关键词: 供应链金融, 存货质押融资, 质押物, 合约设计

Abstract: The paper studies the contract design for perishable products between the financial institution and the third logistics service provider. When the inventory is pledged, the effort level of 3PLs in supervision will affect the expected returns of the financial institution. As a result, the financial institution should give 3PLs an incentive contract to stimulate 3PLs to improve the effort level of his/her supervision. Given that the loss of inventory occurs in the period of pledge, the article builds up the fuctions of expected returns of the financial institution and 3PLs. Then the article analyses the features of the fixed payment and the inventive cofficient when the financing institution and 3PLs adopt the modes of consigning superision, joint operation, and unified credit cooperation. Subsequently, this paper derives the optimal effort level of superision in each mode. Finally, through a numerical example, the expected returns of the three modes are compared, and the influences of the loss rate, the effect cost coefficient, and the value realization coefficient on the decision variables are investigated. The results show that there is a critical value of the value realization coefficient. If the value realization coefficient is greater than the critical value, the total expected returns of the unified credit mode is the largest. If the value realization coefficient is less than the critical value, the total expected returns of the consigning superision mode is the largest.

Key words: supply chain financing, inventory financing, pledged goods, contract design