关键词: 出口海陆仓融资；混合CVaR；质押率；物流服务努力水平

Abstract: The exporting offshore/in-transit inventory financing services transfer shipping firms into both funds provider and marine logistics services supplier, which gives rise to integrated decision-making problem of the loan-to-value ratios and logistics service level. It is difficult for shipping firms to remain completely rational due to multiple uncertainties, thus the decision-making results often deviate from the optimal. Under the assumption of bounded rationality, this paper introduces the mixture CVaR criterion to construct a decision model for exporting offshore/in-transit inventory financing and discuss the joint decisions of loan-to-value ratios and logistics service effort level considering three different risk attitudes at the same time. Considering the long time and high risk of maritime transport, this paper first elaborates a multiplicative stochastic demand function to reflect the negative relationship between the price of collaterals and market demand, and includes the influence of logistics service effort level on the liquidity of collaterals into the demand function. Then, a critical point of demand is calculated based on whether the end-of-term value of collaterals can repay the loan and shipping service fees. Based on this, the subsection function of shipping firm's income is constructed. Further, risk attitude factor in the mixed CVaR model is introduced to build objective function which can reflect different risk attitude of the shipping firm and calculate the optimal loan-to-value ratio and logistics services effort level. The dual tasks of logistics and financing service offered by shipping firms are reflected by considering the influence of logistics service level on the value of collaterals and the benefit of loan. The application of mixed CVaR model makes up for the inadequacy of existing literature that methods applied in logistics finance can only reflect characteristics of risk aversion. The results show that the loan-to-value ratio is positively correlated with logistics service effort level, the two have complementary effect. The optimal decision value under risk preference is the highest, while the decision value under risk aversion is the lowest. When the price elasticity of demand is at a low level, the optimal logistics service effort level is positively correlated with the price of collateral. When the price elasticity is higher than a certain threshold, the price of collaterals is negatively correlated with the optimal joint decision which demonstrates the decisions of loan and logistics service tend to be conservative. Shipping firms must utilize their control of collateral information and give play to the supplementary effect of maritime logistics services on loan business to provide specialized and differentiated logistics financial services as well as develop flexible risk management strategies.

Key words: exporting offshore/in-transit inventory financing; mixture CVaR criterion; loan-to-value ratios; logistics service effort level