存货质押融资中最优阶段贷款决策问题研究

Study on Decision-making of Optimal Phased Loaning in Stock Mortgage

从阶段性贷款的视角研究了银行如何在存货质押融资业务中既能提高业务运作效率又能有效降低和防范道德风险及其他风险,在相关假设和限制性约束条件下得出了阶段性贷款的次优解和最优解,并和一次性贷款进行对比分析,认为阶段性贷款比一次性贷款具有优势,同时提出了存货质押融资中银行应该通过良好契约设计来辅助阶段性贷款策略的实施。

In this paper, from the perspective of phased loaning, we studied how the banks could improve operational efficiency and reduce or prevent moral and other risks in stock mortgage, and under the postulated conditions and relevant constraints and obtained the optimal and suboptimal solutions for the phased loaning. Then we compared it with the one-off loaning, identified the comparative advantages of the former, and proposed the measures to assist the implementation of the phased loaning strategy.