关键词: 期货合约, 采购, 混合策略, 风险规避

Abstract: Purchasing strategies are studied for a manufacturer by combining operational and financial hedges when prices and demand of raw materials are uncertain. A risk-averse buyer’s decision model is built based on the expected utility theory. The results show that the optimal contract quantity increases in the demand of raw materials, but is irrelevant to its volatility. The relationship between the optimal purchasing quantity and the degree of risk aversion or the volatility of spot price depends on whether the expected price or the futures price（or the ordering price） is bigger. The expected utility of the manufacturer can be improved after adopting a combined strategy.

Key words: futures contract, procurement, combined strategy, risk aversion