考虑流动性风险和价格风险的存货质押融资契约分析  

Analysis of Inventory Pledge Financing Contract Considering Liquidity Risk and Price Risk

作　　者：毕林生 鲍宪军 陈昶羲 李佳峰 BI Linsheng;BAO Xianjun;CHEN Changxi;LI Jiafeng(Advanced Technology&Materials Co.,Ltd.,Beijing 100081;Central University of Finance&Economics,Beijing 100081;China National Nuclear Industry Corporation,Beijing 100000;China Environmental Protection Corporation,Beijing 100081,China)

机构地区：[1]安泰科技股份有限公司,北京100081 [2]中央财经大学,北京100081 [3]中国核工业总公司,北京100000 [4]中国环保集团公司,北京100081

出　　处：《物流技术》2022年第10期96-100,111,共6页Logistics Technology

摘　　要：指出动产是公司在担保交易中主要的资产形式,充当重要的抵押物。存货质押作为供应链金融的创新业务,应该合理设计质押率,为金融机构和借款企业增加福利水平。基于此,从传统模型出发,引入价格风险和流动性风险,考虑内生违约的情况下,分析贷款利率,并进一步引入风险分担机制来改善银行的预期收益,以期为相关实践工作提供决策参考。The paper points out that chattel is the main form of a company's assets in guarantee transactions and can act as important collateral and that inventory pledge,as an innovative business of supply chain finance,shall have reasonable pledge rate to increase the benefit level for financial institutions and borrowing enterprises.On such basis,the paper starts from the traditional model,introduces in price risk and liquidity risk,and analyzes the loan interest rate in the case of endogenous default.Then,it further introduces the risk-sharing mechanism to improve the expected returns of banks in order to provide decision-making reference for relevant practice.

关 键 词：存货质押 流动性风险 价格风险 融资契约 质押率 风险分担 

分 类 号：F832.4[经济管理—金融学] F224