Study On Dynamic Game Model And Loan-to-value Ratio Of Inventory Financing

Currently, the rapid development of the domestic logistics industry intensifiescompetition in the logistics industry and breaks the pattern of the traditional logisticsindustry. The combination of logistics and finance becomes a new d irection ofdevelopment, and now theoretical and applied research on logistics and finance is a hottopic. In the logistics and financial research, inventory financing gains a great deal ofdevelopment because of its good coordination of interests of the banks, logisticsenterprises and SMEs, and attracts more and more attention.Existing inventory financing researches focus on the concepts of logistics andfinancial, business models, services pricing and so on. Among them, quantitative researchis mainly reflected in terms of risk measurement. From this perspective, which thetripartite participants in inventory financing business influence each other, we introducedynamic game model to study the decisions of borrowing enterprises, banks and logisticscompanies. And considering inventory financing multi-objective optimization problem,we obtain the optimal decision of the tripartite participants. In this paper, we first establisha model framework for dynamic game. Based on the actual background we establish threedecision-making levels on regulatory fees of the logistics enterprises, the pledge of thebank and the inventory of the Borrower. By analyze the risk-benefit analysis model ofcompany and bank via backward induction to get the Borrower’s total optimal inventorydecision, we get the bank’s risk neutral and risk-averse optimal collateral rate decision. Atthe same time, we broaden the optimal decision conditions under different regulatoryapproach of the logistics enterprises. Finally, we assume the parameter values in theinventory financing and get the impact of different parameters on the optimal pledge rateof the bank by MATLAB. When inventory demand meets the uniform distribution ornormal distribution, the best pledge is negatively correlated with the pledge period, theinventory number and the corporate credit rating, positively related to the loan interestrate.