基于质押贷款下的库存管理问题的研究

库存决策不仅受需求、运输费用、储存费用的影响,而且企业本身的资金状况也会限制企业实施库存管理.以报童模型为原型,讨论了企业存在道德风险的情况下,以仓单质押方式融资的企业的库存管理决策.假设企业是风险中性的并且商品的储存费用不小于商品的处理价格.研究发现,只有质押库存比较小的企业才会用掉所有的贷款限额.并且随着贷款价值比的增加,企业有可能保留部分资金,而使用贷款增加库存.

Inventory Management Research Based on Mortgage Credit

Not only future demand,transportation cost and storage cost have impact on the inventory decision,but also the financial state of one retailer will restrict the implement of its optimal inventory policy.Given the retailer has moral risk,the paper studies the inventory control problem of retailers with different initial cash.The retailers finance their inventory by stock document mortgage and face the newsvendor′s problem.Suppose that they are risk neural and the storage cost is no smaller than the disposal cost.It is shown that only retailers with smaller mortgage inventory use up all the line of credit and with the loan to value increases,the retailers maybe reserve part of their cash and borrow to increase inventory.