Abstract: Loss of the pledged goods reduces its market value, improves the risk of default of medium and small-sized enterprises(SMEs), and affects the expected revenue of all participants in the business. At the same time, SMEs can also make short-term investments in the capital markets in order to make a profit after deducting the various expenditures. Based on this, this paper sets up a decision model of inventory financing by assuming that the pledged goods are the loss of goods and SMEs have the demand of investment. We consider two situations: firstly, given the the financing rate of financing institutions, the model decides the optimal return on investment of SMEs and the optimal supervising effort level of logistics enterprises; secondly, given the return on investment of SMEs, the model decides the optimal financing rate of financing institutions and the optimal supervising effort level of logistics enterprises. The solution process of decision variables is simulated by numerical examples, and the sensitivity analysis proves the conclusions given in this article.

Key words: inventory financing, loss of goods, rate of return on investment, financing rate, supervising effort level

摘要： 质押物发生损耗会降低质押物的市场价值,增加中小企业的违约风险,影响质押融资业务参与方的期望收益。同时,中小企业从金融机构获得的资金在扣除各项支出后如有剩余,还可以在资本市场进行短期投资以获利。基于此,本文设定质押物为易损耗物品且中小企业存在投资需求,构建存货质押融资决策模型。考虑两种情形:首先,给定金融机构的融资利率,决策中小企业的最佳投资回报率和物流企业的最优监管努力水平;其次,给定中小企业的投资回报率,决策金融机构的最佳融资利率和物流企业的最优监管努力水平。通过数值算例模拟决策变量的求解过程,敏感性分析验证了文中所给结论。

关键词: 存货质押融资, 易损耗物品, 投资回报率, 融资利率, 监管努力水平