Translated Abstract
Inventory financing abroad evolve from warehousing to inventory pledge, to asset based financing, to logistics financing. Reported as Central Bank in “Secured Transactions Reform and Credit Market Development in China”, inventory pledge loan should be developed to solve the hard financing problem of the small and middle firms（SMF）. There are fewer papers on inventory financing, more on chattel mortgage, of which risk management emphasis on credit risk based on determinant collateral value. For inventory financing, price risk is the most important factor. This dissertation studies ex ante screening device on creditor risk management in each representative pattern of inventory financing. The main works and innovations in the dissertation are as follows：1) Screening device on collateral in inventory pledge pattern：With symmetric information, creditors screening on price risk and liquidity risk of collateral with interest rate and LTV to realize income maximization. Under certain market structure，there are certain interest rate and LTV value to realize each loan revenue maximization. When price risk of collateral increase, creditor should increase interest rate and LTV at the same time. When liquidity risk of collateral increase, creditor should decrease interest rate and LTV at the same time. 2) Screening device on borrower in ABF pattern：With symmetric information, whether borrower’s income and loan are dependent or not, creditors screening on revenue risk and liquidity risk of borrower’s assets with interest rate and LTV to realize income maximization. Under certain market structure，there are certain interest rate and LTV value to realize each loan revenue maximization. When revenue risk of borrower increase, creditor should increase interest rate and LTV at the same time. When liquidity risk of borrower’s assets increase, creditor should decrease interest rate and LTV at the same time. 3) Screening device on logistics company in warehousing pattern：There are there contracts, of which creditors monitor and encourage suitable logistics corporation to act for their income maximization goal. Without transaction costs, fixed commission contract, profit sharing contract and fixed rent contract can realize the same income maximization goal. With transaction costs, creditors should use different contract. Fixed commission contract should be used when creditors have less information and the effort of logistics company is more important to creditor’s revenue. Profit sharing contract should be used when creditors have more information, or the effort of logistics company is easy to monitor. When logistics company have extremely important information value, fixed rent contract should be used.
Translated Keyword
[inventory pledgeasset based financingwarehousingscreening devices]
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