Study On The Credit Rationing Warehouse Receipt Financing Approach Of Small And Medium-sized Iron And Steel Enterprises

Credit rationing is one of the classical theory of economics and management science. Based on the consideration of risks and profits, the banks usually append additional conditions, through the way of capital rationing to meet the demands of borrowers, which increases the difficulty for small and medium-sized enterprises to get loans. With the overall growth of the modern logistics industry, due to the combination of modern logistics enterprises and bulk commodity production and circulation enterprises, solving the asymmetric information problems in the process of commodity sales, the banks accept financing businesses using new warehouse receipt pledge as valid collateral for loans, not only broaden the financing channels of small and medium-sized enterprises, as well as provide more options of bank credit rationing selection channels, achieving the combination of logistics, business flow, information flow and cash flow. This paper selected iron and steel industry as a warehouse receipt study object, with the participation of modern logistics enterprises, transforming the inventory of iron and steel production and circulation enterprises into new form of valid collateral—warehouse receipt, so as to obtain new financing channel, and to discuss the risk management problems in the process of financing in details from the perspective of different participants. The main innovative research of this paper is listed as follows.Firstly, the essence of credit rationing is the selection of lending object under certain condition. In the current economic environment, the main collateral approved by the bank is real estate, but most companies cannot provide enough real estate as collateral, which limits the amount of banks can create, at the same time, those running well small and medium-sized unable to meet the huge funding gap. The rise of modern logistics industry set up a bridge between banks and financing companies. In this paper, a new warehouse receipt credit model was established, on the basis of the credit of the new warehouse receipt as the standards of the selection of objects of lending, at the same time, with the combination of modern logistics enterprises and the bulk commodity circulation enterprises, holding the latest market sales information, solving the serious information asymmetry problem in the process of commodity sales, not only provide more targets for the banks, also broaden the financing channels of small and medium-sized enterprises, has realized the new breakthrough of credit rationing theory in the in economic running.Secondly, under the participation of modern logistics enterprises, the traditional real estate mortgage mode was innovated, the enterprise inventions were transformed into valid chattel mortgage approved by the banks, and a enterprise inventory management decision model under the constraint of capital based on newsboy model was constructed to solve the critical point of inventory, which settled the problem of utilizing a reasonable proportion of the inventory to finance under the normal operation of enterprises, acquiring the maximum profits at the same time controlling financing risks, therefore becoming the lending targets of banks according to credit rationing.Thirdly, based on the enterprise actual operations, this paper constructed EOQ model of iron and steel trading enterprises in order to calculate its inventory point and solve the optimal order of steel circulation enterprises decision-making, in the case of ensuring the normal inventory sales, with the participation of modern logistics enterprises, making the inventory for sale into new form of chattel mortgage subject so as to attain to risk control, therefore becoming the lending targets of banks according to credit rationing.Fourthly, under the intervention of modern logistics enterprises, the banks accept inventory as pledge to apply for loan, the financing risks of banks were increased due to random fluctuations of prices, and compared with real estate mortgage loans, the loan-to-value ratio will change accordingly. Based on the consideration, a pricing model was made with downside risk constraints, solving the optimal loan-to-value ratio and loan interest rates and controlling the financing risk to a minimum level, finally, this paper also discuss the decisions of the bank when the final price of the pledged stock follows normal distribution and logarithmic normal distribution.Lastly, under the condition of the bulk commodity inventories were issued warehouse receipt by the modern logistics enterprises so to be approved as valid mortgage, the commodity production and circulation enterprises obtain the loans, and the modern logistics enterprises become the joint venture responsibility partners, and share interests in the form of compensation trade. A loan-to-value quantity of inventory financing model was built to solve the optimal financing quantity under a random fluctuation of market demand in view to the financing enterprises, in the case of achieving the minimum financing risk under reasonable proportion of stock, and discuss the impacts of financing terms, the loan-to-value rationed loan interest rates on the optimal financing quantity, as well as the influence of the probability of default, the bulk commodity production, circulation enterprises and modern logistics enterprises achieve the win-win goal of risk-sharing as well as benefit sharing.