WorldWideScience

Sample records for buyback

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. Sustainability Analysis and Buy-Back Coordination in a Fashion Supply Chain with Price Competition and Demand Uncertainty

    Directory of Open Access Journals (Sweden)

    Fan Wang

    2016-12-01

    Full Text Available Supply chain sustainability has become significantly important in the fashion industry, and more and more fashion brands have invested in developing sustainable supply chains. We note that dual channel system comprising a brand-owned direct channel and retail outsourcing channel is quite common in the fashion industry, and in the latter, buy-back contract is popular between brands and retailers. Therefore, we build a stylized dual channel model with price competition and demand uncertainty to characterize the main properties of a fashion supply chain. Our foci are the sustainability analysis and the channel coordination mechanism. We first design a buy-back contract with return cost to coordinate the channel. We then study supply chain sustainability and examine the effect of two key influencing factors, i.e., price competition and demand uncertainty. Interestingly, we find that a fiercer price competition will lead to a more sustainable supply chain. From the perspective of supply chain managers, we conclude that (1 if managers care about environmental sustainability, fierce price competition is not a suggested strategy; (2 if managers care about economic sustainability, fierce price competition is an advantageous strategy. We also find that high demand uncertainty results in a less sustainable supply chain, in both an environmental and economic sustainability sense.

  7. 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.

  8. 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

  9. 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

  10. 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.

  11. 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.

  12. 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.

  13. 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.

  14. 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.

  15. Buy-back Contract of Supply Chain Based on Double Auction Mechanism%基于双向拍卖机制的供应链回购契约研究

    Institute of Scientific and Technical Information of China (English)

    姚珣; 唐小我; 潘景铭

    2009-01-01

    在非对称信息下,对报童问题进行了一定的拓展,并应用静态贝叶斯博弈的方法刻画了供应链中双方的价格制定过程;给出交易双方的线性策略空间,并从供应链利润最大化的角度,运用回购契约,实现供应链的协调.%This paper extends the newsboy problem in asymmetric information, and investigates the process of setting a price between two sides in supply chain applying static Bayesian game. The dealing space of linear strategy between both sides is presented and supply chain coordination can be realized through using buy-back contract from the perspective of maximizing supply chain profit.

  16. 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

  17. 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。

  18. 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

  19. 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

  20. 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.

  1. Inventory Financing’ s Buyback Contract Under the Bank’ s Downside-risk%存货质押融资中考虑银行 Downside-risk 的回购契约设计

    Institute of Scientific and Technical Information of China (English)

    辛玉红; 魏悦

    2015-01-01

    Considering the small and medium-sized enterprises’ liquidity funds shortage problem in supply chain coordination management, this paper combines SCF with contract design aiming at the unsure need, by control-ling the variable scope of the contract to help the system make a reasonable response to bank’ s downside-risk. We figure out the contract and the scope of the suppliers’ promotion cost sharing proportion under the bank’ s downside-risk, finding the lower limit affected by bank’ s related indexes and pledge amount greatly.Besides, by analyzing the upper limit of repurchase price and promotion cost sharing proportion’ s increase to ensure that the suppliers’ expect income won’ t reduce, it turns out the upper limit is positively related to the sellers’ order quantity.%本文研究供应链金融中存货质押融资模式下回购契约的设计问题,即在需求不确定和银行下侧风险( Downside-risk)规避的前提下,通过对契约合同中变量范围的控制实现供应链的协调。文中首先给出了考虑银行利息与风险规避在内的供应链契约模型,然后分别分析了银行下侧风险控制模型下供应商的促销成本分担比例的下限值和在不减少供应商期望收益原则下该比例的上限值,最终得出该下限值由银行下侧风险控制指标和质押量共同决定,而当销售商的订购量越多时,供应商愿意接受的努力成本分担比例上限值也越大,并给出相应的上下限值。

  2. 78 FR 75268 - Fisheries Off West Coast States; Pacific Coast Groundfish Fishery; Trawl Rationalization Program...

    Science.gov (United States)

    2013-12-11

    ....gov application, NMFS became more aware of the accounting and reconciliation procedures within the... 13. Instead of requiring fish buyers to have a separate bank account for cost recovery and buyback, fish buyers should have the option to use the same federally insured bank account for both buyback...

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

    OpenAIRE

    1989-01-01

    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...

  4. How to Implement Return Policies in a Two-Echelon Supply Chain?

    Directory of Open Access Journals (Sweden)

    Wei Hu

    2012-01-01

    Full Text Available We integrate a retailer's return policy and a supplier's buyback policy within a modeling framework. In this setting, consumers decide whether to buy and then whether to return the product, the retailer sets the retail price, quantity, and refund price, and the supplier chooses the wholesale price and buyback price. Both the demand uncertainty and consumers' valuation uncertainty are considered; consumers realize their valuations only after purchase. We discuss four scenarios for each party in the supply chain that may offer or not offer return policy. We characterize each party's optimal decisions for all scenarios and we show that the supplier's best choice is to provide buyback policy and the retailer's optimal response is to set refund price to be the same as supplier's buyback price.

  5. 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.

  6. IRAN SANCTIONS: Impact in Furthering U.S. Objectives is Unclear and Should be Reviewed

    Science.gov (United States)

    2007-12-01

    Iran utilizes buyback contracts, which are arrangements in which the contractor funds all investments, receives remuneration from the Iranian...contract is completed. However, according to U.S. Iran country report, the buyback of 5 to 7 years has not given contractors sufficient time to recoup...Daelim Engineering, Procurement and Construction ( EPC ) contract for 645,000 ton/year (t/y) capacity ethyl-benzene plant in Assaluyeh

  7. 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.

  8. 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)

  9. 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...

  10. 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...

  11. 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。

  12. 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...

  13. 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

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

    DEFF Research Database (Denmark)

    Xu, Lei; Li, Yongjian; Govindan, Kannan

    2015-01-01

    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 th...... 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....... 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...

  15. Emerging Regional Energy Security Issues China

    Science.gov (United States)

    2009-09-29

    d and 227mmcf/d. Sinopec has about 180 mb/d. Other companies have smaller shares. • Investments have occurred worldwide but Africa, Middle East...Iran. • Sinopec proposed acquisition of ADDAX for more than $7 Billion brings estimated reserves of 536 mm barrels and 140mbd production. 13...Buyback) 2007 US$2.0 Billion Sinopec Sinopec committed for exploration of the Garmsar block. How ever, exploration activities have not show ed any

  16. Impacts of Severe Weather, Climate Zone, and Energy Factors on Base Realignment and Closure (BRAC)

    Science.gov (United States)

    2015-03-26

    It was not until the early 21st century that many jurisdictions even considered adopting an energy code (Makela, 2011). As of early 2014, many...federal, state, and local building-code enforcement-agencies have adopted new energy codes developed by the International Code Council (ICC). These...have large photovoltaic solar arrays with unique buy-back contracts or power-purchase agreements. These renewable energy projects benefit primarily

  17. 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。

  18. 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.

  19. 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.

  20. 短生命周期产品供应链协调策略%Strategy for Coordination of Supply Chains of Products with Short Life Cycle

    Institute of Scientific and Technical Information of China (English)

    白世贞; 姜曼

    2014-01-01

    In this paper, considering the scenario where the demand was stochastic, we analyzed the characteristics of the supply chains of products with short life cycle, built the model of the buyback contract between the core enterprises with the manufacturer as the center in the supply chain environment, analyzed the optimal decision of the retailers and manufacturers in the absence of coordination, and then further discussed the optimal decision of the two under the buyback contract model.%在随机需求的情况下,分析短生命周期产品供应链特征,建立供应链环境下以制造商为中心的核心企业间的回购契约模型,对零售商和制造商在没有协调情况下各自的最优决策进行分析,再分析基于回购契约模型下双方做出的最优决策。通过利润分析结果,证明在回购契约下双方的最优决策能使供应链的整体利润达到集中控制下的最优状态。

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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)

  6. Multi-Objective Optimization for Smart House Applied Real Time Pricing Systems

    Directory of Open Access Journals (Sweden)

    Yasuaki Miyazato

    2016-12-01

    Full Text Available A smart house generally has a Photovoltaic panel (PV, a Heat Pump (HP, a Solar Collector (SC and a fixed battery. Since the fixed battery can buy and store inexpensive electricity during the night, the electricity bill can be reduced. However, a large capacity fixed battery is very expensive. Therefore, there is a need to determine the economic capacity of fixed battery. Furthermore, surplus electric power can be sold using a buyback program. By this program, PV can be effectively utilized and contribute to the reduction of the electricity bill. With this in mind, this research proposes a multi-objective optimization, the purpose of which is electric demand control and reduction of the electricity bill in the smart house. In this optimal problem, the Pareto optimal solutions are searched depending on the fixed battery capacity. Additionally, it is shown that consumers can choose what suits them by comparing the Pareto optimal solutions.

  7. Optimal Ordering and Disposing Policies in the Presence of an Overconfident Retailer: A Stackelberg Game

    Directory of Open Access Journals (Sweden)

    Zhigang Wang

    2015-01-01

    Full Text Available This paper investigates the impact of the retailer’s overconfident behavior on supply chain performance. We start with a basic model on the rational newsvendor model and investigate the retailer’s optimal ordering decision and expected profit. Next, we extend the basic model and introduce an overconfident retailer. We find that the retailer’s overconfident behavior does not necessarily damage the supply chain compared with the basic model when the overconfident level does not exceed a threshold. We also design the cooperation and buyback mechanism and conduct numerical analysis to compare the manufacturer’s and retailer’s expected profits and real profits with those in the basic newsvendor model. It can achieve Pareto improvement in the supply chain when the overconfident level is low. When the retailer’s overconfident level exceeds a threshold, the retailer’s ordering decision cannot make the whole supply chain sustainable development.

  8. 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...

  9. Problems of Inflation and Exchange Rate in the Present China%中国当前的通胀与汇率问题

    Institute of Scientific and Technical Information of China (English)

    吴强

    2011-01-01

    There are many reasons that cause the inflation of China, but the main reason is too much favorable balance and that the central bank of China buy-back dollars to put into the basic currency circulation. It is a good way for Chinese RMB to lessen the favorable balance and ease the inflation by revaluation actively and properly.%引起我国通胀的原因诸多,但顺差过多,央行购回美元投放基础货币是通货膨胀的主要原因。人民币主动适度升值是减少顺差、缓解通胀的有效措施。

  10. Lessons for fisheries management from the EU cod recovery plan

    DEFF Research Database (Denmark)

    Kraak, S.B.M.; Bailey, N.; Cardinale, M.;

    2013-01-01

    Member States to 'buy back' or increase fishing effort for fleet segments engaged in cod-avoidance measures. The stipulated fishing mortality reductions have not been achieved. On the positive side, the 'buy-back' instrument has led to increased uptake of selective gear and implementation of permanent...... in targeted fisheries, although fishers experienced them as prohibiting the full uptake of other quotas. Recommendations for future plans include (i) management through catch rather than landings quotas, (ii) the internalisation of the costs of exceeding quotas, (iii) use of more selective gear types, (iv......) the development of appropriate metrics as a basis for regulatory measures and for evaluations, (v) participatory governance, (vi) fishery-based management, (vii) flexibility in fishing strategy at vessel level...

  11. 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.

  12. Supply chain coordination with buy back contract under risk constraints%风险约束下回购合同的供应链协调

    Institute of Scientific and Technical Information of China (English)

    程永文; 周永务

    2011-01-01

    报童问题是研究供应链协调的基本模型.可是,多数结果都是基于风险中性的假定.在现实世界中,理性决策者既寻求利润又关注风险.我们扩展了风险中性世界中供应链协调的概念,引入均值方差分析,探索不同风险约束下回购合同的协调问题.模型显示与集中供应链相比,分散供应链却具有分散风险的作用.另外,解决了蔡德铭等模型的局限性,即在给定批发价格下求解回购价格,而做到了同时决定批发价格和回购价格.%The newsvendor problem is a basic model in studying supply chain coordination.However, most of the results are grounded on the assumption of risk-neutral agents. Rational decision makers in the real world both seek profit and reduce risk. The conception of supply chain coordination in the risk-neutral world was extended, the mean-variance analysis was introduced and the newsvendor problem was explored, which involves the coordination by buyback contracts under different risk constraints. The model indicates that decentralized supply chain has the function of diversifying risk in comparison with centralized supply chain. In addition, we simultaneously get the solution about wholesale price and buyback price, thus extend Choi's model.

  13. Study on Stackelberg Game of Supply Chain and Cooperation with Downside Risk Constraint%下游风险约束下的供应链博弈与合作研究

    Institute of Scientific and Technical Information of China (English)

    桂寿平; 王健龙

    2013-01-01

    考虑了由风险中立的单供应商和风险规避的单零售商组成的二级供应链,分别建立了分散决策下和回购契约下供应商占主导地位的Stackelberg博弈模型,求得了均衡解.并研究了零售商下游风险参数值对博弈决策的影响,研究发现当零售商期望目标利润较大时,风险约束下的回购契约机制将无效,且期望目标利润越大则供应商和零售商利润越小,最后用算例对这一结论进行了说明.%Considering a two-echelon supply chain consisting of a risk-neutral supplier and a downside-risk-averse retailer,a Stackelberg game model in which supplier is a leader is established with buyback contract,and the equilibrium solutions are gained.The influence of the retailer‘s downside-risk value on Stackelberg game decision is discussed.The study shows that when retailer‘s target profit is big,the buyback contract mechanism with downside-risk constrain is no longer effective,and the bigger the target profit is,the smaller supplier and retailer‘s profit is,the findings are illustrated by a numerical example.

  14. 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

  15. A Robust Supply Chain Coordination Model based on Minimax Regret Criterion%基于最小最大后悔值准则的供应链鲁棒协调模型

    Institute of Scientific and Technical Information of China (English)

    邱若臻; 黄小原

    2011-01-01

    A supply chain robust coordination model based on buyback contract is developed for the two-stage supply chain system with unknown demand distribution. The robust order policy for integrated supply chain, together with the robust contract coordination policy for decentralized supply chain, based on minimax regret criterion, is proposed by using robust optimization with only support information of demand. The regrets of a supply chain system and its members who do not operating optimally for lack of information are analyzed under different service levels and contract parameters. Lastly, numerical example is used to evaluate the optimal decision and robust decision based on minimax regret criterion, and to verify the effect of supply chain robust buyback contract coordination strategy under different demand distribution. The results show that supply chain coordination strategy with buyback contract based on minimax regret criterion has strong robustness and can reduce the impact of demand uncertainty on the performance of supply chain system and its members effectively.%研究了需求不确定条件下,基于最小最大后悔值准则的供应链鲁棒回购契约协调问题.针对未知需求具体分布形式的两级供应链系统,建立了供应链鲁棒回购契约协调模型.在仅知需求区间这一信息条件下,采用鲁棒优化方法求解了最小最大后悔值准则下的集成供应链鲁棒订货策略和分散供应链鲁棒契约协调策略.分析了不同服务水平和契约参数条件下,由于信息缺失而未能实现最优运作的供应链及其成员后悔值情况.最后,进行了数值计算,验证了不同需求分布形式假设下的最优决策与基于最小最大后悔值准则的鲁棒决策的优劣性,以及供应链鲁棒回购契约协调策略的有效性.结果表明,基于最小最大后悔值准则的供应链回购契约协调策略具有良好的鲁棒性,并且能够有效减少需求不确定性对系统及其成员运作绩效的影响.

  16. 基于合同理论的逆向供应链定价策略研究%Reverse-supply Chain Pricing Strategy Based on Contract Theory

    Institute of Scientific and Technical Information of China (English)

    孔令丞; 骆唐杰

    2012-01-01

    利用合同理论的方法,借鉴类似回购合同的假设,研究“制造商-零售商”二级供应链中3种不同质量水平的产品回收最优定价问题,以最大化零售商、制造商和供应链的利润.该闭环供应链中只有一个制造商和零售商,零售商负责产品的回收.从分析可知,通过调整参数值,在回收率确定或随机的情况下供应链都可以达到协调,也都可以找到最优订货量和回收价格.研究发现,零售商的最优价格与最优订货量紧密相关,制造商的回收价格并不影响供应链的总体利润.%There are three types of recovery mode because of extended producer responsibility, which are producer recovery, outsourcing and joint recovery. Recovery by producers assisted by retailers is a typical, effective outsourcing recovery mode. In this paper, we focus on how to determine the optimal buyback prices of recycled products with different quality in the "manufacturer - retailer" two-level supply chain, in order to allow manufacturers, retailers and supply chain to maximize their profits. To do that, we use the contract theory, draw on a similar assumption of buy-back contracts and assume there are three types of quality degree of recyclable products in the closed-Loop supply chain, and there is only one manufacturer and a retailer and the retailer has been in charge of recycling products sold. The results show that by adjusting the parameter values, no matter the recovery probability is random or not, circumstances of the supply chain coordination can be achieved. We also can find the optimal order volume and recovery price. And we also see that the optimal retail price is closely related to the optimal order quantity, the manufacturer's optimal price does not affect the overall supply chain profit.

  17. 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。

  18. 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.

  19. 基于时尚周期的服装供应链协调策略%Strategy for apparel supply chain coordination based on fashion cycles

    Institute of Scientific and Technical Information of China (English)

    周建亨; 舒陵; 徐琪

    2011-01-01

    分析服装产品需求随着市场变化而变化的特点,这些特点影响供应链成员的决策方案.在不同的博弈关系、议价能力、信息结构及组织结构下,不同生命周期中销售商的风险偏好有所不同.引人产品时尚指数的概念,建立基于时尚指数的风险规避系数模型.通过对集中模式和分散模式下期望效用函数的分析,得出了最优回购策略.通过实例仿真验证了在不同时尚周期下零售商的风险规避系数随时尚指数的减小而增大.为达到供应链的完美协调,供应商提供回购价也应增大,以达到激励零售商的作用.考虑时尚指数将更清楚地反映不同时尚阶段成员对市场的期望,得出最优协调参数,从而优化供应链的利润.%It is commonly understood that the demand for apparel varies with the market. This character which affects the decision-making of the supply chain participants is analyzed. Having different competitive power, price negotiating ability, information channels and organizations, retailers' risk preference also varies with product life cycles. This paper introduced the concept of fashion index and established a factor-based risk avoiding model. Through analyzing the expected utility function in both centralized and distributed modes, the optimal buy-back strategy is figured. Simulation of actual examples verified that in different fashion cycles retailers' risk avoiding factor increases with the decrease of fashion index. In order to achieve the perfect coordination of the supply chain, suppliers' buy-back price should also increase accordingly to encourage retailers. This study indicates that considering the fashion index will better display the market expectation of the members in different periods of the fashion cycle, thus obtaining optimal coordination parameters and maximizing the profits of the supply chain.

  20. Multi-objective optimization for the operation of distributed energy systems considering economic and environmental aspects

    Energy Technology Data Exchange (ETDEWEB)

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

    2010-12-15

    Along with the continuing global warming, the environmental constraints are expected to play more and more important role in the operation of distributed energy resource (DER) systems, besides the economic objective. In this study, a multi-objective optimization model is developed to analyze the optimal operating strategy of a DER system while combining the minimization of energy cost with the minimization of environmental impact which is assessed in terms of CO{sub 2} emissions. The trade-off curve is obtained by using the compromise programming method. As an illustrative example, the DER system installed in an eco-campus in Japan has been selected for case study. The distributed technologies under consideration include photovoltaics (PV), fuel cell and gas engine for providing electrical and thermal demands. The obtained results demonstrate that increasing the satisfaction degree of economic objective leads to increased CO{sub 2} emissions. The operation of the DER system is more sensitive when environmental objective is paid more attention. Moreover, according to the sensitivity analysis, the consideration of electricity buy-back, carbon tax, as well as fuel switching to biogas, has more or less effect on the operation of DER systems. (author)

  1. Dealing with pre-ROPS tractors: is a trade-in program the solution?

    Science.gov (United States)

    Sorensen, Julie A; Conway, George A; DeSpain, Michael S; Wyckoff, Sherry; Bayes, Barbara; May, John J

    2011-01-01

    Tractor overturns are the leading cause of work-related death in an industry with the highest occupational fatality rate. Rollover protective structures (ROPS) and seatbelts are 99% effective in reducing the risk of an overturn fatality. However, kits are not available for 20% of tractors currently lacking ROPS. For these tractor owners, two potential solutions have been discussed: (1) technology for reinforcing tractor axles to accommodate ROPS and (2) a pre-ROPS tractor removal program. The purpose of this study was to conduct preliminary research to assess the feasibility of a tractor trade-in program. Focus groups were conducted with pre-ROPS tractor owners and tractor dealers. The data were analyzed using a concept development analytical approach and results were reviewed in an industry stakeholder's workgroup session. Data from the research indicates that tractor owners and dealers would need persuasive financial incentives to participate in a trade-in program. The workgroup session also indicated that it would be difficult to fund or support a large-scale initiative, and the economics of removing a large group of older tractors from the marketplace may exacerbate financial roadblocks. However, the data from this study could be used to pilot test a small-scale, focused, tractor buy-back program.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. Emergy evaluation of management measures for derelict fishing gears in Korea

    Science.gov (United States)

    Hong, Sunwook; Lee, Jongmyoung; Kang, Daeseok

    2015-09-01

    Derelict fishing gears (DFGs) have been recognized as an important marine debris issue that requires urgent action in Korea. This study used the emergy methodology to evaluate the cost efficiency of three DFG management measures of Korea from a biophysical perspective. Selected measures were the cleanup-using-ships (CL) program, the buyback (BB) program, and the floating reception barge (FB) program that ranged from more preventive approaches to curative ones in the management spectrum of DFGs. Among three measures, the CL program was the costliest one to implement both in emergy and monetary terms. The FB program that is closest to the preventive side of the spectrum required the least emergy input and monetary cost. The emergy requirements per ton of DFGs collected for the CL and BB programs were 4.4 and 3.6 times that of the FB program, respectively. The CL and BB program also required more inputs in monetary terms - 8.6 and 6.8 times higher, respectively, than the FB program did. The closer a measure is to the preventive side of the management spectrum, the less costly its implementation. This suggests that in terms of cost to implement, the current DFG management policy needs to be reorganized so that preventive measures can play a larger role in dealing with DFG issues in Korea.

  7. 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.

  8. 考虑产品质量控制的供应链契约模型%Supply Chain Coordination Contract Model Considering Product Quality Control

    Institute of Scientific and Technical Information of China (English)

    董仲慧; 梁工谦; 张群

    2015-01-01

    A non-cooperative game model for the supply chain quality management is built to solve the supply chain coordination problem with the product qualification ratio and inspection level introduced. The paper studies the optimal product qualification ratio and inspection level of supply chain enterprises under the centralized decision.In the decentralized decision,the effectiveness of different contracts in the supply chain coordination aiming at quality control is verified.Results show that the revenue sharing contract,the buyback contract and the after-sale guarantee contract all can achieve supply chain coordination,and that the product qualification ratio and the inspection level have a significant impact on the contracts ' supply chain coordination.The numerical case demonstrates the effectiveness and feasibility of the proposed model.%针对考虑企业质量决策的供应链协调问题,构建了供应链质量管理非合作博弈模型,在模型中引入产品合格率及检测水平两变量.研究了在集中决策下实现供应链协调的最优产品合格率与最优检测水平;在分散决策下,证明了在考虑产品质量控制时不同契约在供应链协调中的有效性,结果表明收益共享契约、回购契约及售后担保三种契约均能实现供应链协调,产品合格率与检测水平对契约协调能力有着显著影响.并通过算例验证所得结论的有效性和可行性.

  9. 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.

  10. 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.

  11. 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.

  12. 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.

  13. 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.

  14. 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。

  15. 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.

  16. 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.

  17. 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

  18. Government Intervention on High-risk Essential Product Manufacturers:A Case Study Based on the American Pharmaceutical Manufacturing Industry%高风险必备产品制造企业的政府干预研究及对中国的启示--基于美国制药业的分析

    Institute of Scientific and Technical Information of China (English)

    赵春江; 王晨

    2014-01-01

    Manufactures engage with high financial risk for producing high-risk products that are essential for the society .If the government attempts to solve such problem by intervention policies ,it must balance between the economics of manufactures and the government investment and this is the primary problem of this paper .T he manufacturer is the center of the proposed model and it also includes other affecting factors such as the market and the government .Besides the market price and demand ,the manufacturer's production plans are also affected by government pre-order and buy-back .In this case ,the manufacturer's profit (or negative loss) is a piece-wise linear function of the output .The problem can be formulated by a linear programming problem .Simulation results indicate that government intervention can reduce manufacturers'financial risk and keep a certain production output .The significance of this work is analyzed at last .%高风险必备产品诸如基础药品、特种化工材料等物品如果短缺可能对整个社会造成严重甚至是灾难性的后果。因此,政府有责任制定政策和措施来帮助相关企业,以维持相应物品的市场供应。通过建立企业在政府政策和扶持措施的帮助下进行生产规划决策的模型,分析政府调控政策和扶持措施的效果。鉴于美国制药行业相关数据典型性、成熟性和公开透明,以此行业为范例进行数学建模和分析。通过模拟仿真分析政府预先采购,以及销售季后回购对企业决策的影响,为中国制定相关政策提供了数据参考和定量分析的依据。

  19. Coordination mechanism of supply chain based on stochastic demand and customer returns%基于随机需求和顾客退货的供应链协调机制

    Institute of Scientific and Technical Information of China (English)

    徐慧; 达庆利; 黄永

    2012-01-01

    To improve cooperative relationships between members in supply chain, a single supplier and single retailer supply chain model facing the stochastic demand in relation with price and sales effort and the customer returns is established. The first order necessary condition of supply chain coordination is given according to the centralized decision mode, and a differentiated buyback contract with sales rebate and penalty policy is designed, which is thereafter proved to be capable of coordinating the supply chain with customer returns and making supplier and retailer achieve win-win. The study shows that with given sales rebate and penalty factor, the profit of total supply chain can be divided by supplier through adjusting the sales target, and a certain range must be satisfied by the sales target to make the coordination of the supply chain effective. Finally the above results are verified by numerical example, and the effects of the rate of customer returns on the decision variables of retailer and the total profit of supply chain are analyzed.%为了加强供应链成员之间的合作关系,构建了与价格及销售努力相关的随机需求下具有顾客退货的单一供应商、单一零售商供应链模型.根据集中决策模式得到供应链协调的一阶必要条件,设计了一种基于回馈与惩罚策略的差别回购契约,论证了该契约可以协调存在顾客退货供应链,使供应商和零售商实现共赢.研究表明:在给定回馈惩罚因子的情况下,供应商可以通过调整销售目标来任意分割整条供应链的利润,且销售目标满足一定范围内供应链的协调才有效.最后通过数值算例验证了上述结论,并分析了顾客退货率对于零售商相关决策变量及供应链总利润的影响.

  20. A Risk-Swap Confirming Warehouse Financing for Supply Chain Coordination%风险互换型保兑仓模式的协调性研究

    Institute of Scientific and Technical Information of China (English)

    林强; 王欢; 李军柱

    2016-01-01

    Confirming Warehouse Financing ( CWF) has shown great benefit in improving supply chain efficiency in cash flow.However, when the customer demand is uncertain and affected by the retailer's sales effort, CWF, typically requiring a 100% buyback, fails to coordinate the supply chain.To understand the root cause of supply chain inefficiency and pro-pose a solution, a Manufacturer-Retailer supply chain model is established, and the chain efficiency under traditional CWF is examined.Then a risk-swap CWF is raised and the supply chain efficiency under it is examined.The result shows that traditional CWF cannot coordinate the supply chain because of irrational allocation of expected marginal revenue and expec-ted marginal cost among supply chain partners, and that the raised risk-swap CWF can coordinate the supply chain.%保兑仓融资在改善供应链资金流方面发挥了重要作用,但在市场需求不确定且受到零售商销售努力水平影响的情况下,制造商对未销货物承诺全额回购的传统保兑仓模式难以协调. 该研究目的就是探究这一问题的本质原因,并提出解决方案. 采用制造商和零售商的供应链构建了模型,分析了传统保兑仓模式下的供应链协调性,提出了风险互换型保兑仓模式,并验证了这种模式下的供应链的协调性 . 结果表明,传统保兑仓模式不能协调供应链,其原因就是期望边际收益、边际成本在供应链成员间的分配不合理,而风险互换型保兑仓可以协调供应链之间的关系.

  1. 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

  2. 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。

  3. 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.

  4. 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。

  5. 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.

  6. CVaR 准则下两条供应链的促销努力竞争与链内协调研究%Order and Sale-promotion Competition Between Two SCs and Coordination Within SC Based on CVaR Criterion

    Institute of Scientific and Technical Information of China (English)

    徐兵; 刘露; 贾艳丽

    2016-01-01

    This paper studies the effet of the decision-maker ’ s risk-aversion degree and the problem of supply chain( SC) coordination when two SCs compete each other.Considering two SCs competition in order-quantity and sale-promotion, where each SC consists of one risk-neutral manufacturer and one risk-averse retailer and of-fers one kind substitutable products, this paper sets up EPEC ( Equilibrium Problems with Equilibrium Con-strains) , Nash and MPEC ( Mathematical Program with Equilibrium Constrains) decision models to respectively characterize the competition between two decentralized SCs ( DD mode ) or two centralized SCs ( II mode ) or one decentralized SC and one centralized SC( DI mode) by using CVaR method and game theory.The equilibrium de-cisions under three modes are obtained.One buy-back plus promotion subsidy contract is put forward to coordi-nate one single SC with risk-averse retailer.Furthernore, supply chain competition is studied when retailers are risk-neutral.The example demonstrates the reasonability of the proposed models and feasibility of the coordina-tive contracts.The study shows that the higher retailer’ s sale-promotion is, the less he orders.The higher the ratio of qualified products is, the more the retailer’ s sale-promotion is.SC coordination is one dominant strategy under SC competition.%研究两条供应链相互竞争下决策者风险厌恶程度的影响和链内协调问题。针对两条分别由风险中性制造商和风险厌恶零售商组成、进行订货与促销竞争的可替代产品供应链,假定需求随机且依赖于促销努力水平与产品合格率,利用条件风险值( CVaR)方法和博弈理论建立了对应两条供应链均为分散式供应链( DD模式)、均为集中式供应链( II模式)、一条为分散式供应链一条为集中式供应链( DI模式)的EPEC、Nash和MPEC竞争决策模型,给出了三种模式下的竞争均衡决策、以及零售商为风险厌恶

  7. Study on SC Competition in Shelf-display-quantity Between Two SCs and SC Coordinative within SC with Stochastic Demand%随机需求下两条供应链的货架展示量竞争与链内协调研究

    Institute of Scientific and Technical Information of China (English)

    徐兵; 孙刚

    2012-01-01

    Two supply chains(SCs) providing substitute products are studied. Each SC consists of one manufacturer and one retailer. Under the assumption that the total stochastic demand of two products depends on their aggregate shelf-display-quantity, and the demand of each product is in proportion to its shelf-display-quantity, we make researches on the competition equilibrium of shelf - display - quantity and ordering between two SCs in three cases that both SCs are decentralized or centralized SCs, or they are one decentralized SC and one centralized SC by using the equilibrium analysis method. Corresponding EPEC, MPEC and Nash equilibrium models are set up respectively. How to coordinate one SC under SC competition by designing suitable contracts is analyzed. Two contracts such as buy-back plus linear subsidy contract and revenue - sharing plus linear subsidy contract are put forward, which can coordinate retailers both shelf - display -quantity and ordering decisions. Finally, the numerical example shows that SC coordination is dominant strategy under SC competition, but Prisoners Trap may be existed that the profits of two centralized SCs are lower than two decentralized SCs.%针对两条分别由单生产商单零售商组成的替代产品供应链,假定两种产品的随机总需求依赖于总货架展示量、而每种产品的市场份额与其货架展示量成正比,利用均衡分析方法研究两条供应链在货架展示量与订货量方面的竞争均衡,分别建立了对应两条供应链均为分散式供应链、均为集中式供应链、一条为分散式供应链一条为集中式供应链的EPEC、MPEC和Nash均衡模型.随后分析了供应链竞争下的链内协调合同设计问题,给出了同时协调零售商的货架展示量和订货决策的回购加线性补贴合同和收益共享加线性补贴合同.最后的算例表明,协调是供应链竞争下的占优策略,但两条供应链均协调时的利润反而低于均不协调时

  8. 风险规避假定下对回购策略以及期权策略的不同影响%Distinct impacts on return policy and option contracts with risk-averse agents

    Institute of Scientific and Technical Information of China (English)

    程永文; 周永务

    2013-01-01

    The paper established a utility function of containing the surplus risk and shortage risk to find the impacts on the supply chain coordination given different risk preference. By comparing the coordination strategies about return policy and option contracts given the agents being risk-neutrality or risk-averse, it gives the optimal prices of buyback contracts and option contracts and approach the following results: 1) In option contracts, the manufacturer does not need to guess the risk attitude of the retailer. 2) Whatever the risk attitude is, there is a rule that the higher the controlling coefficient is, the better coordination is, the more profit is. 3) Given the risk-averse agents it shows that the profit of the centralized supply chain is not affirmatively higher than the profit of decentralized supply chain. Therefore, with the risk-averse agents various coordinated policies show distinct effects. It also provides important methods for the similar research.%为了发现风险规避对不同协调合约的影响,在设计效用函数时,同时考虑了订购过剩风险和短缺风险,建立风险中性和风险规避情形下回购合约和期权合约的协调策略模型,给出回购合约和期权合约在不同风险假定下制造商的最优定价策略,并得出如下结论:1)在期权合约中制造商制定价格可以不用考虑零售商的风险态度;2)无论风险态度如何,在两种合约中皆表现为控制系数(表示垄断程度)越高,越容易趋近完美协调,供应链系统利润也越高;3)在风险规避假定下,比较了集中供应链和分散供应链的系统效率,发现集中供应链系统利润并非必然高于分散供应链的利润,这取决于决策者的风险规避程度.因此,在风险规避的假定下,不同供应链协调策略表现为极其不同的性质,为以后此类研究提供了重要线索.

  9. 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

  10. 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

  11. 基于Bayes需求预测更新的供应链合作策略研究%A Policy for Supply Chain Coordination with Bayes Demand Forecasting

    Institute of Scientific and Technical Information of China (English)

    宋华明; 杨慧; 罗建强

    2011-01-01

    under centralized decision scenario.Based on the findings, we further developed an efficient iteration algorithm to locate the optimal solution.Section 3 developed a three-parameter contract to help coordinate supply chain operations by combining buy-back and risk-share contracts. The three-parameter contract can arbitrarily allocate profits of supply chain channels between manufacturers and retailers by tuning a range of w values. Section 4 presented a numerical analysis of the proposed models and algorithms. Our analysis results showed that the algorithm is efficient and the three-parameter contract is effective and flexible to coordinate supply chain operations. In summary, decisions made on the order quantity and lead time have important effect on supply chain parties. Effective collaboration between supply chain partners can obtain the win-win situation.

  12. 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,