Supply Chain Decision Making Based On Warehouse Receipt Pledge And Risk Consideration Under Two Order Conditions

For small and medium enterprises in China,financing difficulties and bank lending difficulties are the important reasont restricting their development.Supply chain finance is a kind of financial innovation developed to solve the above problems.Supply chain finance developed rapidly in China nowadays,and the warehouse receipt pledge financing is a new financing mode developed on the basis of the mode of confirming warehouse financing and the mode of inventory pledge financing.Different from the warehouse and inventory financing,warehouse receipt pledge finacing is not a business in which raw materials,semi-finished products and finised products are used as pledge collateral to reduce and avoid loan risks,it refers to the loan applicant has full ownership of the goods stored ia a designated bank of its storage company,and issued by the company on warehouse warehouse receipt pledge in the bank,as a form of financing glarantee to obtain bank loan mode.In the process of warehouse receipt pledge financing,the ownership of the pledges represerted by warehouse receipt belongs to the loan applicant,It can sell the pledges represented by warehouse receipt.Because of this superiority and flexibility,warehouse receipt pledge finaacing has gradually become one of the important ways to solve the financing difficulties of smes.As the warehouse receipt pledge financing process inevitably involves the problem of the retailer's second order in the supply chain,its decision-making process is more complex than the ordinary loan decision-making process.As most of the decisioo-making behavior of each participant of supply chain is based on experience,a set of mature decision model does not therefore,in order to better study the warehouse receipt pledge financing process,improve the efficiency of the supply chain,reducing the financing risk,the study of warehouse receipt pledge financing decision is very necessary.This article based on this breakthrough point at the time of second order of the warehouse receipt pledge loan business as the research object,the parties in the supply chain decisions on the basis of mutual influence,proposed to the second order conditions the parties to establish a decision-making model based on the warehouse receipt pledge financing ideas.Separately in decentralized supply chain and centralized supply chain,this paper constructs two different kinds of benefits of each participant in the supply chain model,add the risk appetite as constraint conditions,forming a complete decision objective function.Through the analysis of square truth by matlab software,this paper simulates and studies the decision-making process of two kinds of supply chain.Finally,in the model to join the market prices are changing conditions,the introduction of the cordon and open line system,at the same time using VaR method to evaluate the value of the pledge of warehouse receipt,based on market price fluctuations are studied under the risk of supply chain decision-making process.By constructing the correlation function that affects the decision-making of the supply chain,the main conclusions of this paper are as follows:regardless of adopting decentralized supply chain and centralized supply chain,the retailer's optimal order quantity and second order for the pledge by the number of accounts for the proportion of the optimal order quantity for the first time is unique;the expression of loan pledge ratio in two kinds of supply chain is derived,which maximizes the expected return of Banks;in both supply chain models,the loan pledge ratio of Banks is a monotonous increasing function of the disposal value of surplus commodity units.In addition,the following conclusions are drawn from the simulation analysis:in the decentralized supply chain,the bank income increase with the increase of pledge ratio and loan interest rate.The risk of the bank can be controlled in an "optimal" range by controlling the loan interest rate and the pledge ratio.Different from the expected results,in the decentralized supply chain,when the loan interest rate remains unchanged,the pledge ratio decreases to a certain extent,which will increase the retailer's profit.In the centralized supply chain,when other conditions remain unchanged,the loan pledge ratio of the bank is a monotonous increasing function of the repurchase rate provided by the supplier.The loan pledge ratio determined by the bank is a monotonous increasing function of the wholesale price provided by the supplier.The increase in the proportion of suppliers' repo will reduce the expected return of Banks,but its influence is small.The higher the retailer's share of profits,the less risk it will take on and the less volatile its earnings will be.In addition,it also constructs a quality guarantee rate control method based on VaR method for Banks,so that Banks can effectively avoid risks caused by market price fluctuations.