【摘要】 由单个制造商和单个成长型零售商构成的闭环供应链系统中，针对市场需求随机性和成长型零售商资金约束的问题，考虑供应链双边风险偏好，基于均值-标准差准则构建4种闭环供应链运营模式，分析风险偏好、融资利率和自有资金对闭环供应链运营模式的影响。结果表明，供应链双方各自收益与其风险偏好程度正相关，与对方风险偏好程度负相关，因而制造商更愿意与具有风险厌恶的零售商合作，反之零售商亦是如此；在自有资金较低时，零售商选择无偿延期支付模式对其更有利，而当自有资金较高时，零售商倾向于选择银行借贷模式；在转移支付额度满足一定条件时，市场开拓契约能够实现供应链帕累托改善，从而帮助成长型零售商捕获成长机会实现快速发展。更多还原

【Abstract】 In a closed-loop supply chain system composed of a single manufacturer and a single growing retailer, aiming at the randomness of market demand and capital constraints of the growing retailer, and considering the bilateral risk preferences of the supply chain, four closed-loop supply chain operation modes are established based on the mean-standard deviation criterion. The effects of risk preference, financing interest rates and self-owned funds on the closed-loop supply chain operation modes are analyzed. Results show that the profits of both sides in the supply chain are positively correlated with their own risk preferences and negatively correlated with each other’s risk preferences, thus, the manufacturer is more willing to cooperate with the retailer with risk aversion, and vice versa; when self-owned funds are low, it is more advantageous for the retailer to choose non-compensatory deferred payment mode, while when self-owned funds are high,the retailer tends to choose bank lending mode; when the transfer payment quota meets certain conditions, the market development contract can achieve Pareto improvement in the supply chain, so as to help the growing retailer capture growth opportunities and achieve rapid development.更多还原