关键词: 物流金融, 存货质押融资, 耗损率, 质押率, 耗损改善激励

Abstract: To study the impact of inventory deterioration on the decision-making parties under stochastic demand, an inventory financing system composed of a single bank, a small and medium enterprise and a third-party logistics enterprise(TPL)is established. In considering the downside risk constraint of the bank and repayment capacity of enterprise, a model is constructed with the target of bank’s profit maximization. The effects on loan-to-value ratio and profit of bank, initial deterioration rate, incentive coefficient, deterioration reducing coefficient and market demand, are analyzed through rich mathematical methods. The research conclusions are as follows. (1)Bank’s profit is negatively correlated with inventory deterioration rate. Bank will have an incentive to drive TPL to improve service levels and reduce the deterioration rate.(2)It is good for the bank to improue the loan-to-value ratio and enrich the selection of pledges that the bank motivates TPL to reduce deterioration rate. (3)Only when the initial deterioration rate exceeds a certain limit, will the additional revenue be higher than incentive costs brought by bank’s incentive behavior. Finally, the numerical study demonstrates the above conclusions. It provides insight for the bank’s inventory financing decision.

Key words: logistics finance, inventory financing, deterioration rate, loan-to-value ratio, deterioration reducing incentive