存货购销中最优期权合约交易量研究

在分析利用期权合约规避价格波动风险的原理的基础上，分别给出存货购销两个环节中可以运用的期权策略，然后利用均值方差模型计算使投资组合达到效用最大化时所对应的最优期权合约交易量及其对经营利润的影响，研究发现：在存货采购环节，企业可以通过购入看涨期权、购入看涨期权同时售出看跌期权两种策略控制采购价格波动的风险，在存货销售环节，企业可以通过购入看跌期权、同时购入看跌期权并售出看涨期权两种策略来稳定销售利润；从最优期权合约交易量及其对企业经营利润的影响来看，期权工具在控制存货采购价格、稳定销售利润中可以发挥良好作用。

Research on Optimal Option Contracts Trading Volume in Inventory Purchasing and Selling Processes

On the basis of analysis of the principle of using option contracts to avoid the price fluctuations risk, this paper shows the option strategies available in inventory purchasing and selling processes. Then, the mean variance model is used to determine the optimal option contracts trading volume which maximize the utility of the investment portfolio and its impact on operating profit. The conclusions are as follow: strategies like purchasing call options and the combination of purchasing call options and selling put options in inventory purchasing process can avoid purchasing price fluctuations risk; strategies like purchasing put options and the combination of purchasing put options and selling call options in inventory selling process can stabilize sales profits; from the aspect of the optimal option contracts trading volume and its impact on the operating profit, we find options play a good role in controlling purchase prices and stabilizing sales profits.