委托监管模式、物流银行模式和统一授信融资模式是存货质押融资的几种主要模式,本文采用EOQ模型研究了这三种融资模式下供应链成员的决策和收益情况,并分析了这三种融资模式中制造商与物流企业参与融资的条件。通过对融资模式进行比较分析,论文指出了融资模式对供应链成员收益的影响。主要研究结论指出,在质押率和融资利率的特定区域内,物流企业和制造商同时愿意参与质押融资。由于在统一授信模式中,银行的日常的运营成本比委托监管模式低,银行获得比委托监管模式更多的利润。在选择融资模式时,银行更偏好于统一授信模式。对于物流企业来说,若统一授信模式中物流企业的沉淀资金收益率大于银行的利率,它的利润要比委托监管模式更多,否则要少于委托监管模式。本文的研究结论为存货质押融资业务的模式选择提供了一些的理论参考。
There are three kinds of typical inventory financing modes: Inventory financing with delegated supervision, financing by logistic bank, unified credit financing. These financing modes are modelled with an EOQ model.In this paper, the financing modes are firstly studied and profits of supply chain members are analyzed. Then, the conditions that the manufacturers and third party logistics are willing to participate in the inventory financing are provided. By comparing profits in these models, influence of financing modes and how to choose financing mode are illustrated. The main research results show that, in some specific regions of pledge ratio and financing interest, the 3PL and the manufacturers all are willing to participate in inventory financing. Since the bank's daily operation cost in the unified credit mode is lower than that in the traditional mode, the bank can benefit from inventory financing. The bank prefers more the unified credit mode in the choice of the financing mode. To the 3PL, if the return rate of the 3PL in the unified credit mode is greater than the bank interest rate, he can gain more benefit in the unified credit mode. These research results provide some managerial insight to the decision of business mode choice of inventory financing.
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