ֻ18ज ֻ6௹ᇏݓܵ॓࿐, 2010୍ 12ᄅ ChineseJournalofManagementScienceDecember, 2010໓ᅣщݼ:1003-207(2010)06-0104-09中小企业仓单质押业务的质押率模型于 辉,甄学平(重庆大学经济与工商管理学院,重庆 400030)ᅋ ေ:૫ཟᇏཬఒြ֥ҝֆᇉြༀିႵིࠃఒြ९թaࠞնߏࢳሧࣁ৯,ြࢸႋႨٳܼٗ,Ч໓࣮ھြༀ֥ނྏڄག॥ᇅᆷѓ ᇉੱ֥थҦ໙ีbॉ੮܂ႋ৽ᇏਬ൲അ(ᇏཬఒြ)ິჿଽളބླऎႵ҂ಒקྟ,ࡹ৫ֆ௹Бଆ,ฐษਔਬ൲അ֥ᄜרࠊथҦ;ᄝՎࠎԤഈ,ᄎႨStackelbergѰᒮંބVaRڄག࠹ਈٚم,࣮ਔၿྛሔ০ቋն߄ބಃޙڄག൬ၭਆᇕ౦ྙ༯ᇉੱ֥थҦb๙ݖଆٳ༅ބඔᆴٟᆇૼಒਔၿྛሔ҂ଢѓൈ֥ቋႪᇉੱथҦ,ཁਔҝֆᇉြༀڄག॥ᇅᇏᇉੱ෮ؿߨ֥ᇗေቔႨbܱՍ:ᇏཬఒြ;ੀࣁವ;ҝֆᇉ;ᇉੱᇏٳোݼ:F830 56 ໓ངѓ്:A1 ႄੀ܄ඳ৳ކЇݕڛༀ܄ඳ,ֻ၂০টჷ൞Їওҝֆᇉᄝଽ֥ੀࣁವڛༀb1999,୍ᇏԥࠢᇏཬఒြၘӮູݓࣜ࠶ؿᅚބഠ߶ބཾ܄ඳੱ༵૫ཟᇏཬఒြषᅚҝֆᇉြༀ,ࢩᆸ֥ᇗေ৯ਈ,ఃሧྐ֮ބۚӁ֥ሧӁࢲܒหׄ2010,୍ᇏԥၘაؽ؟ࡅࣁವࠏܒކቔ,Ӂࡓ֝ᇁվॻڄགնaӮЧۚ,طၿྛ֥ڄགܵބᇯ০ܵြༀ֥ವሧܿଆӑݖ400ၡჭ,ࡓܵग़ӑݖଢѓ္ཋᇅਔؓᇏཬఒြ֥վॻ,ᆃ֤ವሧӮ1200؟ࡅbਸ਼ຓ,Ֆڄགܵ࢘؇ࢃ,ҝֆᇉ൞ູቅθᇏཬఒြؿᅚ֥ᇶေᅰθ[1]bູՎ,ݓࡅބ၂ᇕۚڄགြༀbၹՎ,ؓҝֆᇉଆൔ֥ڄག॥ཌྷܱ҆ԛਔ၂༢ਙᆟҦم,ܿೂഡ৫ህཛሧࣁaᇅࣉྛฐษބ࣮,ູൌᄎቔิ܂॓࿐၇ऌ,ऎႵܝৣࣁವԷྍaړӻքЌ܄ඳބཬحվॻ܄ඳ,֩ఃᇗေ֥གྷൌၩၬbᇏ,ࣁವԷྍႄఏݓࡅބ۲նၿྛ֥ۚ؇ᇗ൪,ԛགྷᄝੀࣁವ࣮ਵთ,གྷႵ໓ངᇶေ࣮ਔሧਔҝֆᇉaವ๙ҝa༵ௐުࠊ֩ྍವሧଆൔ[2]bࣁჿඏ༯֥९թܵaఔჿଆൔ࿊ᄴaקࡎ֩໙ҝֆᇉቔູᇗׄࢺ֥၂ᇕଆൔ,൳֞ြࢸܼٗี[4-7],ᇶေࠢᇏႿఒြଽ҆ሧࣁჿඏؓᄎႏथܱᇿ[3]bҦ֥႕ཙ,ն؟ࡌקվॻحཋᇅ,طൌ࠽ᇏ,ႮႿҝֆᇉವሧ൞ᆷླေվॻఒြࡼః෮Ⴕ֥ࠊڄག॥ᇅ֥ླေ,ၿྛ߶๙ݖᇅקᇉੱ֩ٚൔটթ٢ᄝၿྛᆷקҝԥ܄ඳ,ѩၛҝԥٚԛऎ֥ҝཋᇅվॻحbBu8]zacottބZhang(2004[)࣮ਔࠎֆᄝၿྛࣉྛᇉ,ၿྛ၇ऌᇉҝֆཟվॻఒြႿሧӁವሧ༯֥९թܵ໙ีၛࠣ০༏ބվॻحཋิ܂؋௹֥ವሧြༀbੀࣁವԷྍ༯૫ཟᇏཬఒᇅᄝၿྛڄག॥ᇅᇏ֥ቔႨbCaldentey֩ြ֥ҝֆᇉ؟ᆷᇉ,ࠧၛߐࠇၛЌᆣ[9](2009)ॉ੮০Ⴈࣁವ൧ӆটߏࢳਬ൲അ֥ሧࣁჿࣁᇂߐbႮႿҝֆᇉିႵིࠃ९թ,ࡆሧࣁඏ,бࢠਔؿކa಼ྟކބؓԊ಼ྟކ༯܂ੀ,ߏࢳఒြ֥ሧࣁ৯,ᄝݓଽຓ֤ܼ֞ٗႋႋ৽ི֥ࠛbᇫ໓֩(2007[10])࣮ӾᆦڱٚႨbൗࢸഈቋն֥ԯᄎ܄ඳઔൖࠎ,ቋն֥ॹ־ൔ༯֥թࠊᇉವሧ,۳ԛਔթࠊᇉವሧڛༀ֥קࡎනਫ਼bઔᇏ֩(2008[11])ᄝٳ༅ੀఒြҕ൬۠ರ௹:2010-03-03;ྩרರ௹:2010-10-13ࠎࣁཛଢ:ݓࡅሱಖ॓࿐ࠎࣁሧᇹཛଢა༯֥९թᇉವሧᇏၿྛაఒြ֥൬ၭ֥ࠎԤ(70871126,90924009);࢝ტ҆ྍൗࡀႪྮದҌᆦӻ࠹߃ࠎࣁཛଢ(NCET-ഈ,۳ԛਔၿྛބఒြ֥ກսଆ,ಒקਔս10-0843);ᇏနۚࠎЧ॓ြༀٮሧᇹ(CD ӮЧbဗ֩[12](2008)ॉ੮๙ࠊளᅮؓ༢֥႕JSK100211)ቔᆀࡥࢺ:Ⴟߩཙ,ࡹ৫ਔࡎ۬ᅼ२ބ௹ᆦڱ่ࡱ༯֥९թଆ,(1973-),ଳ(ݱቂ),ᇗ౩ದ,ᇗ౩ն࿐ࣜ࠶ა۽അܵ࿐ჽ࢝൱,Ѱൖള֝ഽ,࣮ٚཟ:ੀ܂ႋ࣮ਆᇕᆦڱٚൔ༯ਬ൲അቋႪᆦڱൈࡗ֥थҦ໙৽ܵaؿ൙ࡱႋࠤܵaࣁವ۽ӱ.ีb
ֻ6௹ Ⴟ ߩ֩:ᇏཬఒြҝֆᇉြༀ֥ᇉੱଆ∀105∀ં൞Ԯ֥ᇉြༀߎ൞ੀࣁವԷྍ༯૫ཟᇏཬఒြ֥ᇉြༀ,ڄག॥ᇅ֥ނྏ൞ᇉੱb୍࣍ট,ၘႵ҆ٳ࿐ᆀؓᇉੱᅚषਔ࣮bJokivuolle֩(2003[13])ႨࠎႿվॻఒြິჿੱଽള֥ࢲܒ߄ٚمট࣮ᇉվॻ֥վॻࡎᆴбੱbC[14]ossin(֩2003)ࡌקິჿຓള,ٳ༅֤ԛਔაၿྛڄགӵ൳ି৯ཌྷ၂ᇁ֥ᇉᅼ२ੱbၪ࿐֩[1517]ࡌקິჿຓള۳ק,ሸކॉ੮ਔၿྛ֥ڄགொݺ,ᇉഅ֥ყ௹൬ၭੱބࡎ۬ѯ,ੱվॻᇛ௹ބס൧ੱ֩ၹ֥႕ཙ,০ႨVaRٚم࣮ਔѓሙթࠊࠣܢௐᇉ(࣡ᇉ)ြༀ֥վॻࡎᆴб1 ҝֆᇉြༀੀӱੱbਸ਼ຓ,ෛሢᇉᄝݓ֥ྖఏ,၂ུ࿐ᆀष࣮ҝֆᇉᇏᇉੱ֥ᇅק໙,ีೂᅦវ၇ऌੀӱ1,௹Ԛ,ਬ൲അࡼq0ֆ໊ࠊթԥវބࡹќ֞ၿྛಪॖ֥ੀఒြ,ࡼੀఒြषऎ֥ҝֆᇉ[18](2008)ᄝҝֆᇉМࣟ༯,Ֆᄎႏ֥࢘؇࣮ਔఒြ֥९թथҦࠣվॻࡎᆴбؓथ۳ၿྛbၿྛၛᇉࠊ֥ࣉࠊࡎcູҕॉࡎؓҦ֥႕ཙ;ᅦវវaᇫ઼ޣ֩ࠊࣉྛܙ,ಒקվॻࣁح cq0,ఃᇏ (0 (2009[19])Ֆఒြ-ၿྛ҂ކቔѰᒮ֥࢘؇ԛؿ,ॉ੮ᇉ֥ԩࡎ҂ 1)ູᇉੱbಖު,ਬ൲അቓԛᄜרܓथҦ,ಒۚႿԥթٮႨࠣࢹॻఒြິჿຓള֥౦ঃ༯,ၿྛקᄜרܓਈq,ႮੀఒြڵᄳᄎൻބҝԥbؓႿ֥վॻࡎᆴб֥ಒק໙ีbᆃུ࣮ؓ࣡ބၿ,ྛੀఒြႵᄳЌᆣᇉࠊႪ༵ၛᆞӈཧᇉᇏᇉੱ֥ಒקิ܂ਔਈ߄थҦනਫ਼,Ⴕི՜൲ࡎ۬p൲ԛ,ࠊॻթೆၿྛ॥ᇅ֥ٿоൔᅫࣉਔҝֆᇉᄝൌᇏ֥ႋႨb҂ݖ؟ඔ໓ངࡌഡᇏ,ᆃཌྷ֒ႿႨሧࣁߐԛࠊ,طᄜרܓࠊ֥ཧ൲ິჿຓള,थҦൈીႵॉ੮ࢹॻఒြّ֥ႋbਸ਼ॻႮਬ൲അ॥ᇅbຓ௹ଌ,ೂݔႵഺჅթࠊ,ᄵಆ҆ၛԩࡎc!ԛ,ཌྷܱ࣮ᇏथҦଢѓ؟ູ০ቋն߄,طൌᇏၿྛԢਔሔ০ቋն,ສສ۷ᇿᇗڄག֥॥ᇅb൲,ᇉ֥ԩࠊॻթೆٿоൔᅫ,ᄜרܓࠊЧ໓ᄝၪ࿐ބᅦវវ֩భದ࣮Ӯݔ֥ࠎԤഈ֥ԩࠊॻಯႮਬ൲അ॥ᇅbೂݔٿоൔᅫᇏ֥,ࢹᇏԥ֥ࠢҝֆᇉြༀଆൔ[20],ॉ੮ਬሧࣁնႿ֩ႿЧ༏ބ,ପહၿྛ२ԢЧ༏ބ,ഺჅሧ൲അᄎႏथҦྛູࠣິჿଽളࣁ݂ߎਬ൲അ;ّᆭ,ਬ൲അ࿊ᄴິჿb,ᄎႨstackelbergѰᒮંބVaRڄག࠹ਈٚمбࢠਔၿྛᄝሔ҂ః֥ژݼބथҦэਈקၬೂ༯:ଢѓൈ֥ᇉੱथҦ,ᇶေٳ༅ਔၛ༯ਆ۱໙ี :վॻ০ੱ;: !:ԥྐྵ০(ੱ !< );1)۳קᇉ,ੱਬ൲അၛ০ቋն߄ູଢѓ,ႋೂޅಒקᄜרࠊਈ;2)ᄝॉ੮ਬ൲അೂޅّႋ֥౦ঃ༯s!:ၿྛᆦڱ۳ੀఒြֆ໊ᇉࠊ֥ࡓܵ,ၿྛሔ০ቋն߄ބൈॉ੮൬ၭڄགൈ,ႋھٮႨ(s!>c!);ೂޅಒקᇉੱ,ၛ௹ିܔູၿྛࣉྛᇉิs:ਬ൲അᆦڱ۳ੀఒြ֥ֆ໊ᄜרܓࠊ܂ൌҕॉb֥ڛༀٮ(s>c!); :ਬ൲അ૫ਢ֥൧ӆླ(0 1),ູෛ2 ଆ૭ඍࠣࠎЧࡌഡࠏэਈ,F(∀)ູ൧ӆླ֥ࠒٳ҃ݦඔ,f(∀)ູ൧ӆླ֥ૡ؇ݦඔ,ഡF ( )=1-F( );2 1 ଆ૭ඍᇉࠊႪ༵൲ԛႵིٝᆸਔᇉ֥ੀྟp>c(1+ )+s:ਬ൲അႵ჻ၩվॻ჻ၩߎڄགॻ֥ॖିb,ൈࠃਔ९թ,ؓਬ൲അॹᅝਵ൧ӆऎႵᇗေၩၬbٿоൔᅫ֤ၿྛॖၛ॥ᇅᇉછ2 2 ࠎЧࡌഡԛ෮֤ॻཛູਔࡥ߄ଆथҦބٳ༅ݖӱ,ቔೂ༯ࡌഡ:,ႵིٝٓڄགbၹՎ,Ч໓ࢹᇏԥ֥ࠢҝֆᇉြༀ[20],ႄೆᇉႪ༵൲ԛބٿо1)ਬ൲അᆺႵࡼሱႵሧࣁႨປ,९թಯಖ҂ൔᅫቀൈҌ࿊ᄴࢹվ;,ؓြༀੀӱࣉྛਔڿࣉ,ऎุ֥ᄎቔੀӱೂ෮ൕ2)ਬ൲അބၿྛᆭࡗྐ༏ؓӫ;:
∀106∀ᇏݓܵ॓࿐ 2010୍3)ਬ൲അ૫ਢ֥൧ӆླෛࠏѯ,ູෛࠏэၿྛ֥০ݦඔູ!b(q),ᄵ:ਈ,ڛՖଖ၂ٳ҃,ٳ҃ݦඔડቀ־ᄹാϧੱ(in !b(q)=cq( - !)-s!q0,creasingfailurerate,IFR[21]);ॖ֤௹ຬ০E(!b(q)):4)ၿྛބਬ൲അᆦڱੀ܄ඳ֥ڛༀٮႥჹնE(!b(q))=cq( - !)-s!q0b(2)Ⴟ௹ଌࠊԩࡎ۬;5)൧ӆࡎ۬ିЌᆣਬ൲അႵࢹॻބߎॻ֥ॖଁี2:֒ c!>൲അॖିິჿ,c(1+ ൈ,ਬ);ିິჿۀੱູF( x), ᄀն,ິჿۀੱᄀն,ၿྛ6෮ӵ൳֥ڄག္ࣼᄀնbఃᇏ, x=)ೂݔᇉછԛࠇᆀԩ෮֤ॻཛ҂ቀၛᆦڱЧ༏,ਬ൲അ࿊ᄴິჿ,ࠧິჿଽളcq(1+ )-c!q0;bp-c!7)ਬ൲അၛ০ቋն߄ູଢѓb־ᄹാϧੱ(increasingfailurerate,IFR)֥קၹ,ູ >c!൲അ൞ڎິჿ၇ঠႿၬೂ༯c(1+ ,ਬ):ࡌഡܤग़ླ౦ঃbF(t)൞ॖ֥,f(t)൞৵࿃ॖ֝,֥ࠧf!(t)൞৵࿃ݦඔbקၬෛࠏэਈ ֥ാϧੱݦඔೂݔ0 <q0,ᇉ֥ࡎᆴ(ٿоᅫᇏ֥གྷࣁ)ູ:p +c!(q0- )bp +c!(q0- )<cq(1(failureratefunction):ູr(t)=f(t)1-F,ೂݔ+ ),ࠧ:(t)r!(t)#0,ѩؓႿ෮Ⴕ֥tӮ৫,ᄵӫ ऎႵ־ᄹ cq(1+ )-c!q0<= x,ാϧp-c!(ੱincreasingfailurerate,IFR)bӈႨ֥ն҆ٳླٳ҃൞IFR,бೂ:नᄋٳٿоൔᅫᇏ֥ሧࣁ҂ቀၛᆦڱЧ༏,ਬ൲അ҃aᆞٳ҃aᆷඔٳ҃aWິჿ;p +c!(q0- )#cq(1+ ),ࠧ # x,ਬeibullٳ҃(ྙሑҕඔնႿ֩Ⴟ1)aGammaٳ҃(ྙሑҕඔնႿ֩Ⴟ1)aBe ൲അ҂߶ິჿbॖᆩ,֒ >c!c(1+ ൈ,ਬ൲അ֥)taٳ҃(ྙሑҕඔնႿ֩Ⴟ1)֩,֩ھࡌഡऎႵ௴ິჿۀੱູp( < x)=F( x)bђྟބ၂Ϯ,ྟܱႿIFR۷؟֥ษ,ં౨ҕुRo ༯૫ٳᇕ౦ঃ,۳ԛթᄝິჿڄགൈ,ਬ൲അ[22][23]sling(2000)aChen֩(2006)aYao֩[24](2005)֩໓ངb֥০ݦඔb֒0 < xൈ,ਬ൲അິჿ,ః൬ၭູᄜרܓࠊၛԩࡎછԛ෮֤ॻཛ,ࠧc!q,ၹՎ3 ິჿڄགٳ༅০ູ:c!q-cq0-sq;֒ x <q0+qൈ,ਬ൲അ҂߶ິჿ,০:ູp +c!(q0+q- )-cq0-cq(1ଁี1c!:ೂݔ c(1+ ,ਬ൲അ҂߶ິჿb+ )-sq;֒ #q0+qൈ,ਬ൲അ҂߶ິჿࡼ෮)ၹູႵࠊછԛ,ః০ູ:p(q0+q)-cq0-cq(1+ ),֒ =0ൈ,ೂݔc!q0#cq(1+ ),ఃᇏ-sqbq= !q0,ࠧ c ,ପહ௹ଌࠧࡼᇉc(1+ )ؓႿၿ,ྛ֒0 < xൈ,ਬ൲അິჿ,ၿྛಆ҆ၛc!ԩ,ః෮֤ॻཛቀၛߎౢЧ༏,ၹՎᆺିࠆ֤ٿоൔᅫᇏ֥ॻཛ,ࠧᆞӈཧ൲ᇉਬ൲അ҂߶ິჿbၿྛ҂མӵքޅڄགॖࡼᇉაԩᇉࠊ൬ೆᆭބ,p +c!(q0- )-cq(1+ੱഡᇂᄝ !)-s!q0;֒ # xൈ,ਬ൲അ҂ິჿ,ၿྛ൬߭Ч[0c!,c(1+ ]ٓຶଽ,ສສႮႿၿྛ)ᆭࡗ֥ࣩᆚ,ࠇᆀᇉੱ҂ିႵุིགྷᇉ֥ࡎ༏ބ,ః০:ູcq( - !)-s!q0bᆴሸഈ෮ඍ,ॖ֤ೂ༯ࢲݔ:,ਬ൲അ๙ӈ҂߶ࢤ൳ݖ֥֮ᇉੱbਬ൲അ֥০ݦඔູ!(q),ᄵ֒ਬ൲അ҂ິթᄝິჿڄགൈ,ਬ൲അ֥০:ູჿൈc!q-cq0-sq,,! ೂݔ0 < x;(q)=pmin{ ,q0+q}+c!max{0,q0+q- }-cq0-cq(1+ )-sq,!p +c!(q0+q- )-cq0-cq(1+ )-sq,(q)=ॖ֤௹ຬ০ ೂݔ x <q0+q;E(!(q)):Ep(q0+q)-cq0-cq(1+ )-sq,(!(q))=p(q0+q)-cq0-cq(1+ )q+q ೂݔ #q0+q-sq-(p-c!)∃0F( )d b(1)0ၹՎ,ॖ֤ਬ൲അ֥௹ຬ০:
ֻ6௹ Ⴟ ߩ֩:ᇏཬఒြҝֆᇉြༀ֥ᇉੱଆ∀107∀E(!(q))=p(q0+q)-cq0-cq(1+ )-sqॖᆩ:֒ *=c!/c(1+ )ൈ,q0=q+q0-F-1(A)(p-c!)∃F( )d ,(3)=q^0; *=0ൈ,q0=F-1(A)b xc!/c(1+ )+1ၿྛ֥০:ູ *ູԚ९թູq0֥ਬ൲അᄜרܓਈղ֞ቋႪൈp +c!(q0- )-cq(1+ !)-s!q0,֥ቋཬᇉੱbॖ֤ೂ༯2ܱ༢:!b(q)= ೂݔ0 < x;cq( - !)-s!q0,ೂݔ # xၿྛ֥௹ຬ০:ູE(!b(q))=cq( - !)-s!q0-(p x-c!)∃F( )d b(4)04 ਬ൲അ֥ᄜרࠊथҦ൮༵,ॉ੮ᇉੱ۳ק౦ঃ༯,ਬ൲അ֥ᄜרࠊथҦ,ቔູު૫ࣉ၂҄ٳ༅ၿྛथҦ֥ࠎԤbק1!: %[0c,c(1+ ],ପહਬ൲അ֥ቋ)2 ݦඔ *=F-1(A)/q0-1֥ཞႪᄜרࠊਈ*qູ: q0,0<q0<Ⴛၹູq q0,ၹՎ,ᆺႵԚ९թq0%[q^0,q^0;F-1F-1(A)]֥ਬ൲അ,ҌႵॖିఃᄜרࠊਈղ֞ቋ(A)-q0,q0^ q0<F-1(A) # *;*q= Ⴊ,Ⴕ:q0,q0^ q0<F-1(A) < *;0,q0#F-1F-1(A)-q0, # *;(A)*q=ఃᇏ q0, < *,-1A=p-c(1+ )-sq0<q^0֥ਬ൲അ,ࠧ ౼c!*q=,q^0=F(A),c(1+ ,)p-c!c!1c(1+ +) *q0> q0္ޚӮ৫,ၹՎࢹॻح҂ቀၛఃղ֞ *=F-1(A)/q0-1bቋႪᄜרࠊਈbq0>F-1(A)֥ਬ൲അ,९թቀၛડᆣૼቀ൧ӆླ,҂ླေࢹॻbᆣиb: c!%[0,c(1+ ],ؓ(1)ൔܱႿq)၂aؽࢨ֝ඔ,֤ק2: >c!֥ڄc(1+ ,ࠧၿྛӵ൳၂ק:)dE(!(q))=p-c(1+ )-s-(p-c!)F(qག,ਬ൲അቋႪᄜרܓࠊਈ*q:ູ0dq q0,0 q0<!q0;+q),**q,!q0 q0<q^0 # **;d2E(!(q))*d2=-(p-c!)f(q0+q)bqq= q0,!q0 q0<q^0 < **;**q,q^0 q0<F-1Ⴎd2E(!(q))f( )>0,ॖᆩ,d2<0,ၹՎ(A);, q-10,q0#F(A)c!%ఃᇏ**,qބ!q0Ⴎ༯ൔथק:[0,c(1+ ]ൈ,ਬ൲അ֥௹ຬ০൞ܱႿᄜר)ࠊਈq֥۬χݦඔbF**p-c(1+ )-s(q0+q)=p-c!***qડቀdE(!(q))=0,֤:c(1+ )F( x(q))dq+,p-c!F(q0+*q)=p-c(1+ )-s=Ab(5)p-c!F(2!-c(1+ )-sq0)=pp-c!ഡ*q= *q0,(5)ൔэູ:(1+ *)q0=c(1+ )F( x(!q0))F-1+b(A),ࠧ *1=F-(A)/q0-1bp-c!
∀108∀ᇏݓܵ॓࿐ 2010୍ܱ༢b **ᆣૼູթᄝڄག౦ঃ༯,Ԛ९թູq0֥ਬ:֒ c!>,(ؓ3)ൔ1+ ൈܱႿqc()൲അᄜרܓਈղ֞ቋႪൈ֥ቋཬᇉੱb၂ࢨ֝ඔ,:֤dE(!(q))=p-c(1+ )-(p-c!)F(q0+q)dq+c(1+ )F( x)-sb**qડቀdE(!(q))=0,֤:dq**(p-c!)F **(q0+q)=c(1+ )F ( x(q))+s-c!b(6)(ؓ3)ൔܱႿqؽࢨ֝ඔ*,q=*q,֤:d2E(!(q))2dqq=**q2c(1+ 2**2**)f( x(q))-(p-c!)f(q0+q) =p-3 c **(q0)֥ཞ'2**(1+ 2)f( x(q))=F **c(q0+q)ॖᆩ,ೂݔਬ൲അ֥Ԛ९թ!q0 q0<q^0,ᄵ[(p-c!)F (q0+**q)ਬ൲അႵॖିղ֞ቋႪרࠊਈ**q,Ⴕ:f(q0+**q)-(p-c!**)F **]q,ೂݔ # **;(q0+q)*q=** q0,ೂݔ < **<F(q0+**c(1+ )f( x(q))q)[F **( x(q(q0)))ೂݔq0<!q0,ਬ൲അ҂ॖିղ֞ቋႪרࠊਈ,ᆺିႨປվॻᄜרܓ q0bೂݔq^0 q0<f(q0+**q)-(p-c!)F (q0+**]bq)F-1(A),ᄵਬ൲അड़קିܔ๙ݖվॻղ֞ቋႪרࠊႮႿླٳ҃ડቀ־ᄹാϧੱ(IFR),ࠧਈ**q,߶ႵഺჅሧࣁ,ఒြॖି୳ቔႨ,Ֆطf(x)/F (x)൞x֥־ᄹݦඔ,Ⴛၹູᄹնၿྛӵք֥ڄག,֤ၿྛ֥൬ၭބڄག҂**q0+q> **x(q),b֒q0#F-1(A)ൈ,ਬ൲അဢ҂ླေࢹվbp>c(1+ )+s>c(1+ )+c!,ᆣиbၹՎd2E(!(q))бࢠק1ބק2,ॖၛؿགྷ:i)ᆺေਬ൲അ,d2<0bqq=**q֥Ԛ९թնႿ֩ႿF-1(A),ਬ൲അࣼ҂߶ࣉྛ**q= **q0,ࡼ(6)ൔᇏ֥ **ुቔܱႿҝֆᇉြༀ;ii)ၹູ!q0<q^0,෮ၛ,ၿྛӵք၂קq0֥ݦඔ,ਆшܱႿq0֥֝ඔ,֤:֥ڄག,ॖၛ۷؟֥ਬ൲അ൳ၭ,ࠇᆀඪ,ၿྛ֥d **(q0)=- **మᄝग़ࣼᄀ؟;iii)֮ᇉੱᆺ߶་ႄԚ९թ٤/q0dq0ӈն֥ਬ൲അ,طۚᇉੱؓႿԚ९թбࢠཬ֥****2cc!(1+ )f( x(q))+f(q0+q)(p-c!)-2**(p-c!2)f(q0+**q)-c(1+ 2)f( ਬ൲അࠞऎ་ႄ৯bx(q))∀1b5 ၿྛ֥ᇉੱथҦq02ႮdE(!(q))2<0,ॖᆩ5 1 ၿྛ҂ӵքິჿڄག,dqq=q**ק3:ೂݔࡼᇉੱ ᇅקᄝc![0,2**c(1+ 22**)f( x(q))-(p-c!)f(q0+q)c(1+ ])<0ٓຶଽ,ၿྛ҂ӵքڄག,Վൈ,ቋႪ֥ᇉੱູၹՎd **(q0),<0bc!,აੀྟڄགc!/cӮᆞб,აվॻ০ੱӮdqc(1+ )0ّ֒бb **=c!,սೆ(6c(1+ ൈ)ᇏ,֤q0=)ၹc!,ູ %[0,,c(1+ ],ਬ൲അ҂߶ິჿF-1(A))*=q0;֒ **=0ൈ,q0=c!/c(1+ )+1Վൈ,ၿྛ֥০:ູcq( - !)-s!q0b۳קq0,ᇉF-1(A);֒ **=1ൈ,q0=!q0b֤֞ೂ༯3
ֻ6௹ Ⴟ ߩ֩:ᇏཬఒြҝֆᇉြༀ֥ᇉੱଆ∀109∀ੱ ᄀն,ၿྛ൬ၭᄀն,ၹՎ,ቋႪᇉੱູd2E(!2b(q))(1+ 2)2=-cf( x)bc!ᆃဢ,Ԛ९թdqp-c!q0%[q^0,F-1(A)]֥ਬ2c(1+ b)൲അିܔࠆ֤ቋႪᄜרܓࠊ෮ླ֥ሧࣁ,طႮf( )>0,ॖᆩdE(!b(q)),d2<0,ၹՎ, qԢਔԚ९թູq^0֥ਬ൲അېݺିܔղ֞ቋႪᄜ>c!,ၿྛ֥௹ຬ০൞ܱႿᄜרࠊਈqרܓਈຓ,ఃਬ൲അ߶ႵሧࣁഺჅc(1+ ൈ),Ⴛၹູ҂թᄝິჿڄག,෮ၛၿྛ္ྶॉ੮ਬ൲അࡼվॻ୳֥۬χݦඔbቔႨbԩࡎބࣉࠊӮЧᆭб,ࠧc!/c,ॖၛࡼq= q0սೆ(7)ൔ, *bડቀ(7)֩Ⴟܙࠊ֥ੀྟڄགਬ,ᄵႵ:(ࠊЌᆴି৯),бᆴᄀնඪૼੀྟᄀݺ,ڄགᄀཬbF-1 - !( *1+ )(p-c!)5 2b=+c!(8) ၿྛӵքິჿڄགc(1+ )q0c(1+ b)5 2 1 ၿྛሔ০ቋն߄ؓႿ(8*)ൔ,֒ b=1ൈ,:֤༯૫ࡼ০ႨStackelbergѰᒮ,ં࣮ၿྛၛ০ቋն߄ູື၂ଢѓൈ֥ᇉੱथҦ໙ีbၹq0=(p-c!)-1 - c(1+ F!()-c!1+ )=bq0b,ູ֒q0>F-1(A)ൈ,ਬ൲അႵቀܔ֥९թડቀ൧ೂݔ҂ॉ੮ਬ൲അّ֥ႋ,ၿྛᆺླ၇ऌ(8)ൔӆླ,҂ླေࢹվ,ၹՎ,ᆺॉ੮0<q0 F-1(A)ؓԚ९թູq0֥ਬ൲അᇅקᇉੱࠧॖbೂݔ֥౦ঃbॉ੮ਬ൲അّ֥ႋ,!bbq0#q0,ؓႿq0 q0֥ק4:ၿྛӵք၂ק֥ິჿڄག,ࠧ֒ >ਬ൲അ,ၿྛ֥ቋႪᇉੱູ1,Վൈ,ၿྛބਬ൲c!ਬ൲അّႋ֥౦ঃ༯,ၿྛ֥ቋഅ҂ିࠆ֤ቋն০bᄜॉ੮֞ࢹվَ෫֥ӱc(1+ ൈ,ᄝॉ੮),۲ᇕӮЧ,ط൬ၭཌྷ֒ཬ,ၹՎၿྛॖି߶٢ఙႪᇉੱ b*ູ:ᆃུग़,ᆃ္൞ᄀཬఒြವሧᄀ֥၂۱ჰၹb֒!q0#bq0ൈ,֒bq0<q0<!q0ൈ,ೂݔ *b **,ࠧਬ൲അ1,0<bq0 q0;ቋႪᄜקܓൈ֥ቋཬᇉੱնႿၿྛቋႪᇉ,ੱ **b*,q0<q0<q^0 b> **;ପહ,ၿྛॖၛࡼᇉੱഡູ *bჿඏਬ൲അ֥ྛ b*= *bb,q0<q0<q^0 *b **;ູၛൌགྷ൬ၭቋն߄;ّᆭ,ࠧ *b> **,ପહᇉc!q^0 q0<F-1(A)ੱؓਬ൲അ֥ᄜרܓथҦીႵჿඏ৯,ᇅקc(1+ ,)֒!bc!q(1]ଽ֥ޅᇉੱ,ਬ൲അ߶ൌགྷቋc(1+ ,0<q0ൈ,)1,0<q0 q^0;Ⴊᄜרࠊਈ,ഺჅ֥վॻॖିቔႨ,Վൈ,ູਔ **,q^0<q0<bq0;х૧ӵքݖ؟֥ڄག,ၿྛႋࡼᇉੱקູ **bࠇb* b*q0 q0<q0^ b> **;=֒q^0 q0 F-1(A)ൈ,ᇉੱ౼c!( *bb,q0 q0<q^0 *b **;c(1+ ,)c!1]ଽ֥ޅ၂۱ᆴဢ߶֤ਬ൲അ෮ࠆ֤֥վq^0 q0<F-1(A)c(1+ ,)ॻحնႿఃቋႪᄜרܓਈ෮ླ֥վॻح,ၹՎ,ູਔఃᇏ, *bބbq0Ⴎ༯ൔथק:॥ᇅڄག,ቋႪ֥ᇉੱႋູc!c(1+ b)F-1 - !( *b=1+ )(p-c!)+c!֒!q0<bq0ൈ,!q0<q0<bq0, *b> **ޚc(1+ )q0c(1+ ,)Ӯ৫,ၿྛمჿඏਬ൲അ֥ᄜרܓྛູ,ၹՎ,ႋbq0=(p-c!)1 - !(1+ )bc(1+ F-)-c!ھࡼᇉੱഡקູ **b֒bq0<q0<!q0ൈ,߶ᆣૼ!၇ঠႿ֥նཬܱ༢,ః౦ঃোර!q0#bq0֥ٳ༅b:֒ c>ൈ,(ؓ4)ൔܱႿq၂ac(1+ )ᆣиbؽࢨ֝ඔ,:֤5 2 2 ၿྛಃޙ൬ၭބڄགdE(!b(q))=c( - !)-c(1+ ھࢫ০ႨVaRٳ༅ၿྛᄝ၂ק֥ڄགಸಧඣ)F( x),dq༯ᇉੱ֥थҦ໙ีbၹ,ູ c! ൈ,ၿ(7)c(1+ )
∀110∀ᇏݓܵ॓࿐ 2010୍ྛ҂ӵքޅິჿڄག,ླࣉྛڄགܵ,ၹՎᆺॉ੮ၿྛॖି૫ਢິჿڄག֥౦ঃ,ࠧ6 ඔᆴٟᆇ >c!bభ૫֥ଆ֝ٳ༅֤ԛਔၿྛᄝሔ০ቋc(1+ )ն߄ބಃޙ൬ၭڄགਆᇕ౦ঃ༯ᇉੱ֥ቋႪथ֒ >c!Ҧb༯૫ࡼᄝభ૫ଆ֥ࠎԤഈࣉྛඔᆴٟᆇ,ၛc(1+ ൈ,ೂݔਬ൲അ҂ິჿ,ࠧ #) x,ၿྛ֥൬ၭь۷ᆰܴ֥௩༅Ԛ९թؓၿྛᇅקᇉੱ֥႕ཙ:ູcq(1+ );ິჿൈ,ࠧ < x,ၿྛ֥൬ၭၛࠣၿྛᄝ҂ଢѓ༯ᇉੱ֥थҦb:ູp +c!(q0- )bၹՎ,ਬ൲അ҂ິჿൈ,ၿྛॖିᄥ൳֥ാ౼p=1,c=0 5,c!=0 3,s=0 4, =:ູloss=0;ਬ൲അິჿൈ,ၿྛॖିᄥ൳֥ാ0 05, !=0 02,s!=0 1,l=0 3bਬ൲അ૫ਢ:ູ֥൧ӆླڛՖ௹ຬູ10֥ᆷඔٳ,҃ھٳ҃ડቀloss=cq(1+ )-(p-c!) -c!q0bഡLູၿྛ჻ၩӵ൳֥ቋնാඣ,L=־ᄹാϧੱ(IFR)bڄགٳࢸ֥ׄᇉੱc!c(1+ )lcq0,ູᇉԚܙࡎᆴcq0֥ݦඔbၿྛေູ:0 5714bloss<lcq0֥ۀੱնႿ∀(0 ∀ 1),ࠧေp(loss<lcq0)>∀bଁี3:ၿྛാ֥ۀੱູ1-F( x),္ࣼ൞ඪ,ၿྛၛ1-F( x)֥ۀੱॖၛᆺሔ০طླॉ੮ڄག, ᄀն,ാۀੱᄀཬbၹູ, # xൈ,loss=0,ၹՎp(loss<lcq0)>∀ޚӮ৫,ၿྛॖၛ၇ऌק4ᇅקᇉੱbᆺႵ֒ < xބloss>lcq0ൈؿളൈ,ၿྛҌ߶૫ਢӑԛყෘാ֥ڄགb෮ၛ,ၿྛ෮ܱྏ֥൞ < xބloss<lcq0ൈؿള֥ۀੱ൞ڎնႿ∀bᆃਆ۱൙ࡱൈؿള֥ۀੱ4 ڄགൈ,ᇉੱ *აq0֥ܱ༢:ູp=p({loss<lcq0}&{ < x})=p({ > lcq0x-}&{ < x})p-c!=p( x> > lcq0x-)p-c!lcq0=F( x)-F( x-)bp-c!ק5:ൈॉ੮ڄགಸಧඣބ൬ၭ֥౦ঃ༯,ၿྛ֥ቋႪᇉੱ *∀ູ: b*,∀* p; *∀= *∀,∀>pఃᇏ5 թᄝڄགൈ,ᇉੱ **აq0֥ܱ༢,*4ॖᆩ,֒ਬ൲അ֥Ԛ९թӑݖ1 133ൈ,)-F( x( b*lcq0p=F( x( b*))-),p-c!ࡼ҂߶ࣉྛҝֆᇉြༀ;ཬႿ0 7212֥ׄਬ൲അ∀=F( x( ∀))-F( x( lcq0∀)-)bࡼ҂߶ࠆ֤ቀܔ֥վॻ,ᆺିႨປվॻح؇;طԩႿp-c!ᆣૼb1 133a0 7212ᆭࡗ֥ਬ൲അ൞ڎିࠆ֤ቀܔ֥վקॻحေ၇ঠႿၿྛ۳ק֥ᇉੱb5ඪૼೂݔ∀alaq0۳ק,ࣼॖԛ ∀a **bapbೂݔၿྛ҂ॉ੮ڄགൈᇅק֥ᇉੱᄝႮ5ॖၛुԛ,Ԛ९թᄹնൈ,ਬ൲അᄜרఃڄགಸಧඣଽ,ᄵ၇ऌק4টᇅקᇉ,ੱڎܓਈղ֞ቋႪൈ֥ቋཬᇉੱ **ᄀཬb္ࣼ൞ᄵ࿊ᄴቋࢤ֥࣍ᇉඪ,ೂݔၿྛᇅקࢠཬ֥ᇉੱ,ପહᆺႵ९թбࢠ,ੱࠧp=∀ൈ֥ᇉੱbն֥ఒြҌ߶ղ֞ቋႪרࠊਈ,طᇅקࢠ֥ۚᇉ
ֻ6௹ Ⴟ ߩ֩:ᇏཬఒြҝֆᇉြༀ֥ᇉੱଆ∀111∀ֹӵ൳ڄགটࠆ౼აڄགཌྷ֥߭БbࠎႿ૫ཟᇏཬఒြੀࣁವԷྍ༯֥ҝֆᇉြༀଆൔ,ᄝؓਬ൲അ֥ᄜרࠊथҦࣉྛٳ༅֥ࠎԤഈ,Ч໓০ႨstackelbergѰᒮંބVaRڄག࠹ਈٚم,࣮ਔၿྛሔ০ቋն߄ބॉ੮൬ၭބڄགൈᇉੱ֥ᇅק໙ีbऎุႵೂ༯ᇶေࢲ:ં1)֮ᇉੱᆺ߶་ႄԚ९թ٤ӈն֥ਬ൲അ,طۚᇉੱؓႿԚ९թбࢠཬ֥ਬ൲അࠞऎ་ႄ৯(ק1ބק2);2)թᄝڄག౦ঃ༯,ೂݔᆺॉ੮൬ၭ,ၿྛॖି6 թᄝڄགൈ, *bބq0֥ܱ༢م๙ݖᇅקކൡ֥ᇉੱ,ః০౼֤ቋնᆴ,ط൞ေ၇ঠႿၿྛ֥ቋႪᇉੱބਬ൲അቋႪרࠊൈ֥ቋཬᇉੱᆭࡗ֥ܱ༢(ק4);3)֒ၿྛൈॉ੮൬ၭބڄགൈ,ᇅק֥ᇉੱᄀն,ఃാۀੱࣼᄀཬ,ӵք֥ڄགࣼᄀն,ቋႪᇉੱေ၇ঠႿၿྛ֥ڄགӵ൳ି৯∀֥նཬbၹՎ,ၿྛᄝᇅקᇉੱൈ,ေൈॉ੮ਬ൲അّ֥ႋၛࠣڄགಸಧඣ,Ֆطх૧ޭ൪ڄགaଢሔ০(ק5ބඔᆴٳ༅)bෙಖ,Ч໓֥ଆ࣮ಒಪਔҝֆᇉᇏᇉੱቔູ၂ᇕڄག॥ᇅٚم֥ᇗေ,ྟູၿྛቓथҦ7 ᇉੱ ބۀੱpᆭࡗܱ༢ิ܂॓࿐၇ऌބܵఓൕ,Ⴟြࢸൌၘࣜਵ,ੱ҂ࣇॖၛડቀ९թޓնఒြ֥ሧࣁླ,ط၂༵Ⴟં࣮,෮ၛ၂ུ࣮ॖିࠤླࣉ,ೂ:ҝקӱ؇ഈ,ॖၛߏࢳཬ९թఒြ֥ሧࣁಌك໙ีbֆᇉವሧؓളӁഅᄎႏथҦࠇᆀᆜ่܂ႋ৽ིࠛၹՎᇉੱᄹնൈ,۷؟֥ఒြႵࠏ߶๙ݖҕაҝ֥႕ཙaֻٚੀఒြڛༀඣؓၿྛथҦ֥႕ֆᇉြༀ,ൌགྷቋႪרࠊbཙ,ҝֆᇉ֥Ҡቔڄག࣮֩֩b6ᇏ,֒q0=0 75ൈ, *b=1 08,ط **=0 617,ॖᆩ *b> **,Ⴛၹູၿྛᇅק֥ᇉੱ҂ିӑݖ1,ູਔቋն߄൬ၭ,ၿྛႋھࡼᇉੱҕॉ໓ང:ᇅקູ1,Վൈ,ਬ൲അ௹ຬ൬ၭቋնൈ෮ླቋཬᇉ[1]ᚆऺת.ᇏཬఒြವሧ:၂۱ࠎҪၿྛ֥ܴҳ[EB/ੱູ0 617,ၹՎቋᇔਬ൲അ߶ႵվॻഺჅ,ၿྛOL].http://bank jrj com cn/2010/01/1311166798502/෮ࠆ൬ၭބ෮ӵք֥ڄག҂b1311166798502 shtml,2010-1-13 7ູ[2]ധᎪؿᅚၿྛ-ᇏݓ࠽۽അ࿐ჽ∋܂ႋ৽ࣁವ(ज़ีq0=40,l=0 4ൈ,ᇉੱބၿྛॖӵ൳ാཬႿ8֥ۀੱ֥ܱ༢bॖᆩ,֒0 5714< ቆ.܂ႋ৽ࣁವ[M].ഈݚ:ഈݚჹתԛϱഠ,2009.[3]ѯ.ҝֆᇉ:յఒြವሧ࣠[EB/OL].http://<0 9514ൈ,ാཬႿ8֥ۀੱෛᇉੱ֥ᄹࡆطᄹࡆ,ᆃ൞Ⴎླٳ҃ݦඔ֥ֆטྟथק֥b֒www china56cb com cn/ShowArticle asp?ArticleID =24626&channelid=54,2007-3-14 >0 9514ൈ,ۀੱෛᇉੱ֥ᄹնطࡨཬ,ඪૼᇉੱᄹն߶֤ാཬႿ8֥ۀੱࡨཬbೂݔၿྛ[4]Dada,M.,Hu,. Financingnewsvendorinvento ֥ڄགಸಧඣry[J] OperationsResearchLetters,2008,36(5):569∀ູ80%,ପહၿྛᇅק֥ᇉੱ-573 ႋھᄝ0 9514< <0 9874ٓຶଽb[5]Tsoukalas,. Financingconstraintsandfirminven toryinvestment:Areexamination[J] EconomicsLet 7 ࢲეters,2006,90(2):266-271 གྷսഅြၿྛܵڄག֥௴ђჰᄵ൞:҂ཨࠞ[6]Brown,W.,Haegler,U. Financingconstraintsand߭хڄག,ط൞ࠒࠞ؇ਈڄགaܵڄག,ѩ๙ݖކinventories[J] EuropeanEconomicReview,2004,48
∀112∀ᇏݓܵ॓࿐ 2010୍(5):1091-1123 [16]ၪ࿐,ྷ,ڈ۶ᇏ,֩.ᇗෛࠏѻິჿۀੱ༯९թ[7]Tsai,. Onsupplychaincashflowrisks[J] De അᇉြༀվॻࡎᆴбੱ࣮[J].ᇏݓܵ॓࿐,cisionSupportSystems,2008,44(4):1031-1042 2007,15(1):21-26.[8]Buzacott,.,Zhang,. Inventorymanage [17]ၪ࿐,ڈ۶ᇏ,ྷ.ࡎ۬ෛࠏѯ༯թࠊᇉವሧmentwithasset-basedfinancing[J] ManagementSci ြༀᇉੱ࣮[J].༢۽ӱંაൌ,2007,27ence,2004,50(9):1274-1292 (12):42-48.[9]Caldentey,R.,Haugh,. Supplycontractswith[18]ᅦវវ,ࡹќ.९թഅವሧ༯֥९թႪ߄ܵ[J].financialhedging[J] OperationsResearch,2009,57༢۽ӱંაൌ,2008,28(9):29-38.(1):47-65 [19]ᅦវវ,ᇫ઼ޣ,ࠝґޣ.ᇉվॻ༯֥վॻࡎᆴб֥[10]ᇫ໓,ᇫ֡৫,ྷቋ.Ӿᆦڱٚൔ༯֥թࠊᇉವ࣮[J].ඔ࿐֥ൌაಪ്,2009,39(13):19-26.ሧڛༀקࡎଆ[J].༢۽ӱંაൌ,2007,27[20]ᅦ,աᅸ.Ֆੀڛༀཟࣁವڛༀഥ ᇏԥܢ(12):1-7.ٺଲࣘٳ܄ඳն৯षᅚҝֆᇉವሧြༀ[J] ൧ӆᇛ[11]ઔᇏ,ޅङ.ੀఒြҕა༯֥९թᇉವሧᇏ़֥:ྍੀ,2004,(27):8-8.ກս໙ี࣮[J].ᇏݓܵ॓࿐,2008,16:455-[21]Cachon,. Supplychaincoordinationwithcon [R] Workingpaper,UniversityofPennsylva [12]ဗᨃ,અѡ.၂ᇕࡎ۬ᅼ२ބ௹ᆦڱ่ࡱ༯ቋႪᆦڱnia,Philadelphia,PA 2002 ൈࡗಒק[J].ᇏݓܵ॓࿐,2008,16(ህࠠ):473-476.[22]Rosling,K. Inventorycostratefunctionswithnonlin [13]Jokivuolle,E.,Peura,S. Incorporatingcollateralearshortagecosts[R] Workingpaper,V xj Univer valueuncertaintyinlossgivendefaultestimatesandsity,2000 loan-to-valueratios[J] EuropeanFinancialMan [23]Chen,Y.,Ray,S.,Song,Y. Optimalpricingandagement,2003,9(3):299-314 inventorycontrolpolicyinperiodic-reviewsystems[14]Cossin,D.,Huang,.,Aunon-Nerin,D. Awithfixedorderingcostandlostsales[J] NavalRe frameworkforcollateralriskcontroldetermination[R]searchLogistics,2006,53(2):117-136 Europeancentralbankworkingpaperseries,2003,1:[24]Yao,L.,Chen,Y.,Yan,H. Analysisofasupply1-47 contractforcoordinatingthenewsvendorwithpricede [15]ၪ࿐,ྷ,ڈ۶ᇏ,֩.ѓሙթࠊᇉವሧြༀվॻpendentdemand[R] WorkingPaper,ChineseUniver ࡎᆴбੱ࣮[J].ᄎԔაܵ,2006,15(6):,2005 Loan to ValueRatiosModelofPledgebyWarehouseReceiptsforSmallandMediumEnterprisesYUHui,ZHENXue ping(SchoolofEconomicsandBusinessAdministration,ChongqingUniversity,Chongqing400030,China)Abstract:Pledgebywarehousereceiptsforsmallandmediumenterprisesstimulatesinventorycirculation,efficientlyreleasesfundpressure, dicatorofriskcontrolsinthatbusiness, to ,byestablishingasingle cyclenewsboymodel,reorde ,dynamicgametheoryandVaRmethodareusedtoinvestigatedecisionsofloan to valueratiosintwocases:onlyseekingmaximumprofitandweig ,optimaldecisionsforseekingdifferentgoalsaregotbymodelanalysisandnumericalsimulation,whichhighlightstheimportantroleloan to :smallandmediumenterprises;logisticsfinance;pledgebywarehousereceipts;loan to valueratios
