考虑资金约束的存货质押融资最优策略

Optimal Strategies for Inventory Financing with Capital Constrained

设计了一个由制造商(融资企业)、银行以及物流企业所组成的物流金融系统。在企业资金约束以及违约内生的情况下,运用Stackelberg动态博弈理论详细分析了银行的最优质押率决策、制造商企业最优融资决策以及企业的最优生产决策。凸显了存货质押业务风险控制中质押率所发挥的重要作用,表明存货质押融资是一种能够实现成员双赢的管理方法。

Considering the small and medium manufacturing enterprises holding the goods while borrowing money from the financial institutions for more output with the inventory financing, a logistics finance system consisting of a bank, a manufacturing firm （financing firm） and a logistics company is designed. In the light of the capital constraint and the endogenous default, a research is conducted respectively on the optimal interest rate and loan-to-value ratio of commercial bank, the optimal financing policy and the production policy of the manufacturing firm. It is indicated that the loan-to-value ratio and interest rate play an important role in the inventory financing with inventory financing as a kind of management method to achieve a win-win situation for all members.