本文關(guān)鍵詞：核心企業(yè)回購下的存貨質(zhì)押融資決策問題研究　出處：《重慶交通大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：面對日趨激烈的市場競爭與質(zhì)押物價格風(fēng)險，傳統(tǒng)的存貨質(zhì)押融資業(yè)務(wù)受到了挑戰(zhàn)，銀行迫切需要開拓新的存貨質(zhì)押融資模式來擴展業(yè)務(wù)和控制貸款風(fēng)險。核心企業(yè)回購擔(dān)保下的存貨質(zhì)押融資業(yè)務(wù)是近幾年比較常用的質(zhì)押融資模式，該種模式通過核心企業(yè)的回購擔(dān)保行為，質(zhì)押物的流動性提高，借款企業(yè)償還銀行貸款的概率增加，，銀行的質(zhì)押風(fēng)險降低，因此這一業(yè)務(wù)模式受到很多銀行的青睞。 存貨質(zhì)押融資模式的轉(zhuǎn)變直接帶來的是參與方的增加，進(jìn)而是參與者決策的增加，由核心企業(yè)、銀行、物流和借款企業(yè)組成核心企業(yè)回購下的存貨質(zhì)押融資業(yè)務(wù)。依照業(yè)務(wù)模式流程，如何在參與者之間進(jìn)行利益分配以擴大整體的收益，同時又達(dá)到風(fēng)險控制的作用，這些都需要參與者做好關(guān)鍵指標(biāo)決策。因此本文力求在分析核心企業(yè)回購下存貨質(zhì)押融資模式的基礎(chǔ)上，定量化地分析探討模式中銀行質(zhì)押率決策與核心企業(yè)回購率決策問題，以求能夠達(dá)到風(fēng)險控制與平衡利益分配的作用。 本文研究核心企業(yè)回購下存貨質(zhì)押融資決策問題，將銀行與第三方物流企業(yè)作為利益共同體，考慮核心企業(yè)以回購形式為資金約束的借款企業(yè)提供擔(dān)保。首先構(gòu)建銀行下側(cè)風(fēng)險控制下的預(yù)期收益模型，推導(dǎo)出實際質(zhì)押率，并分析質(zhì)押率關(guān)于質(zhì)押物的市場需求分布特征；然后，進(jìn)一步考慮質(zhì)押物價格隨機波動下銀行的質(zhì)押率決策問題，揭示出質(zhì)押率與核心企業(yè)回購率之間的關(guān)系；最后，將質(zhì)押決策參與主體擴展到三方，構(gòu)建并分析了回購率對三者預(yù)期收益的影響，發(fā)現(xiàn)核心企業(yè)回購的不合理性，并用Nash協(xié)商均衡對回購率進(jìn)行定價研究，使其更加符合平等與原則。研究的相關(guān)結(jié)果能夠為開展核心企業(yè)回購下的存貨質(zhì)押融資業(yè)務(wù)風(fēng)險管理與利益分配提供參考。
[Abstract]:In the face of the increasingly fierce market competition and the risk of the price of pledge, the traditional inventory pledge financing business has been challenged. Banks urgently need to develop a new inventory pledge financing model to expand their business and control loan risk. The inventory pledge financing business under the core enterprise repurchase guarantee is the more commonly used pledge financing mode in recent years. Through the repurchase guarantee behavior of the core enterprise, the liquidity of the pledge is improved, the probability of the borrower to repay the bank loan is increased, and the bank pledge risk is reduced. So this business model is favored by many banks. The change of inventory pledge financing mode directly brings about the increase of participants, and then the increase of decision making by the core enterprises and banks. Logistics and borrowing enterprises form the inventory pledge financing business under the core enterprise repurchase. According to the business model process, how to distribute the benefits among the participants in order to expand the overall income. At the same time, to achieve the role of risk control, these need participants to make a good decision on key indicators. Therefore, this paper tries to analyze the core enterprise repurchase under the inventory pledge financing model on the basis of. In order to achieve the function of risk control and balanced benefit distribution, the decision of bank pledge rate and core enterprise repurchase rate in the model is analyzed quantitatively. This paper studies the financing decision of inventory pledge under the core enterprise repurchase, taking the bank and the third party logistics enterprise as the interest community. Considering that the core enterprises provide guarantee for the loan enterprises with capital constraint in the form of repurchase. Firstly, the expected income model under the control of the bank's lower risk is constructed, and the actual pledge rate is deduced. And analyzes the characteristics of the market demand distribution of the pledge rate. Then, the relationship between the pledge rate and the repurchase rate of the core enterprises is revealed by considering the decision of the bank's pledge rate under the stochastic fluctuation of the pledge price. Finally, the main body of pledge decision is extended to three parties, and the influence of repurchase rate on the expected income is analyzed, and the irrationality of core enterprise repurchase is found. The pricing of repurchase rate is studied with Nash negotiation equilibrium. The research results can provide a reference for the risk management and benefit distribution of inventory pledge financing business under the core enterprise repurchase.
【學(xué)位授予單位】：重慶交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.4

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