| After entering the 21 st century,on the one hand,small and medium-sized enterprises have been positioned as an important part of the main body of China’s market economy and are the forerunner and tester of China’s economic marketization reform.However,due to the small scale,narrow business scope,high competitive pressure in the industry,high operating risks,poor solvency or lack of integrity,SMEs often face the problems of single financing channel,high borrowing difficulty and high borrowing interest rate,which severely restrict their development.On the other hand,the intensification of competition in the banking industry has prompted banks to optimize their income structure and innovate financial products,and the traditional logistics industry is also in urgent need of industrial upgrading due to inefficient competition.Under such a background,innovative cooperative business between the financial industry and the logistics industry has brought favorable opportunities to all three,and the way of financing inventory and warehouse receipts as collateral is one of the innovative supply chain credit models that can solve the above problems through cooperation among the three main bodies: banks,logistics enterprises and borrowing enterprises.Although the inventory pledge loan business brings benefits to all parties involved,it will also face huge operational risks,especially the reasonable value decision of risk control index represented by pledge rate becomes the key factor for commercial banks to carry out inventory pledge loan business.Based on this background,this paper studies how to determine the optimal pledge rate when banks carry out dynamic inventory pledge financing business,in order to achieve the goal of maximizing expected returns under the condition of controllable risks.Firstly,it introduces some relevant theoretical knowledge of inventory pledge financing business,including concept characteristics,evolution process of business model,operation process,operation model and risk analysis,etc.Secondly,after analyzing the similarity between the dynamic inventory pledge financing process and Markov process,the nonlinear programming problem under nonlinear constraints is established by using Markov’s multi-step state transition probability theory to solve the optimal pledge rate.Finally,the sensitivity analysis of single parameter and two parameters is carried out for the pledge rate and expected return rate respectively.Finally,this paper summarizes the above analysis,and provides reference suggestions for banks to carry out dynamic inventory pledge financing business in terms of the tradeoff between risk control and income maximization.,and the future research direction is put forward. |
