考虑销售努力水平的存货质押融资决策

A Study of Inventory Financing Strategy Based on Sales Effort Level

研究了考虑企业销售努力水平因素下存货质押融资决策问题。建立了资金约束的中小零售企业面临受销售努力水平影响的随机性市场需求模型,研究了该零售企业的最优的存货质押量决策和销售努力水平决策,以及风险中性和损失规避情形下银行的最优的存货质押率决策,并分析了销售努力水平对存货质押量决策的影响。结论表明,零售企业销售努力水平的提升给融资参与各方都带来了积极影响,零售企业因此会加大存货质押量争取更多贷款,银行可通过提高存货质押率来提高贷款额度从而获取更大收益。

The decision problem of inventory pledge financing considering enterprise＇s sales effort is investigated. A stochastic market demand model which is impacted by sales effort of capital constrained medium or small retail enterprises is established; and the enterprise＇s optimal inventory pledge volume decision and sales effort decision,and the bank＇s optimal inventory pledge ratio decision under risk neutral and loss aversion situations are investigated; the impact from sales effort on inventory pledge volume is analysed. It is concluded that the retail enterprise＇s sales effort brings positive effect to the financing participants,and the retail enterprise will thus enlarge its inventory pledge volume to gain more loan,and the bank can level up its loan volume from enlarging inventory pledge ratio to gain larger revenue.