Study On Loan-pledge-rate Of Warehouse Receipt Financing Pledge Under Credit Rating

In recent years, warehouse receipts financing pledge has been a rapid development in our country as a new logistics and financial business model and is causing more and more attention from many commercial banks and large-scale logistics enterprises. Over the years difficulties in enterprises financing have been the biggest "stumbling block" restricting the rapid development of SMEs in China. Warehouse receipt financing pledge, as a kind of logistics finance innovative products, could help a huge number of SMEs——especially manufacturing enterprises——use inventories effectively and revitalize the inventory, lays a stable foundation for the rapid development of SMEs.How to determine an appropriate loan-pledge-rate is the key to warehouse receipt financing pledge in the principle of controllable risk, so as to help SMEs get more funds and then achieve a win-win situation. This paper discusses the concept and effectiveness of warehouse receipts pledge in detail based on the domestic and foreign research of warehouse receipts pledge and loan-pledge-rate, introduces the main business model and the general business processes of warehouse receipts pledge. This paper focuses on analyzing the main risk of warehouse receipts pledge and then points out the main factors affecting the loan-pledge-rate:the level of corporation credit, the feature of pledge-materials, warehousing strategy, frequency of marking to market and the loan’s term and interest. Then this paper presents the corporate credit risk evaluation system based on supply chain and establishes statistical methods of how to calculate the corporate default probability with logistic regression model. At last this paper establishes a function to determine the loan-pledge-rate taking standard inventory financing for example. What is more, this paper extends the function under the condition that the trigger level of margin call is non-zero.This paper provides a viable route for determining the loan-pledge-rate and has a strong practical significance. Confidently, good guide significance will be given to the risk monitoring and health development of warehouse receipts financing pledge business in the future.