Research On Logistics Enterprises’ Loan-to-value Rarios Decisions Based On Unified Credit Mode

In recent years, with the rapid development of China’s SMEs’ and diversification of logistics enterprises’ functions, the unified credit mode under the guidance of third-party logistics is widely used as it has an advantage of easy operation and cost savings. The loan-to-value ratios decision problems are highly valued by logistics enterprises. Scientific decision making approach plays an important role for logistics enterprises in controlling the SMEs’ risk of default effectively and ensuring the safety of funds. Therefore, this study analyzes logistics enterprises’ loan-to-value ratios decision under the unified credit models and expects to provide operational advice to logistics companies to carry out inventory financing and strengthen their competitive advantage.First, this study expounds the research background, significance and domestic and foreign research results and introduces the logistics financing and inventory financing theory.And then the loan-to-value ratios rate decision theory of logistics enterprises unified credit mode is introduced, establishing the theoretical foundation.Secondly, the vendors repurchase guarantee is introduced into traditional unified credit model of inventory financing. The study assumes that the pledge price follows normal distribution or the pledge price and demand follows the linear relationship. It analyzes the expected profits of logistics enterprises and the limiting scope of the loan-to-value ratios in the lower side risk aversion mode to prevent loan losses. Then analyzed the logistics enterprises’ maximum expected profit in range of loan-to-value ratios limits,and the corresponding loan-to-value ratios is the optimal loan-to-value ratios.In addition,the study analyzes the loan enterprises’ expected cash flow, provide a reference for the logistics enterprises to measure the value of SMEs’ loan. In the end,the study uses Maple 17.0 software for numerical example to explore the change of optimal loan-to-value ratios under different loan term.Finally, it takes the actual business of ZC company as a example, which is a large domestic logistics companies and launchs inventory financing of rebar(HRB400, φ10),tests the model by the actual data, and analyzes the changes of logistics enterprise’ optimalpledge rate and expected profits in different loan term, loan interest rate and demand relationship to provide theoretical guidance for logistics enterprises in practice.