研究了4种渠道模式下差异化渠道中的价格形成机制及其稳定性问题,首先给出了4种模型下价格和收益形成机制,然后对形成机制进行了分析,分析结果表明控制地位影响价格形成和收益,其控制地位越高,其定价和收益就越大.最后,分析了价格机制的稳定性,识别出了最稳定和最不稳定的价格机制,给出了发生投机行为的临界贴现率. This paper studies price formation mechanism and its stability problem in different channels under four different channel models. First, the formation mechanism of price and return under the four models is given. Then the formation mechanism is analyzed. The results show that the control position affects the price Formation and benefits, the higher the control position, the greater the pricing and return.Finally, the stability of price mechanism is analyzed, the most stable and unstable price mechanism is identified, and the critical discount of speculation is given rate.