Study On Inventory Financing Decision And Optimization Method For TPL Providers

Logistics finance not only solves the contradiction between banks and SMEs (small and medium enterprises) about financing, but also develops a blue ocean for financial market and logistics market. As a service innovation, it unites the interests of bank, TPL(Third Party Logistics) providers and SMEs, integrates material, finance and information, and finally achieves the goal of lowering finance cost and creating value for supply chain. Being a new research area, logistics finance has been developed in recent years in China but the systematic research is not enough.On the background of that, this dissertation study on the decision-making of TPL providers on inventory financing. According to the business process, the dissertation respectively establishes and optimizes models for TPL providers and bank contract screening, SMEs credit risk assessing, loan-to-value ratios determining. Then the results of analog simulation show that the proposed model is feasible and accurate. The main content is illustrated as following.First, the operational models of inventory financing are studied by summarizing and comparing literatures. Based on screening model of asymmetric information, contract screening problem is discussed. Through three separating equilibrium results, effort level of TPL providers and stimulation level of bank are quantitatively obtained. This part solves the problem of cooperation mode screening.Second, a new indicator system for evaluating SMEs credit risk is presented from three aspects: industry, supply chain, corporate. Applying the method of Levenberg-Marquardt BP Neural Networks, a quantitative evaluation model on risk assessment of SMEs credit is developed. It is the basis of operating inventory financing business.Third, based on Black-Scholes European option pricing principle, this thesis gives basic option pricing equations with liquidity risk cost replicating the payoff of inventory financing loan. So the loan-to-value ratios with liquidity risk cost are determined. Influence degrees of correlative factors are described by sensitivity analysis.Finally, on the basis of portfolio management, the dissertation suggests using uniform loan-to-value ratio when one corporation owning several kinds of inventories. It assumes that the fluctuation of collateral prices follows Copula function, and constructs the default probability function, and then presents the total cost function of TPL providers. According to resolving nonlinear programming, the fittest loan-to-value ratio can be determined. By simulation, related elements of default loss are demonstrated.