张浩 张星惠 张英

摘  要：基于期权契约视角把未报废汽车看成未来的原料，提出了三种回收模式：回收商直接期权契约回收、回收商平台期权契约回收和闭环供应链期权契约回收。利用B-S期权定价模型的原理，从回收价格入手并结合实例进行分析。研究发现：（1）三种回收模式都比现货回收模式好，均能提高消费者正规回收的积极性，有利于完善回收体系，促进绿色经济的发展。（2）在回收商直接期权契约回收模式下回收商有短期亏损的风险。（3）三种回收模式的合理程度、盈利水平、实现难度依次递增。（4）从实现路径看，国外是从易到难依次形成，但中国存在越级直接形成的可能。（5）文章定价模型合理，三种回收模式都适用，新车和旧车均可参考应用。

关键词：回收模式;期权契约;报废汽车;绿色经济

中图分类号：F713.2    文献标识码：A

Abstract： From the perspective of option contract， the unstrapped vehicles are regarded as the future raw materials， and three recovery models are proposed： recycler direct option contract recovery， recycler platform option contract recovery and closed-loop supply chain option contract recovery. Based on the principle of B-S option pricing model， this paper starts from the recovery price and combined with the example to analyze. The results show that： （1）The three recycling models are better than the spot recycling model， and can encourage consumers to actively participate in formal recycling， which is conducive to improving the recycling system and promoting the development of green economy. （2）The recycler has the risk of short-term loss in the direct option contract recovery mode. （3）The reasonable degree， profit level and difficulty of the three recycling modes increase successively. （4）From the perspective of the implementation path， foreign countries form from easy to difficult， but China has the possibility of leapfrog direct formation. （5）The pricing model is reasonable and the three recycling models are applicable. Both new and used cars can be used for reference.

Key words： recovery mode; option contract; scrapped cars; green economy

0  引  言

绿色经济是以市场为导向、以传统产业经濟为基础、以经济与环境的和谐为目的而发展起来的一种新的经济形式[1]，对于当代中国具有非同一般的战略性的意义。近年来中国汽车保有量持续上升，据公安部统计，2020年全国汽车保有量已达2.81亿辆，每年需要报废的车辆已达千万辆以上[2]。在汽车零部件再制造成熟的行业内，再制造零部件的品质性能不输新产品，且制造成本降低50%左右，同时还可减少70%的材料和60%的能源消耗量，对于普通发动机，用全新材料制造所耗费的能源比再制造产品多出10倍[3]。报废汽车的回收再制造处理不仅可以降低汽车交通安全事故发生的概率，而且对环境保护、资源节约、发展绿色经济具有重要意义。……