核心企业回购担保下的零售商存货质押融资决策

Retailer Inventory Pledge Financing Decision with Core Enterprise’s Buyback Guarantee

在供应链存货质押融资模式下,针对下游零售商的存货质押及订购决策问题,本文分别在有回购担保和无回购担保的情况下构建了零售商的融资决策模型,给出了两种情况下零售商最优存货质押量和订购量的表达式,分析了主要参数对最优决策的影响,对比讨论了有无回购契约下零售商最优决策的区别,最后通过算例验证了文章主要结论。研究表明:(1)初始存货量对零售商的存货质押决策影响较大,根据初始存货量的大小零售商最优质押量的表达式存在三种情况;(2)引入核心企业回购会降低零售商违约概率,提高零售商期望收益;(3)当存货质押率较小时,随着初始存货量的增大,零售商的最优质押量增大,反之,当存货质押率较大时,随着初始存货量的增大,零售商最优质押量减少。

In the case of supply chain inventory pledge financing,aiming at the problem of pledge and order decision of retailer,this paper constructs the financing decision-making model of the retailer with and without repurchase guarantee respectively,gives the expressions of optimal inventory pledge quantity and order quantity of retailer in two cases,analyzes the influences of main parameters on the optimal decision,and compares them.This paper discusses the differences in the optimal decisions of retailer with and without repurchase contracts.Finally,the main conclusions are verified by an example.The results show that:(1)the initial inventory has a great influence on the loan enterprise's inventory pledge decision,and according to the size of the initial inventory,there are three situations in the expression of the best quality pledge;(2)the introduction of core enterprise repurchase will reduce the default probability of the retailer and improve the expected return of the retailer;(3)when the inventory pledge rate is small,with the increase of the initial inventory,the loan enterprise will have a negative impact on the loan enterprise's inventory pledge decision,on the contrary,with the increase of initial inventory,the best quality collateral decreases.