基于威布尔分布的改良品质押融资质押率决策研究

Pledge Rate Decision of the Ameliorating Items Inventory Financing Based on the Weibull Distribution

存货质押融资业务的广泛开展能够有效缓解中小微企业普遍存在的融资难问题。文章以改良品作为质押对象,考虑改良品在质押期间的改良率服从两参数威布尔分布,讨论金融机构视角下的改良品质押率最优决策。通过构建金融机构的期望收益函数,求解最优质押率的一般表达式,分析最优质押率与其主要影响参数的相关关系。研究结果表明,最优质押率随市场需求的增加而增加,随存款利率的增大而减小,随贷款利率的增大呈现先增加后减小的特征。最后,给出一个数值算例并结合敏感性分析对文中结论进行验证。

The extensive development of inventory financing business can effectively alleviate the financing difficulties prevalent in micro,small and medium-sized enterprises.This paper takes the ameliorating items as pledge object,considers that the ameliorating rate is subject to two-parameter Weibull distribution during the pledge,and discusses the optimal decision of pledge rate for the ameliorating items from the perspective of financial institutions.By constructing the expected return function of financial institutions,the article solves the general expression of the optimal pledge rate,and analyzes the correlation between the optimal pledge rate and its main influencing parameters.The results show that the optimal pledge ratio increases with the increase of market demand,decreases with the increase of deposit interest rate,and increases first and then decreases with the increase of loan interest rate.Finally,a numerical example and sensitivity analysis are given to verify the conclusion.