Research On The Risk Of Logistics Enterprise Based On Warehouse Receipt Pledging

The development of enterprises is supported by logistics, the information flow and the capital flow,especially the Small and medium-sized enterprises,they always hard financing because of their unperfected credit system,the irregular financial statements and small-scale, which restrict the development of them and made the capital chain of enterprises fracture. At the same time, with the top logistics enterprises'advent, the domestic TPL which still in the development period are facing unprecedented pressure. Logistics finance arises at the historic moment. It has a history of two hundred years; the relevant system and technology are mature, while in china, the logistics finance are still in initial stage.Warehouse receipts pledging is one of the main mode of logistics finance and a new integrated services of modern logistics and finance. In this mode,the logistics enterprises take charge of the borrowers'products and make the warehouse receipts with which the borrowers could apply for a loan to the banks, realizing their scale operation and expanding development. The bank could loan to the borrowers for the TPL supervises the pledges. For the logistics enterprises,warehouse receipt pledging increases their added value , promotes enterprise comprehensive value and competitiveness,stabilities and attracts more customers and strengthens the alliance relationship with the bank. At the same time however, logistics enterprises are facing a lot of problems and risks.This paper starts from the theoretical basis of warehouse receipt pledging, introducing the concept,connotation and operational processes,discussing several typical modes and the domestic situation of warehouse receipt pledging. On the base of risk theoretical, the paper comprehensively discussions the risks of the warehouse receipt pledging of logistics enterprises, putting forward corresponding strategies of the risks. The logistics enterprises face more market risks because they turn from traditional warehousing enterprises to modern logistics enterprises. This paper quantitative the market risks by VaR, selecting spiral steels'average price of everyday nationally, calculating VaR by history simulation method and introduces history attenuation factor to improve the model that makes the results more reasonable.Finally, this paper sums up the problems of risks management of logistics enterprises, putting forward the strategies and recommendations of risk management by VaR for the logistics enterprises , proposing some suggestions against the risks in logistics finance transactions in order to contribute to the research in warehouse receipt pledging risk management in the future.