存货授信模式下物流企业的风险研究

发布时间：2019-02-11 19:47

【摘要】：物流金融作为一种新型的融资业务模式,备受物流企业、融资企业和银行的关注。存货授信模式是物流金融最主要的运作模式之一,为处于融资困境中的融资企业和发展困境中的物流企业提供了契机。它有利于物流企业拓展服务范围,有利于融资企业以更低的融资成本和更高的融资效率获得可观的融资资金,有利于化解银行等金融机构的放贷难题和降低放贷风险。本文从物流企业在业务经营中所面临的风险出发,以风险管理理论和博弈理论为基础,分析了存货授信模式的内涵、运作流程、运作风险,并分析了物流企业的风险特征和风险管理流程,从质押物风险、操作风险、监管风险、信用风险、法律与环境风险五个方面论述了物流企业在业务经营中所面临的风险,并建立了物流企业的风险评价指标体系,利用层次分析法并结合具体实例计算了物流企业各风险指标所占的权重,因此,在风险管理的过程中,应充分考虑各风险指标之间的关联性和权重,有针对性的预防和控制风险。针对银行与物流企业之间的授信风险,以银行的期望收益率和物流企业期望成本率为目标函数,通过分析物流企业抵押率和银行贷款利率之间的关系,分析物流企业在业务经营中所面临的风险。结果表明,物流企业抵押率对银行贷款利率的边际替代率随着物流企业主观违约率的增大而减小,物流企业的努力程度直接影响主观违约率。针对物流企业与融资企业之间的博弈风险,从物流企业和贷款企业的有限理性角度出发,引入欺骗收益、监管成本等参数,建立风险博弈模型,利用博弈理论和决策均衡理论进行分析。结果表明,物流企业对融资企业监督的概率与融资企业因欺诈而获得的收益、融资企业的美化成本、融资企业因诚信而带来的收益和因欺诈而造成的损失等因素有关。本文的研究为存货授信业务的风险管理提供了一定的理论依据和实践指导,具有一定的借鉴意义。
[Abstract]:As a new financing business model, logistics finance has attracted the attention of logistics enterprises, financing enterprises and banks. Inventory credit model is one of the most important operating modes of logistics finance, which provides an opportunity for financing enterprises in financing difficulties and logistics enterprises in developing difficulties. It is helpful for logistics enterprises to expand the scope of their services, for financing enterprises to obtain considerable financing funds with lower financing costs and higher financing efficiency, for resolving lending problems and reducing lending risks for financial institutions such as banks. Based on risk management theory and game theory, this paper analyzes the connotation, operation process and operation risk of inventory credit mode. It also analyzes the risk characteristics and risk management process of logistics enterprises, discusses the risks faced by logistics enterprises in business operation from five aspects: pledge risk, operational risk, supervision risk, credit risk, legal risk and environmental risk. The risk evaluation index system of logistics enterprise is established, and the weight of each risk index of logistics enterprise is calculated by using AHP and concrete examples. Therefore, in the process of risk management, The relevance and weight of each risk index should be fully considered to prevent and control the risk. Aiming at the credit risk between the bank and the logistics enterprise, taking the expected rate of return of the bank and the expected cost rate of the logistics enterprise as the objective function, this paper analyzes the relationship between the mortgage rate of the logistics enterprise and the interest rate of the bank loan. This paper analyzes the risks faced by logistics enterprises in their business operations. The results show that the marginal substitution rate of mortgage ratio to bank loan interest rate decreases with the increase of subjective default rate of logistics enterprises, and the degree of effort of logistics enterprises directly affects the subjective default rate. Aiming at the game risk between the logistics enterprise and the financing enterprise, from the point of view of the limited rationality of the logistics enterprise and the loan enterprise, the paper establishes the risk game model by introducing the parameters such as cheating income, supervision cost and so on. Game theory and decision equilibrium theory are used to analyze. The results show that the probability of logistics enterprises' supervision over financing enterprises is related to the income of financing enterprises due to fraud, the beautification cost of financing enterprises, the profits of financing enterprises caused by good faith and the losses caused by fraud. The research in this paper provides some theoretical basis and practical guidance for the risk management of inventory credit business.
【学位授予单位】：武汉理工大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F272.3;F259.23

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