Abstract: The retailer’s risk aversion was focused on the aversion of the overstock at the end of the season． Partial buyback contract was discussed by modeling． It was found that when the retailers focused on inventory risk aversion，the supply chain system could still achieve coordination． The buyback ratio was an increasing function of the inventory risk aversion，and it would be infinitely approximate to 1． Therefore，in order to achieve the supply chain coordination，supplier should adopt corresponding strategies，such as the increase of buyback ratio，to share the retailer’s risks．

Key words: supply chain coordination, partial buyback contract, inventory risk aversion

摘要： 将零售商规避的风险聚焦在销售季末积压的库存上，通过建模讨论了部分回购契约。研究表明: 当零售商具 有库存风险厌恶性时，供应链仍能实现协调; 回购比例随着零售商库存风险厌恶程度的增大而增大，并无限趋近于 1，即要实现供应链的协调，在面对具有库存风险厌恶偏好的零售商时，供应商应采取相应策略，比如增大回购比例 来分摊零售商的风险。

关键词: 供应链协调, 部分回购契约, 库存风险厌恶