考虑质押物损耗的存货质押融资合约设计

发布时间：2018-01-15 23:13

本文关键词：考虑质押物损耗的存货质押融资合约设计　出处：《运筹与管理》2017年11期 　论文类型：期刊论文

【摘要】：研究易损耗物品质押融资中金融机构与第三方物流服务供应商(Third Party Logistics Service Provider,3PLs)的合约设计问题。在存货被质押期间,3PLs的监管付出程度会对金融机构的期望收益产生影响。因此,金融机构应赋予3PLs一份激励合约,以刺激3PLs提高监管努力水平。考虑存货在质押期间发生损耗的基础上,建立金融机构与3PLs进行合作的期望收益函数,分析金融机构与3PLs采用委托监管、共同经营及统一授信等模式时的固定支付与激励系数特征,推导每种模式下3PLs的最优监管努力水平。通过数值算例对三种模式下的期望收益水平进行比较,并考察损耗率、努力成本系数和价值变现系数变动对决策变量的影响。结果表明:价值变现系数存在一个临界值,当价值变现系数小于该临界值时,统一授信模式的总期望收益最大;而当价值变现系数大于该临界值时,委托监管模式的总期望收益最大。
[Abstract]:This paper studies the third Party Logistics Service Provider between financial institutions and third-party logistics service providers in pledge financing of lossy goods. 3PLs) contract design issues. The extent to which 3PLs are regulated during inventory pledge will have an impact on the expected return of financial institutions. Therefore, financial institutions should give 3PLs an incentive contract. In order to stimulate 3PLs to improve the level of regulatory efforts, considering the loss of inventory during the pledge period, the expected return function of the cooperation between financial institutions and 3PLs is established. This paper analyzes the characteristics of fixed payment and incentive coefficient when financial institutions and 3PLs adopt the mode of entrustment supervision, joint operation and unified credit granting. The optimal regulatory effort level of 3PLs in each model is derived. The expected income levels in the three modes are compared by numerical examples and the loss rate is investigated. The result shows that there is a critical value in the coefficient of value realization, when the coefficient of value realization is less than the critical value. The total expected income of the unified credit model is the largest; When the value realization coefficient is greater than the critical value, the total expected income of the entrustment supervision model is the largest.
【作者单位】：安徽工程大学管理工程学院;重庆大学经济与工商管理学院;
【基金】：国家自然科学基金面上项目(71671001,71672015) 安徽省自然科学基金青年项目(1708085QG168) 安徽省高校人文社科研究重点项目(SK2016A0121,SK2016A0108) 安徽工程大学校级国家资金预研项目(2016zzyr09)
【分类号】：F259.23;F832
【正文快照】： 0引言中小企业在国民经济建设中扮演的角色非常关键,然而中小企业在经营过程中还面临着许多困难,如融资难题就成为中小企业迅速崛起的“拦路虎”。学术界也曾给出一些具体的建议和方法,如建立中小企业信用担保机构、完善资本市场、出台相关优惠政策等[1]。虽然这些建议及方法

【相似文献】