kg or the carbon tax is 0.30 CNY/kg and gas price is lower than 2.00 CNY/m3,the distributed system has better economic benefit than the traditional coal-fired power plant system.%针对目前冷热电(CCHP)三联供分布式系统应用的不完善性,提出了一套包含CCHP、电热泵、蓄能系统的分布式能源系统,以及能够模拟分布式系统负荷和系统效率与负荷率、冷却水温的三维关联模型.考

  16. Study on the Incentive Contract between Banks and B2 B Platforms Based on the Online Supply Chain Finance%在线供应链金融中银行与B2B平台的激励契约研究

    Institute of Scientific and Technical Information of China (English)

    史金召; 郭菊娥; 晏文隽

    2015-01-01

    incentive strategies to the B2B platforms given the different context.When the kickback from the hiding behavior is less than its cost, recommending high-credit enterprises is the dominant strategy for B2B platforms.Otherwise, the banks should stimulate the B2B platforms to recommend high-credit enterprises by means of strictly controlling the upper limit of income distribution ratio.In order to ensure their profits not to be affected by the hiding behavior of B2B platforms, the banks can also take measures to strengthen the guarantee towards the borrowing enterprises, such as signing buy-back contract with core supply chain enterprises and controlling the upper limit of the pledge rate.Finally, the relevant con-clusions of the paper are verified on the basis of a numerical simulation analysis.%在线供应链金融业务发展迅猛,银电合作已成主流模式。以电子订单融资为例,基于道德风险识别和防范的视角,采用委托代理理论和博弈论对银行与B2 B平台的激励契约进行研究。在联合授信和委托授信两种合作模式下,分别构建道德危害模型,推导并给出银行与B2 B平台二者的最优收益分配契约,以防范B2 B平台隐藏行动(授信审查过程中努力程度低)的道德风险。在委托授信下,构建银行与B2 B平台的博弈得益矩阵,分别给出不同情形下银行对B2 B平台的激励策略,以防范B2 B平台隐藏信息(向银行推荐低信用融资企业)的道德风险。研究结果表明,委托授信下银行的最优收益分配比例不超过联合授信下的最优收益分配比例,且与联合授信下B2 B平台的工作效率和工作有效性趋近于无穷大时的分配比例相等,是银行收益分配的最低水平,揭示了未来大数据时代和数据质押融资背景下,在线供应链金融业务中银行和B2 B平台二者主导权的演变规律以及当下中国商业银行纷纷自建B2 B平台的内在缘由。委托授信下,