Abstract：According to the conditional valueatrisk (CVaR), this study established innovation investment model in context of supply chain considering different risk preferences, and
then analyzed innovation investment level under suppliers’ separate and joint investment strategies. Also, it gave the interval to which joint investment ratio must meet as well as the
optimal joint investment ratio with two different situations: the ratio dominated by the manufacturer and dominated by the supplier. The results show that the manufacturer’s risk
preference can help to increase the product quantity in the market and increase the supplier’s innovation investment level; as for the riskaversion manufacturer, the supplier can
counteract the negative effects by improving technological innovation ability. When the manufacturer shares the responsibility of the supplier’s innovation investment, the supplier’s
investment level as well as the manufacturer’s product quantity will be better, and it is found that the innovation investment share proportion dominated by the supplier is higher than
that dominated by the manufacturer. Finally, a numerical analysis is used to verify the effectiveness of the model.
2014, Vol. 11 
