基于存货质押贷款的物流金融服务契约研究
摘要
国内物流业的迅速发展导致了竞争的加剧。传统货运仓储业务的利润受到极大地挤压,将物流与金融结合到一起的物流金融因为具有较高的附加值而成为物流企业追逐的新的利润源泉。物流金融联结了银行、物流企业和贷款企业三方的利益,银行和物流企业合作为贷款企业提供新的资金来源。
目前物流金融正成为物流学界研究的热点。众多学者对其进行了多方的研究,但基本上都是在定性研究的层面上,如主要探讨物流金融的优点与模式,而在定量层面上的研究鲜有所见。正是由于定量研究的滞后,给物流金融服务的推广带来了制约,如何在物流金融服务参与各方之间进行利益分配以扩大整体的福利显得尤为重要。基于这种情形,本文力求在分析现有物流金融模式基础上,以契约形式来定量地分析探讨物流金融服务中定价的相关因素,以求能解决利益分配中呈现的诸多问题。
本文将物流金融服务参与方分为信贷方和贷款方,其中银行和物流企业作为统一信贷方(不考虑它们之间的利益分配),资金需求的中小企业作为服务贷款方。本文先对现有的物流金融服务模式进行总结和分析,引入经济学的分析方法,综合考虑服务参与方的成本和收益来构建效用函数,先固定贷款折扣率,以贷款利率为自变量,通过最大化信贷方的收益来求解方程,分析在不同的契约下双方收益的分配情况,从而探究优化的契约模型,并给出该模型下的最优解,同时分析贷款利率和贷款折扣率的替代关系。结合案例,研究在存货质押物流金融模式下,给定参数条件下的契约模型模拟情况,给出贷款利率和贷款折扣率的数值解空间,比较不同契约模型的优缺点,为信贷方的物流金融服务定价提供参考。
The rapid development of the domestic logistics industry aggravates the competition environment. The traditional logistic service is facing a hard situation, Logistics-finance, with its higher append-value and perfectly performance in both logistics and finance, is now becoming more and more popular. Logistics-finance bring profit to all the participants—bank, logistics company and the company who Applies for loans. Thanks for logistics-finance, companies who need money find a new financing channel.
Logistics-finance is now a hot point in the logistic theoretic research field. Many scholars did their research by different way, but they have something in common--their researches are all qualitative. For example, they discussed the benefits and models that a logistics-finance have. Quantificational researches can rarely be seen. Because of the lag of quantificational researches, logistics-finance meets some problem in its developing way. This make it a critical problem that how to distribute the profit.
In order to solve this problem, this paper will do the quantificational researches by the way of contracts .In this paper, participants in the logistics-finance service are divide into tow sides, one is the ones who provide the service—banks and logistics companies who lend the money, the other is ones who receive the service—the companies who borrow the money. This paper make a summarize of logistics-finance at first, then take the participants' cost and benefits into consideration to obtain the goal function. In the analyzing part, loan discount rate will be fixed first. Then both sides' benefits would be discussed under the variable of loan rate, the loan rate where service provider's benefit is maximized will be found. Marginal-substitute-rate will also be calculated. With the case study in inventory pledge loan logistics-finance model, this paper discusses the three models under the given parameters and tries to find the numerical solution. Then this paper will compare the advantages and disadvantages of different contractual model and give some advice to the logistics-finance participants.
目前物流金融正成为物流学界研究的热点。众多学者对其进行了多方的研究,但基本上都是在定性研究的层面上,如主要探讨物流金融的优点与模式,而在定量层面上的研究鲜有所见。正是由于定量研究的滞后,给物流金融服务的推广带来了制约,如何在物流金融服务参与各方之间进行利益分配以扩大整体的福利显得尤为重要。基于这种情形,本文力求在分析现有物流金融模式基础上,以契约形式来定量地分析探讨物流金融服务中定价的相关因素,以求能解决利益分配中呈现的诸多问题。
本文将物流金融服务参与方分为信贷方和贷款方,其中银行和物流企业作为统一信贷方(不考虑它们之间的利益分配),资金需求的中小企业作为服务贷款方。本文先对现有的物流金融服务模式进行总结和分析,引入经济学的分析方法,综合考虑服务参与方的成本和收益来构建效用函数,先固定贷款折扣率,以贷款利率为自变量,通过最大化信贷方的收益来求解方程,分析在不同的契约下双方收益的分配情况,从而探究优化的契约模型,并给出该模型下的最优解,同时分析贷款利率和贷款折扣率的替代关系。结合案例,研究在存货质押物流金融模式下,给定参数条件下的契约模型模拟情况,给出贷款利率和贷款折扣率的数值解空间,比较不同契约模型的优缺点,为信贷方的物流金融服务定价提供参考。
The rapid development of the domestic logistics industry aggravates the competition environment. The traditional logistic service is facing a hard situation, Logistics-finance, with its higher append-value and perfectly performance in both logistics and finance, is now becoming more and more popular. Logistics-finance bring profit to all the participants—bank, logistics company and the company who Applies for loans. Thanks for logistics-finance, companies who need money find a new financing channel.
Logistics-finance is now a hot point in the logistic theoretic research field. Many scholars did their research by different way, but they have something in common--their researches are all qualitative. For example, they discussed the benefits and models that a logistics-finance have. Quantificational researches can rarely be seen. Because of the lag of quantificational researches, logistics-finance meets some problem in its developing way. This make it a critical problem that how to distribute the profit.
In order to solve this problem, this paper will do the quantificational researches by the way of contracts .In this paper, participants in the logistics-finance service are divide into tow sides, one is the ones who provide the service—banks and logistics companies who lend the money, the other is ones who receive the service—the companies who borrow the money. This paper make a summarize of logistics-finance at first, then take the participants' cost and benefits into consideration to obtain the goal function. In the analyzing part, loan discount rate will be fixed first. Then both sides' benefits would be discussed under the variable of loan rate, the loan rate where service provider's benefit is maximized will be found. Marginal-substitute-rate will also be calculated. With the case study in inventory pledge loan logistics-finance model, this paper discusses the three models under the given parameters and tries to find the numerical solution. Then this paper will compare the advantages and disadvantages of different contractual model and give some advice to the logistics-finance participants.
引文
1 数据来源:刘士宁.供应链金融发展现状与风险防范[J].中国物流与采购,2007,(7).
1 数据来源:http://zxqys.ndrc.gov.cn/gzdt/t20080229_195064.htm
1 摘自广发银行网站:http://www.gdb.com.cn/comminfo/company/contents.jsp?c=company/Ioan/loan_O2.htm
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1 数据来源:http://zxqys.ndrc.gov.cn/gzdt/t20080229_195064.htm
1 摘自广发银行网站:http://www.gdb.com.cn/comminfo/company/contents.jsp?c=company/Ioan/loan_O2.htm
[1]Albea,R.K.Economic Aspects of Inventory and Receivable Financing[J].Law and Contemporary Problems,1948,13(4):566-578
[2]Allen,B.N.& Gregory,U.F.The economics of small business finance:the roles of private equity and debt markets in the financial growth cycle[J].Journal of Banking & Finance,1998,(22):613-673
[3]Barnett,W.What's in a name-A brief overview of asset-based lending[J].The Secured lender,1997,53(6):80-82
[4]Buzacott,J.A.& Zhang,R.Q.Inventory Management with Asset-Based Financing[J].Management Science,2004,24:1274-1292
[5]Clarke P.D.Inventory lending:Is that difficult?[J].The Secured Leader,2001,1:64-68
[6]Cossin,D.& Hricko,T.A structural analysis of credit risk with risky collateral:a methodology for haircut determination[J].Ecomomic Notes,2003,32(2):243-282
[7]Cossin,D.,Huang,Z.& Aunorr,N.D.A framework for collateral Risk control determination[Z].Working paper,european central bank working paper series,2003,1:147
[8]David,B.Logistics financiers[J].The Journal of Commerce,2004,(4):40-42
[9]Drewin,N.V.Staged financing:an agency perspective[J].Review of Economics Studies,1999,(66):255-274
[10]Don P.H.& Craig A.H.Differential pricing of industrial services:the case of inventory financing[J].Journal of Business & Industrail Marketing,1999,14(1):7-16
[11]Duffie,D.& Singleton,K.Modeling term structure of defaultable bonds[J].Review of Financial Studies,1999,12:687-720
[12]Eisenstadt,M.A finance company's approach to warehouse receipt loans[J].New York Certified Public Accountant,1966,(36):661-670
[13]Gonzalo,G,Mariana,B.& Luis,P.A holistic framework for short-term supply chain management integrating production and corporate financial plan[J].International Journal o f Production Economics,2007,106:288-306
[14]Harold,B.F.Form and substance in field warehousing[J].Law and Contemporary Problems,1948,13(4):579-592
[15]Jarrow,R.,Lando,D.& Yumbull,S.Markov model for the term structure of credit risk spreads[J].Review of Financial Studies,1997,10(2):481-523
[16]Jarrow,R.& Turnbull,S.Pricing derivatives on financial securities subject to credit risk[J].Journal of Finance,1995,50(1):53-85
[17]Jokivuolle,E.& Peura,S.Incorporating collateral value uncertainty in loss given default estimates and loan-to-value ratios[J].European Financial Management,2003,9(3):299-314
[18]MacDonald,R.S.Avoid losses in industrial inventory loans[J].The Secured Leader,2006,4:12-39
[19]Matthesen,T.Inventory financing:Is your company a candidate?[J].Apparel Industry,1998,59(10):81-82
[20]Merton,R.On the pricing of corporate debt:the risk structure of interest rates[J].The Journal of Finance,1974,49:449-470
[21]Neville,G.Inventory financing:everything you need to know but were too afraid to ask[J].The Secured Leader,2008,2:46-50
[22]Rafael,R.& Javier,S.Venture capital finance:A security design approach[J].Review of finance,2004,8:75-108
[23]Stulz,R.& Johnson,H.An analysis of secured debt[J].Journal of Financial Economics.1985,14:501-521
[24]Zhang,R.Q.Inventory management with asset-based financing[J].Management Science,2004.9.
[25]曹静.论我国专业物流金融公司的建立:UPS的启示[J].上海金融,2005,(6):13-14
[26]陈宝峰,冯耕中,李毅学.存货质押融资业务的价值风险度量[J].系统工程,2007,(10).:21-26
[27]陈淮.关于物资银行的设想[J].中国工业经济,1987,(3)
[28]陈雷.物流金融:解决中小企业融资困境的创新途径[D].硕士学位论文,西南财经大学,2007
[29]陈祥锋,石代伦和朱道立等.仓储与物流中的金融服务创新系列讲座之一融通仓的由来、概念和发展[J].物流技术与应用,2005,(11):134-137
[30]陈祥锋,石代伦和朱道立等.仓储与物流中的金融服务创新系列讲座之二 融通仓系统结构研究[J].物流技术与应用,2005,(12):103-106
[31]陈祥锋,石代伦和朱道立等.仓储与物流中的金融服务创新系列讲座之三融通仓运作模式研究[J].物流技术与应用,2006,(1):97-99
[32]陈祥锋,朱道立.现代物流金融服务创新——金融物流[J].物流技术,2005,(3):4-15
[33]陈祥锋,石代伦,朱道立.仓储与物流中的金融服务创新系列讲座之五 金融供应链与融通仓服务[J].物流技术与应用,2006,(3):93-95
[34]储雪俭.初探物流金融的经济学原理[J].物流技术,2006,(5).102-104
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