Table of Content

25 February 2017, Volume 26 Issue 2

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Theory Analysis and Methodology Study

A Fuzzy Dynamic Multi-attribute Decision Optimization Model of Shale Gas Plays

SUN Jin-feng, HU Xiang-pei

2017, 26(2):  1-8.  DOI: 10.12005/orms.2017.0026

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How to select the most commercial shale gas play is the key factor of industrialization and commercialization for the shale gas industry and the top priority task of the firms that need to be engaged in unconventional gas production. This paper focuses on investment decision to optimize selection of shale gas plays under uncertainty. A fuzzy dynamic multi-attribute decision model is set up to explore the most commercial play and present the investment sequences of these plays which show the exploration orientation and investment priorities for oil companies. This paper is organized as follows: Firstly, the strategic role of shale gas exploration and production in China is introduced and its necessity of selecting the most profitable shale gas play is analyzed. Secondly, a problem to be solved is stated and the difficulties and complexities during the whole decision-making process are further analyzed. Thirdly, the dynamic multi-attribute model based on interval number is designed to explore how to select the most satisfied shale gas plays and provide the best investment opportunity, and the algorithm is given in section 2.2. Fourthly, a numerical example is shown to apply the mathematical model to select the most commercial shale gas play for the oil company according to the geological and geographical information, environmental expenditure, the principles of gas production and trend, and infrastructure investment, etc. Finally, the conclusion is presented in section 4. Whereas, the shale gas plays cannot be explored everywhere and the gas prices are not market-driven in China so that the results maybe optimistic or pessimistic. In any case, the result shows that the model is effective and practical tool for the oil company to improve the whole decision-making process.

Optimal Technology Policy Selection Based on Abatement

LI Dong-dong, YANG Jing-yu

2017, 26(2):  9-16.  DOI: 10.12005/orms.2017.0027

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Based on the abatement framework, this paper introduces four kinds of technology policies(R&D subsidy policy, R&D cartel, RJV competition and RJV cartel), and builds a multi-stage game model to study the effect of single technology policy and technology policies combination on firm abatement performance and social welfare. Moreover, numerical simulation method is used to study the optimal technology policy choice of government and firm. The results show that government's optimal technology policy choice is RJV cartel and subsidies combination policy. Regardless of spillovers, the optimal technology policy choice of the government and firm is the same. The pollution tax affects the optimal technology policy choice of the government and firm. When pollution tax is small, firm optimal technology policies choice is RJV competition and subsidy combination policy; when pollution tax is larger, the firm best technology choice is single policy. In order to make the choice of the government and firm consistency, the government should choose an optimal pollution tax.

The Design and Effects of Government’s Carbon Emission Policy under Low-carbon Economy

LIU Qing, WANG Wen-ping, LI Min

2017, 26(2):  17-24.  DOI: 10.12005/orms.2016.0028

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Under the background of low-carbon economy, according to current situation of Chinese manufacturing enterprises’ production and carbon emission, within the carbon emission constraints determined by the speed of economic growth, this paper constructs a carbon emission environmental policy model based on the ‘black box’ problem, and studies how the government to develop the combined composite control of carbon taxes and subsidies policy to control carbon emission of enterprises. Through the analysis of the design of government carbon regulation policy and its impacts on product prices, the demand of sales, comparing different carbon emission permit situations of different manufacturing enterprises carbon taxes, it comes to some conclusions: Unit carbon tax and excessive carbon emissions is not a certain linear relationship, but the general trend can be seen that the excessive amounts of carbon emission and unit carbon tax is a positive relationship. The government should adopt differential carbon taxes and subsidies to dynamically adjust them in view of the manufacturing enterprises different production quantities and carbon emissions. The regulation and control policy is based on the ‘black box’ problem change to product price range between -1% to 1.5%, which can reduce the carbon emissions while making product prices remain basically stable.

The Evolutionary Game Analysis of the Sharing of Manufacturing Resource in the Environment of Cloud Manufacturing

QI Er-shi, LI Tian-bo, LIU Liang, ZHAO Yun-xiang, QIAO Guo-tong

2017, 26(2):  25-34.  DOI: 10.12005/orms.2017.0029

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The service platform of cloud manufacturing, which provides an efficient operating environment for acquiring the manufacturing resources from different time or space, promotes the collaborative manufacturing, management and innovation in the whole life-cycle of products. Based on the sharing mode of enterprises’ manufacturing resources in the environment of cloud manufacturing, the evolutionary game model of manufacturing resource-sharing to reveal the behaviors between two types of enterprise is constructed; the equilibrium in model and local stability are analyzed in the state of uniform mixed and non-uniform mixed populations. By using the method of system dynamics, the evolutionary game SD model is built, and a contrastive analysis of evolutionary results affected by diverse parametric variations is performed. The research results show that the evolutionary trends are significantly influenced by the initial sharing proportion in enterprise group, the cost of upgrading equipment, the profits of informational improvement and the risk of technological loss. To facilitate the information interaction and resource sharing in enterprise alliance, much advanced management and continuous improvement need to be done in line with the above aspects.

Evolutionary Game Analysis of the Behavioral Options during Demolition Process Based on System Dynamics

CHENG Min, LIU Cai-qing

2017, 26(2):  35-41.  DOI: 10.12005/orms.2017.0030

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In order to study the influence factors and the behavioral options of government and people whose house will be dismantled during the demolition process, an evolutionary game model is established based on the assumption that both the government and the households have bounded rationality. The interaction mechanism between the government and households and the stable state are discussed according to the established model. Furthermore, a system dynamics model is established and the dynamic influence on behavioral options of different factors is analyzed by data simulation. The simulation results show that the administrative cost and the deficiency of public credibility have significant impact on government decision-making. The results also indicate that the compensation cost and the fighting cost affect the behavioral options of the households. Therefore, the government should design reasonable compensation mechanisms, enhance communication with households and improve the public credibility in demolition projects.

Stackelberg Decision Analysis between Government and Enterprise under the Constraint of Carbon Emission

LUO Qian, XU Xian-hao, BAI Qing-guo

2017, 26(2):  42-48.  DOI: 10.12005/orms.2017.0031

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On the condition that the value of the constraint of carbon emission cannot be determined by government individually, a stackelberg model is used to analyze government’s and a company’s behaviors of choosing green technologies when they are facing different constraints of carbon emission in the decentralized system. For the government or regulator, the paper introduces social welfare as the objective and social attention to environment is also added to this model, and furthermore, this paper analyzes the influence of these factors when regulator’s decisions are considered. And for the company, the results indicate that the firm’s reaction to an increase in the value of constrain may be non-monotone. And we also study the relationship between technology choosing and cost of technology, and we find that two key factors determine whether the cleanest technology is inducible as compared with another technology: one factor is the fixed cost caused by using corresponding technology every producing cycle and another factor is whether the economic benefits generated by the green technology is sufficient to offset operating cost at some feasible value of constraint. Finally, this paper discusses whether government or regulator can make cleaner green technology inducible to the firm by the proper value of emission limitation and some suggestionsto the government or regulator and firm are given.

Social Stable Cores for Multi-choice NTU Structured Games

TIAN Hai-yan, WANG Zhi-wei, ZHENG Xiao-wei, ZHANG Gang

2017, 26(2):  49-56.  DOI: 10.12005/orms.2017.0032

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This paper deals with the theory and applications of multi-choice NTU structured games and socially stable cores. Transfer rate rule and payoff-dependent balancedness for multi-choice NTU structured games are introduced and an extension of K-K-M-S theorem is provided in multi-choice NTU structured games. By using the extension of K-K-M-S theorem, we prove that if transfer rate rule includes some values of power functions, and a multi-choice NTU structured game is payoff-dependent balanced with respect of the rule,then the game has a non-empty socially stable core.


Research on Coordination Problem of Assembly System with Asymmetric Supplier’s Cost Information

LV Fei, MA Shi-hua

2017, 26(2):  57-67.  DOI: 10.12005/orms.2017.0033

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We take an assembly system consisting of two suppliers and one manufacturer as the research object, wherein one of the suppliers has private cost information, and the manufacturer reveals this private information through designing contract. As the channel master in the assembly system, the manufacturer aims to maximize its profit on the one hand, and on the other hand, it looks forward to gain more profit through channel coordination. The result shows that when the manufacturer offers wholesale price contracts to both the two suppliers, it is unable to reveal the true cost information; when the manufacturer offers a markdown money contract to the supplier with private cost information, and offers a wholesale price contract to the other supplier, it is able to reveal the true cost information, but can’t realize channel coordination; when the manufacturer offers markdown money contracts to both the two suppliers, it is able to reveal the true cost information while ensuring the channel is coordinated. We find from the numerical study that when the manufacturer offers markdown money contracts to both the two suppliers, the channel profit increases, and the feasible region of private information becomes larger, but the manufacturer’s profit may decrease.

Effects of Manufacturer’s Scale Diseconomies on Launching Direct Channel

NIE Jia-jia, SHI Chun-lai

2017, 26(2):  68-75.  DOI: 10.12005/orms.2017.0034

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This paper studies the effects of manufacturer’s scale diseconomies on the choice of the manufacturer launching online direct channel. In the symmetric-information framework, the manufacturer’s scale diseconomies Bertrand models are proposed between single-channel and dual-channel supply chains. The optimal prices and profits are compared between single-channel and dual-channel supply chains of Stackelberg competition. This paper demonstrates three interesting results: (i)when the retailer has less market shares and the manufacturer’s production exhibits its low diseconomies of scale, the manufacturersr decides to launch online direct channel in order to increase profits. (ⅱ)if the retailer has less market shares but the manufacturer’s production exhibits its high diseconomies of scale, the manufacturer declines to launch online direct channel. (ⅲ)only if the retailer has more market shares, the manufacturer declines to launch online direct channel. In addition, the retailer’s profit always decreases while the manufacturer launches online direct channel.

Extension and Application of the M/M/c Model Based on the Dynamic Input and Service Rates

ZHOU Wei, WANG Qiang-qiang

2017, 26(2):  76-83.  DOI: 10.12005/orms.2017.0035

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To address the puzzle in setting the constant input and service rates in the M/M/c model, this paper proposes input probability and service degree. The proposed input probability and service degree will change their values according to the changes in the state of a different system. On the basis of the above input probability and service degree, the dynamic input and service rates are developed by combining the input probability with the average input rate and service degree with the average service rate. Next, a transition process is provided using the dynamic input and service rates for developing an extended M/M/c model under the current system state. Additionally, this paper designs an after-determining method by introducing the real state of the system for solving related parameters of the dynamic input and service rates. The M/M/c model has a broader application scope when implementing dynamic input and service rates, and it provides more accurate results when compared to the general queue model. Finally, a practical example is provided to illustrate the effectiveness and feasibility of the proposed model.

Application Research

Direct Mechanism Design For PPP Projects In Multidimensional Auctions

WANG Xian-jia, WU Shi-wei

2017, 26(2):  84-92.  DOI: 10.12005/orms.2017.0036

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Based on the theory of mechanism design and revelation principle, this paper establishes a multidimensional auction model of infrastructure construction project under PPP model. To simplify the analysis, the paper builds the production function of generalized quality, which contributes to reducing dimension of information. Then we establish a two-dimensional auction mechanism model on the franchise period and generalized quality. After solving this model, we achieve the equilibrium solution of direct mechanism and the condition of quality requirements. Moreover, this paper finds that the direct mechanism can achieve maximum social welfare, and sets up rules for the implementation of direct mechanism. Finally, to improve the effectiveness and feasibility of the direct mechanism, we make a numerical analysis of a practical example.


Research on Government Supervision and Enterprise Pollution Control in Environmental Management

PAN Feng, WANG Lin

2017, 26(2):  93-99.  DOI: 10.12005/orms.2017.0037

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An evolutionary game model between local government and enterprise in environmental management is established. Based on the evolutionary game model, the evolutionary process of participants’ decision is discussed, the evolutionarily stable strategy is analyzed, and the related influencing factors are also considered. The results show that the strategy of participants will not be affected by the weight coefficient of environmental index in achievement assessment system and the discharge capacity of enterprise. The behavioral characteristics of local government supervision and enterprise pollution control are affected by 7 factors which include initial status of game system. Although the enterprise pollution control can be promoted by reducing the cost of Both control and strengthening the punishment on enterprise, which is harmful to local government supervision. Both the enterprise pollution control and local government supervision will be promoted by enhancing the reward for local government who supervises strictly, strengthening the punishment on local government who supervises loosely, reducing the cost of supervision, and reducing the influence coefficient of enterprise profit on the payoff of local government.

Does Efficient Market Hypothesis Lose Effectiveness During a Price Bubble?

ZHANG Yi, WU Bao-xiu

2017, 26(2):  100-105.  DOI: 10.12005/orms.2017.0038

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The phenomenon of asset price bubbles as well as the financial crisis triggered by the bursting of the asset price bubble results in more questions about the existence and consistency of efficient market hypothesis. This leads to more and more interpretation from the perspective of behavioral finance: the collapse of the bubble is caused by the trading behavior of irrational investors .This paper proposes a heterogeneous agent pricing model where two types of rational traders coexist in an efficient market: short-term speculators and long-term fundamentalists, both sharing the same information set. In this framework, excess volatility created by the speculators’expectations is magnified by the share of long-term traders. Logically, this phenomenon leads to higher price volatility and more dramatic crashes. Regulators should therefore be aware that efforts to limit rational speculation might, surprisingly, end up increasing volatility.

Low-carbon Generation Grid Expansion Strategy: A Case Study from China Southern Power Grid

MA Qiu-zhuo, LI Qin, SONG Hai-qing

2017, 26(2):  106-116.  DOI: 10.12005/orms.2017.0039

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To describe the optimal grid’s decisions of generator construction and power generation under stochastic environment, a recourse model with respect to energy structure and emission constraints is developed to minimize the total cost within the production cycle. The relationship of generator capacity and optimal solution along with other parameters is analytically discussed. A real case study from the China Southern Power Grid is studied. To solve the stochastic programming model, a scenario generation method is addressed on the realistic data. In the meantime, the related government planning proposals and company’s low-carbon development schedules are considered while building the constraints. The result from the numerical analysis reflects the paradox from keeping economic development and controlling the emission. The suggestions concerning the power grid construction in planning horizon and generation strategy in operation period are provided with practical value.


Lottery-type Stocks and Investor’s Gambling Preference in Chinese Stock Market

LIANG Yu, ZHANG Wei-qiang

2017, 26(2):  117-126.  DOI: 10.12005/orms.2017.0040

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In the emerging capital market, stock prices are sensitive to investors' investment preference. As one of the major investment preferences, gambling preference will be the topic of this paper. Based on the practical situation of Chinese stock market, this article improves the past classification method and defines the lottery-type stocks as stocks with high idiosyncratic skewness, high idiosyncratic volatility, low price and high abnormal turnover rate. Our empirical test shows that individual investors over-weight lottery-type stocks in their investment portfolios, and the lottery-type stocks earn significantly negative abnormal return in the future. It means that the individual investor’s gambling preference is irrational. Compared to the case in main board market, the lottery-type stocks’ performances are poorer in the small and medium-sized board market and growth enterprises market. Finally, this article finds that, after the financial crisis, the negative abnormal returns of the lottery-type stocks still exist.

Structural Transfer Research about Risk Spillover between Chinese Stock Market and American Stock Market based on Stock Market Disaster

XIE jia-quan

2017, 26(2):  127-134.  DOI: 10.12005/orms.2017.0041

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Based on Shanghai Composite Index, Hangseng Index and S&P500 Index, we make a research of risk spillover effect among markets. The results show that the risk spillover effect is most significant between Shanghai and Hongkong stock market, followed by the effect between Hongkong and US stock market, while the effect between Shanghai and US stock market is not significant. From the point of view of the direction and intensity of risk spillover effect, whether in a bull market or in a bear market, the risk spillover effect in Hangkong market on Shanghai market is bigger than that in Shanghai market from Hongkong market.. The bidirectional risk spillover effect between Hongkong and US stock market is relatively balanced in a bull market, while the effect from US market on Hongkong market is bigger in a bear market. But on the contrary to the common sense, the risk spillover effect from Shanghai market on Hongkong market is bigger in a bull market than in a bear market, we have a chi-plot correlation analysis of this phenomenon and conclude that the opinion of ‘If China sneezes, the whole world will catch a cold’ is wrong. From the dynamic trend of risk spillover effect, we find that the risk spillover effect is different in two bull market stages. The risk spillover effect from US market to Chinese market is generally stable, but the risk spillover effect from Chinese market on US market changes. There is a big gap between two bull market stages when it is in low quantile level, while there is a consistent trend between two market stages when it is in high quantile level. Further, the risk spillover effect from Shanghai market on Hongkong market isincreases while the risk spillover effect from Hongkong market on Shanghai market decreases.


Credit Assessment Model Based on the Improved Adaboost

JIANG Cui-qing, LIANG Kun, DING Yong, DUAN Rui

2017, 26(2):  135-139.  DOI: 10.12005/orms.2017.0042

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In the context of online lending, Adaboost based credit assessment approach has high disagreement level among different basic classifiers and high misclassification cost on sample set. Existing studies fail to consider the effect of basic classifiers’ disagreement and samples’ misclassification cost on the sample weights in basic classifiers, leading to the decline of the performance of credit assessment model in online lending businesses. Therefore, we propose a credit assessment approach based on an improved Adaboost model. This approach can improve the strategy of weighting in Adaboost model through considering the misclassification rates of basic classifers, the disagreement of learning results of samples among basic classifiers, and the misclassification cost of samples. Our approach can improve the validity of credit assessment results in online lending context by focusing on the samples that are difficult to classify and have high misclassification cost. The experimental results on PPDai platform show that the approach has higher accuracy and lower misclassfication cost than traditional Adaboost based credit assessment model.

Research on Risk Grade Evaluation of Purchase Order Financing

DONG Zhen-ning, LIU Wen-juan, WANG Zhuo, HE Bin

2017, 26(2):  140-145.  DOI: 10.12005/orms.2017.0043

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Purchase order financing, a new financing mode, is very important for grading its risk and deciding whether credit is given or not. The paper explains the concept of purchase order financing and its process first. And then it takes “order” as the lead, analyses its risk source from the different stages. Finally, it constructs a risk grade evaluation model. Risk evaluation process is divided into two stages: the first stage is to judge the authenticity of business order by two indexes. The second stage constructs an indicator system, which consists of the subject credit, mortgage rate, order fulfillment ability, inventory as four first grade indicators and a plurality of second grade indicators, and elaborates the determination methods of the various targets, according to the different indexes using piecewise function, exponential function, cosine function, power function processing method to make its scores unification into 0-10. We respectively use ANP method and AHP method to determine the weight of each index, and construct a complete risk grade evaluation model, which divides the purchase orderfinancing business into 5 grades. The risk evaluation model can help decision-making of loan of financial institutions, and its application which leads to normalized index such as the proposed exponential function, cosine function and power function for quantitative indexes has reference significance. Finally the paper introduces the calculation principle of ANP method, which also has certain reference value for other scholars.

An Improved VWAP Strategy Based on the Volume Decomposition Model

XIA Hui, YANG Cen

2017, 26(2):  146-152.  DOI: 10.12005/orms.2017.0044

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By splitting the large commissioned orders and tracking the average market transaction prices, the traditional VWAP(volume weighted average price)strategies can minimize the market impact costs. Meanwhile, forecasting accurately the distribution of the intraday volume is the key to use the VWAP strategies to split orders. Investigating in detail the modeling methods and forecasting trading volume of the existing improved VWAP strategies, we find that the periodic structure of stock’s intraday volume is difficult to be separated completely, and the existing models are limited by the sample and difficult to apply to most stocks. From the perspective of the relationship between stocks’ volume and the trends of market volume, we deduce the equation of the stock volume and market volume, construct individual stocks’ factor loading on the market volume effects, and then decompose the intraday volume into two parts to forecast the trading volume distribution: one part describing the volume changes affected by the market; the second part reflecting the specific volume changes of the individual stock. Moreover, we build a dynamic VWAP strategy. The empirical results show that our trading volume decomposition model can effectively separate the periodic structure of the stocks’ intraday volume. Compared with the traditional VWAP strategies, our improved dynamic VWAP strategy has not only broader applicability but also smaller tracking error, and reduces the market impact costs more effectively.

Management Science

Principles and Strategies of Adaptive Selection in the Management of Major Infrastructure Projects

CHENG Shu-ping

2017, 26(2):  153-157.  DOI: 10.12005/orms.2017.0045

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According to the complexity characteristics of major infrastructure projects management, this paper puts forward the basic criteria of the adaptive selection behavior of management subject in the management practice. And it also discusses the basic principle and scientific connotation. From the actual operation and execution, it designes the implementation strategy, which provides a new method to deal with the complexity of the major infrastructure project management.

Study on Tour Guides’ Incentive Problems in Tourism Management Based on Multi-Task Principal-Agent Model

LI Da-wei, ZHANG Jiang-hua

2017, 26(2):  158-164.  DOI: 10.12005/orms.2017.0046

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Using the multi-task principal-agent model, we analyze the tour guides’ incentive contracts in two conditions. The paper finds that under incentive compatibility condition, when tip and kickback bring direct income to travel agency, the incentive contract of earning tips is critical. In other words, the incentive for tour guide will be positive only when the tour guide’s performance of tour guiding service satisfies the critical incentive conditions. Otherwise, it will be negative. The incentive contract of getting kickbacks is positively correlated with the tour guide’s performance of getting kickbacks. Under incentive compatibility condition, when tip and kickback do not bring direct income to travel agency, the efforts of tour guide on getting tips and kickbacks depend on the incentive rewards and the incentive contract is not correlated with the income of getting tips and kickbacks.

The Relationship Between the Firm’s Resource-dependence and Co-innovation Behavior in SME Clusters

TANG Li-yan, LIU Xu-hua, WANG Guo-hong, XING Rui

2017, 26(2):  165-172.  DOI: 10.12005/orms.2017.0047

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On the premise of limited rationality, this paper classifies the firms in SME Clusters into resource-dependent and resource-independent based on their degree of resource dependence, and use evolutionary game theory to analyse their co-innovation behavior: opportunism behavior and reciprocity behavior. The results show that under equal profit sharing arrangement, the resource-dependence firms tend to adopt opportunism, the evolutionary result of co-innovation behavior related to the proportion of dependent enterprises in Cluster, the net income of co-innovation and the net excess profit of individual innovation. The paper also analyses the effect of profit distribution mode on co-innovation behavior, and the results show that distribution mode affacts the evolutionary result of co-innovation behavior.

Complexity Measurement of Automobile Manufacturing Industry Network Environment Based on Fuzzy Evidential Reasoning

HE Xi-jun, WEI Guo-dan, WU Yu-ying

2017, 26(2):  173-182.  DOI: 10.12005/orms.2017.0048

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The complexity of the environmental is the main cause of the complexity of automobile manufacturing industry network. With the thought to measure the complexity through the environmental index volatility, the indicator system of the automobile manufacturing industry network environment and the fuzzy belief structure model for measuring the volatility degree are established, the multiple indexes of environment complexity are transformed into fuzzy belief structures using the fuzzy evidential reasoning algorithm combining the entropy value theory, and then the results of environment complexity of automobile manufacturing industry network are evaluated by grey relational analysis method. Through the empirical research on the data of 2002~2012 in the automotive industry, the results show that the fluctuations of economic environment and international environment are the main factors leading to the complexity of automobile manufacturing industry network, followed by the technical environment and market environment. Over the past 10 years of China’s automobile manufacturing industry, network environment has experienced two large fluctuations, and overall complexity presents a growth trend. This study can provide a reference for complexity measure and control of automotive industry environment.

Diffusion Effects for Alliance Standards Based on Partner Relationships Design

LI Wei, ZHANG Xin

2017, 26(2):  183-191.  DOI: 10.12005/orms.2017.0049

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Under the motivation of standard diffusion, we design a kind of three-party partnership structure, composed by a common supplier and two downstream firms, for standard-setting alliances. We analyze the impacts and the validity of this partnership structure on accelerating the diffusion of standards. Furthermore, the necessary conditions and the stability of the equilibrium are also detected. Based on the related results, a new type of diffusion mechanism for technology standard is proposed from the aspect of internal partner structure construction in alliance. Three main findings are obtained in this paper. First, the three-party partner structure, in which the structural hole position is occupied by the common supplier, is indeed helpful to accelerate technology standard’s diffusion under long time game mode. And, the contribution is dependent on the values of two-way knowledge transfers happen through the structural hole. Second, there exist necessary conditions to sustain the win-win equilibrium. That is, all the three partners should conduct the critical values about knowledge disclosures simultaneously. Third, the stability of the equilibrium is influenced by the technology proximity between the supplier and downstream firms, as well as by the value of proprietary knowledge owned by downstream firms. Furthermore, the influence coming from common supplier on alliance stability is higher than that of the manufactures when technology proximity between supplier and manufactures are relatively high.

Channel Integration Strategy Based on E-coupon in a Multi-channel Supply Chain

LUO Mei-ling, LI Gang, ZHANG Wen-jie

2017, 26(2):  192-199.  DOI: 10.12005/orms.2017.0050

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In a multi-channel supply chain with the manufacturer’s online direct channel and the hybrid retailer’s online and offline channels, considering the false failure returns and consumers’ heterogeneous channel preferences, we examine the hybrid retailer’s channel integration strategy by offering e-coupons to attract consumers to try out and purchase products in the physical store. Firstly, the condition that the retailer is willing to offer e-coupons is explored. Secondly, the effects of the hybrid retailer’s channel integration strategy based on e-coupons on the market equilibrium are analyzed. Moreover, a transfer payment scheme based on the retailer’s order quantity and consumers’ return quantity is proposed to improve both partners’ profits and achieve the multi-channel supply chain coordination.