考虑资金约束的存货质押融资最优策略

doi:10.3969/j.issn.1007-7375.e15-2524

工业工程 ›› 2017, Vol. 20 ›› Issue (1): 44-50,64.doi: 10.3969/j.issn.1007-7375.e15-2524

考虑资金约束的存货质押融资最优策略

柴正猛, 段黎黎

昆明理工大学管理与经济学院, 云南昆明 650093

收稿日期:2015-11-04 出版日期:2017-02-28 发布日期:2017-03-13
作者简介:柴正猛(1974-),男,云南省人,教授,主要研究方向为投融资与风险评估、产业组织、竞争与区域产业发展.
基金资助:
国家自然科学基金地区基金资助项目（71662020）；云南省哲学社会科学基金资助项目（YB2013026）

Optimal Strategies for Inventory Financing with Capital Constrained

CHAI Zhengmeng, DUAN Lili

Faculty of Management and Economics, Kunming University of Science and Technology, Kunming 650093, China

Received:2015-11-04 Online:2017-02-28 Published:2017-03-13

摘要/Abstract

摘要： 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。

关键词: 质押率, 物流金融, 资金约束, 存货质押

Abstract: 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.

Key words: loan-to-value ration, logistics finance, capital constraint, inventory financing

中图分类号:

F274
C93

柴正猛, 段黎黎. 考虑资金约束的存货质押融资最优策略[J]. 工业工程, 2017, 20(1): 44-50,64.

CHAI Zhengmeng, DUAN Lili. Optimal Strategies for Inventory Financing with Capital Constrained[J]. Industrial Engineering Journal , 2017, 20(1): 44-50,64.

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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

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