【摘要】：物流金融作為一種新型的融資業(yè)務(wù)模式,備受物流企業(yè)、融資企業(yè)和銀行的關(guān)注。存貨授信模式是物流金融最主要的運(yùn)作模式之一,為處于融資困境中的融資企業(yè)和發(fā)展困境中的物流企業(yè)提供了契機(jī)。它有利于物流企業(yè)拓展服務(wù)范圍,有利于融資企業(yè)以更低的融資成本和更高的融資效率獲得可觀的融資資金,有利于化解銀行等金融機(jī)構(gòu)的放貸難題和降低放貸風(fēng)險。本文從物流企業(yè)在業(yè)務(wù)經(jīng)營中所面臨的風(fēng)險出發(fā),以風(fēng)險管理理論和博弈理論為基礎(chǔ),分析了存貨授信模式的內(nèi)涵、運(yùn)作流程、運(yùn)作風(fēng)險,并分析了物流企業(yè)的風(fēng)險特征和風(fēng)險管理流程,從質(zhì)押物風(fēng)險、操作風(fēng)險、監(jiān)管風(fēng)險、信用風(fēng)險、法律與環(huán)境風(fēng)險五個方面論述了物流企業(yè)在業(yè)務(wù)經(jīng)營中所面臨的風(fēng)險,并建立了物流企業(yè)的風(fēng)險評價指標(biāo)體系,利用層次分析法并結(jié)合具體實(shí)例計算了物流企業(yè)各風(fēng)險指標(biāo)所占的權(quán)重,因此,在風(fēng)險管理的過程中,應(yīng)充分考慮各風(fēng)險指標(biāo)之間的關(guān)聯(lián)性和權(quán)重,有針對性的預(yù)防和控制風(fēng)險。針對銀行與物流企業(yè)之間的授信風(fēng)險,以銀行的期望收益率和物流企業(yè)期望成本率為目標(biāo)函數(shù),通過分析物流企業(yè)抵押率和銀行貸款利率之間的關(guān)系,分析物流企業(yè)在業(yè)務(wù)經(jīng)營中所面臨的風(fēng)險。結(jié)果表明,物流企業(yè)抵押率對銀行貸款利率的邊際替代率隨著物流企業(yè)主觀違約率的增大而減小,物流企業(yè)的努力程度直接影響主觀違約率。針對物流企業(yè)與融資企業(yè)之間的博弈風(fēng)險,從物流企業(yè)和貸款企業(yè)的有限理性角度出發(fā),引入欺騙收益、監(jiān)管成本等參數(shù),建立風(fēng)險博弈模型,利用博弈理論和決策均衡理論進(jìn)行分析。結(jié)果表明,物流企業(yè)對融資企業(yè)監(jiān)督的概率與融資企業(yè)因欺詐而獲得的收益、融資企業(yè)的美化成本、融資企業(yè)因誠信而帶來的收益和因欺詐而造成的損失等因素有關(guān)。本文的研究為存貨授信業(yè)務(wù)的風(fēng)險管理提供了一定的理論依據(jù)和實(shí)踐指導(dǎo),具有一定的借鑒意義。
[Abstract]:As a new financing business model, logistics finance has attracted the attention of logistics enterprises, financing enterprises and banks. Inventory credit model is one of the most important operating modes of logistics finance, which provides an opportunity for financing enterprises in financing difficulties and logistics enterprises in developing difficulties. It is helpful for logistics enterprises to expand the scope of their services, for financing enterprises to obtain considerable financing funds with lower financing costs and higher financing efficiency, for resolving lending problems and reducing lending risks for financial institutions such as banks. Based on risk management theory and game theory, this paper analyzes the connotation, operation process and operation risk of inventory credit mode. It also analyzes the risk characteristics and risk management process of logistics enterprises, discusses the risks faced by logistics enterprises in business operation from five aspects: pledge risk, operational risk, supervision risk, credit risk, legal risk and environmental risk. The risk evaluation index system of logistics enterprise is established, and the weight of each risk index of logistics enterprise is calculated by using AHP and concrete examples. Therefore, in the process of risk management, The relevance and weight of each risk index should be fully considered to prevent and control the risk. Aiming at the credit risk between the bank and the logistics enterprise, taking the expected rate of return of the bank and the expected cost rate of the logistics enterprise as the objective function, this paper analyzes the relationship between the mortgage rate of the logistics enterprise and the interest rate of the bank loan. This paper analyzes the risks faced by logistics enterprises in their business operations. The results show that the marginal substitution rate of mortgage ratio to bank loan interest rate decreases with the increase of subjective default rate of logistics enterprises, and the degree of effort of logistics enterprises directly affects the subjective default rate. Aiming at the game risk between the logistics enterprise and the financing enterprise, from the point of view of the limited rationality of the logistics enterprise and the loan enterprise, the paper establishes the risk game model by introducing the parameters such as cheating income, supervision cost and so on. Game theory and decision equilibrium theory are used to analyze. The results show that the probability of logistics enterprises' supervision over financing enterprises is related to the income of financing enterprises due to fraud, the beautification cost of financing enterprises, the profits of financing enterprises caused by good faith and the losses caused by fraud. The research in this paper provides some theoretical basis and practical guidance for the risk management of inventory credit business.
【學(xué)位授予單位】：武漢理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F272.3;F259.23

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本文編號：2420047