动产质押担保贷款物流金融模型研究
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摘要
国内物流业的迅速发展导致了竞争的加剧,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研究热点领域。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,站在信贷方的视角,研究最优贷款策略,以求能解决利益分配中呈现的诸多问题。
本文运用抽象动态质押条件下的两种情形,重点探讨质押物市场风险对贷款利率等变量的影响,并给出在一定的市场风险和贷款折扣率下的最优贷款利率。由于本研究具有可扩展性并借鉴了一般的动产质押担保贷款的研究思路和成果,将其运用到动态质押这一物流金融新研究领域。同时,本论文也给出了发展动产质押担保物流金融服务的若干建议。
The rapid development of the domestic logistics industry aggravates the competition environment. 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.
This paper applies two cases under the condition of abstract dynamic pledge, deduces the objective function according to advanced mathematics, simplifies the pricing problem by the use of contracts perspective, assumptions and setting of the boundary conditions, focuses on the effect of market risk in pledge to interest rate, and gives the best lending rate under a certain market risk and credit discount rate. Because of extensibility and drawing on research ideas and results of a general pledge of movable and collateral loan, this research applies it to a new logistics-financial area----dynamic pledge. At the same time, this paper also propose some suggestions about developing pledge of movable and collateral Logistics-financial service.
目前物流金融正成为物流研究热点领域。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,站在信贷方的视角,研究最优贷款策略,以求能解决利益分配中呈现的诸多问题。
本文运用抽象动态质押条件下的两种情形,重点探讨质押物市场风险对贷款利率等变量的影响,并给出在一定的市场风险和贷款折扣率下的最优贷款利率。由于本研究具有可扩展性并借鉴了一般的动产质押担保贷款的研究思路和成果,将其运用到动态质押这一物流金融新研究领域。同时,本论文也给出了发展动产质押担保物流金融服务的若干建议。
The rapid development of the domestic logistics industry aggravates the competition environment. 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.
This paper applies two cases under the condition of abstract dynamic pledge, deduces the objective function according to advanced mathematics, simplifies the pricing problem by the use of contracts perspective, assumptions and setting of the boundary conditions, focuses on the effect of market risk in pledge to interest rate, and gives the best lending rate under a certain market risk and credit discount rate. Because of extensibility and drawing on research ideas and results of a general pledge of movable and collateral loan, this research applies it to a new logistics-financial area----dynamic pledge. At the same time, this paper also propose some suggestions about developing pledge of movable and collateral Logistics-financial service.
引文
[1]陈宝峰,冯耕中、李毅,存货质押融资业务的价值风险度量[J],系统工程,2007,(10)
[2]陈雷,物流金融：解决中小企业融资困境的创新途径,硕士学位论文,西南财经大学,2007
[3]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融通仓的由来、概念和发展[J),物流技术与应用,2005,(11)(12),2006,(1)
[4]储雪俭,初探物流金融的经济学原理,物流技术,2006,(5)
[5]顾利民,魏建峰,存货质押贷款：风险防范新措施[J].农村金融研究,2001,(5)
[6]胡愈,柳思维,物流金融及其运作问题讨论综述[J],经济理论与经济管理,2008,(2)
[7]黄湘民,陈雪松.我国物流金融业务的实践[J],物流技术与应用,2008,(1)
[8]李娟,徐渝,冯耕中,基于存货质押融资的联盟式银行职能外包最优决策研究[J],运筹与管理,2007,(2)
[9]李娟,徐渝和冯耕中,基于存货质押融资业务的博弈分析[J],生产力研究,2007,(20)
[10]李毅学,何宗平和冯耕中等,我国存货质押融资业务的发展及对策[J],统计与决策,2007
[11]李毅学,冯耕中和徐渝.价格随机波动下存货质押融资业务质押率研究[J],系统工程理论与实践,2007
[12]李毅学,徐渝和冯耕中等.标准存货质押融资业务贷款价值比率研究[J],运筹与管理,2006,(6)
[13]李毅学,徐渝和冯耕中等.重随机泊松违约概率下库存商品融资业务贷款价率研究[J],中国管理科学,2007,(1)
[14]李毅学,徐渝和王非.存货质押融资业务中外比较分析及案例研究[J],商业经济与管理,2007,(7)
[15]刘士宁.供应链金融的发展现状与风险防范[J],中国物流与采购,2007,(7)
[16]马文姬,顾幼瑾,国内物流金融理论研究文献综述[J],时代金融,2008,(1)
[17]山固固,物流金融业务风险研究[D],硕士学位论文,大连海事大学,2007
[18]徐招玺,基于存货质押贷款的物流金融服务契约研究[D],硕士学位论文,浙江大学,2008
[19]熊小芬,物流金融业务模式及风险管理研究[D],硕士学位论文,武汉理工大学,2007
[20]曾文琦,商业银行仓单质押贷款研究[D],硕士学位论文,厦门大学,2006
[21]赵晶晶,物流金融理论下商业银行信用风险管理研究[J],金融纵横,2007,(3)
[22]邹小芫、唐元琦,物流金融浅析[J],浙江金融,2004,(5)
[23]朱文贵、朱道立和徐最,延迟支付方式下的存货质押融资服务定价模型[J],系统工程理论与实践,2007,(12)
[24]任文超,最具前景的获利方式—现代物流的资本运作,2004年中国物流创新大会讲座
[25]冯耕中,库存商品融资及其风险控制,2004年中国物流创新大会讲座
[26]上海银监局警示：严防动产质押贷款风险,2005年《交通银行》
[27]梅强、谭中明等,中小企业信用担保理论、模式及政策,2002年,经济管理出版社
[28]铭可达动产质押监管服务项目书,04年,中远物流
[29]陆伟民,人工智能技术及应用,2002年,同济大学出版社
[30]王春峰等,基于神经网络技术的商业银行信用风险评估,1999,系统工程理论与实践
[31]王颖琦.物流保险物流金融大潮初起方兴未艾[J].中国物流与采购,2005,(4)
[32]任杰,汤齐,杨宇。物流金融服务对中小企业融资的现实意义[J].物流业研究
[33]刘青。中小企业利用物流金融的策略[J].创新科技
[34]马林,张翠华。我国第三方物流业发展的思考[J].冶金经济与管理
[35]刘高勇,网络环境下企业物流与资金流的融合及其模型研究[J].情报科学,2004,(3)
[36]杨太伦,叶怀珍.我国国际物流运作模式探讨[J].铁道运输与经济,2006,(8)
[37]姚可敏。我国物流业的现状、前景及对策探讨[J].法制与社会
[38]周荛阳,邓金娥。银行从事物流金融运作模式初探[J].物流科技
[39]姚可敏。我国物流业的现状、前景及对策探讨[J].法制与社会
[40]Bob Bernabucci,Helping Customers Cure Cash-Flow Ills Through Better Supply Chain Management[J].The Secured Lender,2005.11
[41]Kihlstrom,R.,Romer,D.and Williams,S.,Risk Aversion with Random Initial Wealth[J]. Econometnca,1981.49
[42]Leland,H.and Pyle,D.,Informational Asymmetries,Financial Structure,and Financial Intermediation[J]. Journal of Finance,1977,32
[43]Cetin Ciher.Information Contest of Volume:An Investigation of Tokyo Commodity Futures Markets[J].Pacific-Basin Finance Journal,2002.10
[44]Coulter,G Onumal,The Role of Warehouse Receipt Systems in Enhanced commodity Marketing and Rural Livelihoods in Africa[J].Food Policy,2002.27
[45]Bob Bernabucci,Improving dour Cash Flow Problems[J].Entrepreneur,2005.8
[46]David Biederman,Logistics financiers[J].Journal of Commerce,2004.1
[47]Samuelson,P.,Risk and Uncertainty:A Fallacy of Large Numbers[J].Scientia,1963
[48]Albea R.K. Economic Aspects of Inventory and Receivable Financing[J]. Law and Contemporary Problems,1948,13(4)
[49]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], Jounal of Banking& Finance,1998, (22)
[50]Barnett, W. What's in a name-A brief overview of asset-based lending[J], The Secured lender,-1997, 53(6)
[51]Clarke P.D. Inventory lending:Is that difficult?[J]. The secured leader,2001,1
[52]Harold B.F. From and substance in field warehousing[J]. Law and Contemporary Problems,1948,13
[53]Matthesen T. Inventory financing:Is your company a candidate?[J]. Apparel Industry,1998,59
[54]Neville G Inventory financing:everything you need to know but were too afraid to ask[J]. The Secured Leader,2008,2
[55]Rafael R.& Javier S. Venture capital finance:A security design approach[J], Review of finance,2004, 8
[56]Stulz R.& Johnson, H. An analysis of secured bebt[J], Journal of Financial Economics,1985,14
[57]Zhang R.Q. Inventory management with asset-based financing[J], Management Science,2004,9
[2]陈雷,物流金融：解决中小企业融资困境的创新途径,硕士学位论文,西南财经大学,2007
[3]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融通仓的由来、概念和发展[J),物流技术与应用,2005,(11)(12),2006,(1)
[4]储雪俭,初探物流金融的经济学原理,物流技术,2006,(5)
[5]顾利民,魏建峰,存货质押贷款：风险防范新措施[J].农村金融研究,2001,(5)
[6]胡愈,柳思维,物流金融及其运作问题讨论综述[J],经济理论与经济管理,2008,(2)
[7]黄湘民,陈雪松.我国物流金融业务的实践[J],物流技术与应用,2008,(1)
[8]李娟,徐渝,冯耕中,基于存货质押融资的联盟式银行职能外包最优决策研究[J],运筹与管理,2007,(2)
[9]李娟,徐渝和冯耕中,基于存货质押融资业务的博弈分析[J],生产力研究,2007,(20)
[10]李毅学,何宗平和冯耕中等,我国存货质押融资业务的发展及对策[J],统计与决策,2007
[11]李毅学,冯耕中和徐渝.价格随机波动下存货质押融资业务质押率研究[J],系统工程理论与实践,2007
[12]李毅学,徐渝和冯耕中等.标准存货质押融资业务贷款价值比率研究[J],运筹与管理,2006,(6)
[13]李毅学,徐渝和冯耕中等.重随机泊松违约概率下库存商品融资业务贷款价率研究[J],中国管理科学,2007,(1)
[14]李毅学,徐渝和王非.存货质押融资业务中外比较分析及案例研究[J],商业经济与管理,2007,(7)
[15]刘士宁.供应链金融的发展现状与风险防范[J],中国物流与采购,2007,(7)
[16]马文姬,顾幼瑾,国内物流金融理论研究文献综述[J],时代金融,2008,(1)
[17]山固固,物流金融业务风险研究[D],硕士学位论文,大连海事大学,2007
[18]徐招玺,基于存货质押贷款的物流金融服务契约研究[D],硕士学位论文,浙江大学,2008
[19]熊小芬,物流金融业务模式及风险管理研究[D],硕士学位论文,武汉理工大学,2007
[20]曾文琦,商业银行仓单质押贷款研究[D],硕士学位论文,厦门大学,2006
[21]赵晶晶,物流金融理论下商业银行信用风险管理研究[J],金融纵横,2007,(3)
[22]邹小芫、唐元琦,物流金融浅析[J],浙江金融,2004,(5)
[23]朱文贵、朱道立和徐最,延迟支付方式下的存货质押融资服务定价模型[J],系统工程理论与实践,2007,(12)
[24]任文超,最具前景的获利方式—现代物流的资本运作,2004年中国物流创新大会讲座
[25]冯耕中,库存商品融资及其风险控制,2004年中国物流创新大会讲座
[26]上海银监局警示：严防动产质押贷款风险,2005年《交通银行》
[27]梅强、谭中明等,中小企业信用担保理论、模式及政策,2002年,经济管理出版社
[28]铭可达动产质押监管服务项目书,04年,中远物流
[29]陆伟民,人工智能技术及应用,2002年,同济大学出版社
[30]王春峰等,基于神经网络技术的商业银行信用风险评估,1999,系统工程理论与实践
[31]王颖琦.物流保险物流金融大潮初起方兴未艾[J].中国物流与采购,2005,(4)
[32]任杰,汤齐,杨宇。物流金融服务对中小企业融资的现实意义[J].物流业研究
[33]刘青。中小企业利用物流金融的策略[J].创新科技
[34]马林,张翠华。我国第三方物流业发展的思考[J].冶金经济与管理
[35]刘高勇,网络环境下企业物流与资金流的融合及其模型研究[J].情报科学,2004,(3)
[36]杨太伦,叶怀珍.我国国际物流运作模式探讨[J].铁道运输与经济,2006,(8)
[37]姚可敏。我国物流业的现状、前景及对策探讨[J].法制与社会
[38]周荛阳,邓金娥。银行从事物流金融运作模式初探[J].物流科技
[39]姚可敏。我国物流业的现状、前景及对策探讨[J].法制与社会
[40]Bob Bernabucci,Helping Customers Cure Cash-Flow Ills Through Better Supply Chain Management[J].The Secured Lender,2005.11
[41]Kihlstrom,R.,Romer,D.and Williams,S.,Risk Aversion with Random Initial Wealth[J]. Econometnca,1981.49
[42]Leland,H.and Pyle,D.,Informational Asymmetries,Financial Structure,and Financial Intermediation[J]. Journal of Finance,1977,32
[43]Cetin Ciher.Information Contest of Volume:An Investigation of Tokyo Commodity Futures Markets[J].Pacific-Basin Finance Journal,2002.10
[44]Coulter,G Onumal,The Role of Warehouse Receipt Systems in Enhanced commodity Marketing and Rural Livelihoods in Africa[J].Food Policy,2002.27
[45]Bob Bernabucci,Improving dour Cash Flow Problems[J].Entrepreneur,2005.8
[46]David Biederman,Logistics financiers[J].Journal of Commerce,2004.1
[47]Samuelson,P.,Risk and Uncertainty:A Fallacy of Large Numbers[J].Scientia,1963
[48]Albea R.K. Economic Aspects of Inventory and Receivable Financing[J]. Law and Contemporary Problems,1948,13(4)
[49]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], Jounal of Banking& Finance,1998, (22)
[50]Barnett, W. What's in a name-A brief overview of asset-based lending[J], The Secured lender,-1997, 53(6)
[51]Clarke P.D. Inventory lending:Is that difficult?[J]. The secured leader,2001,1
[52]Harold B.F. From and substance in field warehousing[J]. Law and Contemporary Problems,1948,13
[53]Matthesen T. Inventory financing:Is your company a candidate?[J]. Apparel Industry,1998,59
[54]Neville G Inventory financing:everything you need to know but were too afraid to ask[J]. The Secured Leader,2008,2
[55]Rafael R.& Javier S. Venture capital finance:A security design approach[J], Review of finance,2004, 8
[56]Stulz R.& Johnson, H. An analysis of secured bebt[J], Journal of Financial Economics,1985,14
[57]Zhang R.Q. Inventory management with asset-based financing[J], Management Science,2004,9