Production planning and equity investment decisions in agriculture with closed membership cooperatives
Production planning and equity investment decisions in agriculture with closed membership cooperatives
复制标题
封闭式会员合作社农业生产规划和股权投资决策
DOI：
10.1016/j.ejor.2021.02.007
复制
发表时间：
2021-02
影响因子：
6.4
通讯作者：
Xiaoyan Qian
中科院分区：
文献类型：
--
作者：
Xiaoyan Qian
本文研究了现金紧缺的农户通过封闭成员农业合作社(封闭合作社)将原材料加工成附加值产品的生产计划和股权投资决策。农民必须在特定的限额内购买一定数量的股份才能加入合作社。股权投资有权按比例交付一定数量的合格原材料，股权可转让、可增值。我们考虑了一个多阶段模型，在该模型中，农民首先考虑参与(是否加入合作社)的一次性决策。如果是，在产量、现货价格和股价不确定的情况下，农民除了定期进行生产计划和股权投资调整外，还决定产能和初始股权投资。提出了农户参与合作社的条件，并在封闭形式下刻画了最优产能和股权投资政策。我们还考察了股权可转让性如何通过固定初始股权投资来影响农户的最优决策和盈利能力。此外，我们还考察了当忽略质量要求或产量不确定性时，各种启发式策略的性能。其结果为农民的决策、生产计划和现金管理提供了洞察力。
This paper examines the production planning and equity investment decisions of a cash-constrained farmer who processes a raw commodity into a value-added product through a closed-membership agricultural cooperative (closed co-op). The farmer is required to purchase a certain amount of shares within specific limits to join in the co-op. The equity investment entitles the right to deliver a particular amount of qualified raw commodity in proportion, and the shares are transferable and appreciable. We consider a multi-period model in which the farmer first considers a one-time decision on participation (whether to join in the co-op). If yes, the farmer determines the production capacity and the initial equity investment in addition to the periodic production planning and equity investment adjustment when yield, spot prices, and share price are uncertain. We propose the condition under which the farmer shall participate in the co-op and characterize the optimal capacity and equity investment policies in closed form. We also investigate how the transferability of shares affects the farmer’s optimal decisions and profitability by fixing the initial equity investment. Further, we examine the performance of a variety of heuristic policies when the quality requirement or the yield uncertainty is ignored. The results provide insights into a farmer’s decision making, production planning, and cash management.
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DOI：
10.1016/j.ejor.2010.05.012
发表时间：
2010-12
期刊：
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影响因子：
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