Study On The Risk And Return Trade-off Of Supply Chain Inventory Pledge Financing

Credit is the traffic light for business development.Funding is the life of a company.It is also true for small and medium enterprises.However,due to the poor credit status of SMEs,the unsound finances and the lack of effective collaterals,they have caused difficulties in financing and expensive financing problems.The advent of supply chain financing has brought new opportunities for SMEs.So how to improve the supply chain financing model under the framework of the supply chain,rationally regulate risks and benefits,so that the participants to achieve a multi-win-win situation,the stable development of the supply chain is very necessary.This article first introduces the three major financing modes of supply chain finance,and introduces the definition of supply chain risk.It focuses on the analysis of the inventory pledge financing based on the actual transaction process.This article uses SMEs as retailers and core companies as the supplier's secondary supply chain is the subject of research and conducts in-depth research on banks and the entire supply chain.The variance is used to to measure the fluctuation risk,and a risk model of the bank is established.The study concludes:(1)Pledge rate,pledge amount,the credit impact of core companies and repurchase prices are important factors affecting bank risk;(2)The bank risk increases with the increase of the pledge rate and the pledge amount,and decreases with the increase of the core company's credit influence and repurchase price.The bank can reasonably control these factors to control the risk.From the perspective of the supply chain's financial ecosystem,the supply chain composed of SMEs,core companies,financial institutions and logistics companies is considered as a whole,and risk modeling of the entire supply chain is established.The study concludes:(1)The risk of the whole supply chain increases with the increase of the pledge rate and the pledge amount,and decreases with the reduction of the pledge rate and the pledge amount;(2)The whole supply chain risk is related to the disposal price,decrease with the increase of the disposal price,but it has nothing to do with therepurchase price,because the repurchase price is only the risk transfer of retailers and suppliers without affecting the whole supply chain risk.On the basis of bank risk,an equilibrium decision model for bank returns and risks is established.The study concludes:(1)Under the dual influence of risk and return,the best pledge rate is existing for the bank;(2)The bank's best pledge rate is a monotonically decreasing function of pledge and risk aversion coefficient;(3)The bank's best pledge rate is a strictly increasing function of the core company's credit impact.That is,the higher the credit of the core company,the greater the bank's pledge rate to the retailer and the greater the amount of loan obtained,the more it will be able to activate the funds.It shows that the retailer's choice of supply chain financing is higher than that obtained by separate financing and is more conducive to its own development.Based on the full supply chain risk,a balanced model of full supply chain revenue and risk is established.The study concludes that:(1)When the entire supply chain considers risks and benefits at the same time,its best pledge rate and the best pledge amount is existing;(2)The best pledge rate is the monotonically decreasing function of the pledge amount and the risk aversion coefficient.That is to say,the best pledge rate decreases with the increase of the pledge amount and risk aversion coefficients,and increases with the reduction of the pledge amount and risk aversion coefficients.Through the study of risk and benefit equilibrium decision-making between banks and the whole supply chain,it is hoped that supply chain participants will pay more attention to supply chain risks and balanced income,and also provide a certain degree of countermeasures and suggestions for the supply chain pledging financing.