考虑质押物损耗的存货质押融资决策模型

Decision-making Model of Inventory Financing Considering the Loss of Pledged Goods

质押物的完整性是关系存货质押融资业务能否顺利开展的重要问题,质押物损耗长期困扰各参与方,阻碍了存货质押融资业务的顺利开展。考虑质押物损耗和第三方物流企业对质押物监管所带来的损耗节约的基础上,研究了存货质押融资最优决策。研究表明:当零售商的初始现金余额很低时,零售商的最优订购数量随着初始现金余额的增加而减少,之后零售商最优订货量保持不变,直到初始现金余额大于某一水平时,零售商的最优订货量开始增加;在零售商贷款且不存在破产风险时,银行的收益随着零售商初始现金余额增加而减少;当风险估值是需求的增函数时,零售商的最优订货量随利率减少。

The smooth implementation of inventory financing is extremely important to the sustainable development of retail and dis-tribution enterprises. We studied how the retailers carry out inventory financing to finance the order. And we studied the loss of pledged goods and the supervision of third-party logistics companies. Through research, we got the optimal ordering strategy of retailers. When the initial capital is low, the optimal ordering quantity of of retailer decreases with the level of initial capital, and then it remains until the initial capital is larger than certain value, then the optimal ordering quantity of of retailer increases with the level of initial capital. Bank＇s earnings decrease with the level of initial capital when retailers borrow without bankruptcy risk. For IFR distributions of demand, the opti-mal ordering quantity of retailers decrease with interest rate. This article is about optimal design of a retailer＇s order rules, the changes rule of bank earnings, theoretical reference af retailer＇s onter policy and bank＇s risk-averse to increase revenue.