李晨++孙浩

摘 要：研究了制造商的再制造成本风险规避度对闭环供应链回收渠道选择的影响，利用均值—方差理论建立了制造商回收、零售商回收和第三方回收的闭环供应链模型，分别比较和分析了三种渠道的最优回收率、最优销售价格、制造商的最优期望效用以及零售商的最优期望利润。研究表明当制造商的风险规避程度处于相对较低的水平时，零售商回收的效率最高，制造商回收时次之，第三方回收时最低；相反，当再制造成本波动较大且制造商的风险规避程度较高时，零售商回收的系统总利润反而最低。制造商的风险态度和系统的不确定性主要影响零售商的利益，渠道成员应加强信息共享和建立有效的风险共担机制来保证供应链的平稳运行。

关键词：闭环供应链；回收渠道；风险规避；均值—方差

中图分类号：F713.2 文献标识码：A

Abstract： This paper considers the effects of manufacturer's risk aversion degree for uncertain remanufacturing cost on collection channel selection of closed-loop supply chains. Three models including manufacturer-collection， retailer-collection and third-party-collection are built by mean-variance theory. The optimal collection rates， the optimal retail prices， the optimal utilities of manufacturer and the optimal expected profits of retailer under three collection channels are compared and analyzed， respectively. The study has shown that when the degree of the manufacturer's risk aversion is in a relatively lower level， the system efficiency of retailer-collection is the highest； the next is manufacturer-collection and third-party-collection last； on the contrary， when the variability of remanufacturing cost is larger and the degree of the manufacturer's risk aversion is higher， the system efficiency of retailer-collection is the lowest. The risk attitude of the manufacturer and system uncertainty primarily influence the profit of retailer. The channel members should strength information sharing and set up efficient risk-pooling mechanism to ensure that the supply chain operates steadily.

Key words： closed-loop supply chains； collection channels； risk aversion； mean-variance

0 引 言

再制造及閉环供应链管理是近二十年来工业界与企业界共同关注的焦点，世界上许多知名的制造型企业（如IBM、苹果、宝马等）均通过再制造获取了巨额收益。然而，再制造的引入使得企业的生产、库存、定价与成员协作等运营决策更加复杂，因此其也成为学术界所关注的热点议题。在闭环供应链的产品定价策略与回收渠道选择方面，学者们从不同的市场结构、权力结构、新制造产品和再制造产品的定价模式（统一定价或差异定价）以及市场需求环境（确定需求或随机需求）等视角对其展开了深入的研究，并取得了众多阶段性成果[1-6]。……