Research On Loan-to-value Ratio of Inventory Financing under Randomly- fluctuant Price
价格随机波动下存货质押融资业务质押率研究

Given the price of the pledged stock is fluctuant randomly,the paper implements risk estimation strategies of "main body debt" and analyzes loantovalue ratio decision of banks with downside risk constraint when price distribution of the stock at the end of the loan follows general distribution and several special distributions.Based on these theory results,the case about inventory financing developed by banks and cooperating logistic firms is analyzed.The study shows: if price distribution of the stock at the end of the loan may be acquired,analytic result of loan-to-value ratio in static pledge fashion can be solved.