价格波动下确定质押率融资模式的风险及化解方案研究

Research on the Risk of the Financing Pattern of Confirmed Pledge Rate and its Solution under Fluctuant Price

中小企业在确定质押率的融资模式下进行融资时,由于价格波动会导致银行资本存在"流动性"和"保值性"的风险,从而使其获得较少的贷款额或承担较大违约成本。针对存货进行套期保值融资,可以使存货在现货市场中的价格波动风险转移到期货市场中。通过算例对套期保值的风险分析可以得出:套期保值融资模式能有效转移存货的价格波动风险,使银企双方在风险最小化下实现利益最大化。

Due to the price fluctuation causing the risk of ＂liquidity＂ and ＂preservation＂, Small-and- medium-sized enterprises raise the fund under the financing pattern of confirmed loan-to-value ratio, which will lead SMEs to acquire fewer loans or assume greater cost for contract break. Through hedge for inventory can transfer the risk of inventory＇ price fluctuation from the spot market into the futures market. By the hedge risk analyzing can we draw a conclusion that hedge financing pattern can transfer pledge the risk of price fluctuation effectively and maximize the profit as well as minimize the risk for both sides.