动态质押模式下的存货解押策略研究

The strategy of inventory redemption based on dynamic pledge mode

存货解押是存货质押融资业务中的一个重要环节,而不同的解押方式将会对融资企业的融资成本产生较大影响。考虑存货解押的总成本由运输成本、库存成本及利息成本三部分构成,分别建立融资企业在授信期末一次解押、授信期内分批解押、授信期内提前解押三种情形下的总成本函数,推导每种解押方式的最优解押数量及最优解押批次表达式。通过数值算例对三种解押方式的总成本进行比较,得到授信期内提前解押方式最优的结论,敏感性分析展示了相关外生变量的变化对三种解押方式总成本的影响方式。

Inventory redemption is an important part of inventory pledging financing business. The different redemption modes will have great impact on the financing cost of financing enterprises. This paper considers that the total cost of inventory redemption consists of the transportation cost,the storage cost and the interest cost. The paper respectively establishes the total cost function about three kinds of inventory redemption mode such as a one-time redemption at the end of the credit period,partial redemption during the credit period and advance redemption during the credit period,and derives the optimal expression of redemption quantity and batch number for each redemption mode. The paper compares the total cost of three kinds of redemption mode according to a simulation example. The result shows that the mode of advance redemption during the credit period is optimal. The sensitivity analysis of related parameters gives the effect of the total cost of the three kinds of redemption mode.