Cooperative stock document mortgage financing game under inhouse consignment structure

摘要

At present, the bank is facing a challenging design problem of credit contract based on inventory financing. The paper studies credit contracts based on stock document mortgage with two risk-neutral gamers under the outsource structure of inhouse consignment. The model includes the case of a bank offering loan to a cooperative retailer who mortgages its inventory to the bank to finance more inventory. The retailer faces a random demand in a single sales season as in the classical newsvendor problem. By game theorem, the paper gives the optimal loan to value to retailers with different initial capital in the case that the salvage price is smaller than the storage cost. We show the wholesale price, the storage cost and the salvage price have influence to bankruptcy risk and loan to value, as well as the initial capital. Finally, based on our model analysis, we give some advices.