| Chattel mortgage after acceptance led by logistics enterprise and bank has been used widely,the successful development of chattel mortgage after acceptance provides a low-cost financing platform for SMEs(Small and Medium Enterprises)which lack of mortgages or inventory to obtain financing.And it also explores a new growth point of profit for third party logistics enterprises in the global competitive environment.Meantime,Chattel mortgage after acceptance enrich the source of income for bank.However,there are a lot of risks in chattel mortgage after acceptance financing.Controlling risk is the first prerequisite for Chattel mortgage after acceptance financing.Setting a proper loan-to-value ratios can effectively decrease the risk of the value of the pledge.The optimization of loan-to-value ratio is the frontier research direction of logistics finance in recent years,which has important theoretical significance and broad application value.This paper aims to the problems of loan-to-value ratio decisions on chattel mortgage after acceptance financing.Firstly,considering the uncertainty of producing qualified products by the manufacturer,this paper discusses Manufacturer behavior.By comparing the profit of the manufacturer in the case of default and no default,this paper obtained the default probability of the manufacturer.Secondly,in the case of no default of the manufacturer,this paper discusses downstream retailer behavior.Considering retailer's default rate and the fluctuations of inventory prices which is proportional to market demand,this paper obtained the probability of default and no default of the retailer in different loan-to-value ratio section.Finally,this paper establish the inventory financing expected profit model by means of piece-wise function.And,the analytical method was employed to solve the optimal loan-to-value ratio.In order to verify the feasibility and practicability of this model and its algorithm,the model is applied to the numerical example.Also,the sensitivity analysis has been made to analysis the influence of parameters.It verifies that the optimal loan-to-value ratio have negative correlation with retailer's default rate,have positive correlation with supplier buy-back rate and price variance.Moreover,the effect of supplier buy-back rate on loan-to-value ratio is greater than the mean of the rate of spoiled products.the effect of price variance on loan-to-value ratio is greater than the mean of retailer's default rate. |
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