针对一个跨境电商企业与一个物流企业组成的系统，考虑汇率与需求的随机波动，建立境外市场价格敏感时物流企业质押率的决策模型，得到物流企业提供存货质押融资时的最优质押率. 通过算例研究了关税税率、跨境电商企业违约率、汇率与境外需求波动程度等诸多要素对物流企业质押率的影响.研究表明，关税税率和跨境电商企业违约率均与最优质押率负相关；物流企业的最优质押率随境外市场基本需求与汇率波动的增大而降低，并且目标境外市场价格越敏感, 降低得越快.研究结论可为物流企业制定存货质押融资策略提供科学参考.

Aiming at the system composed of a cross-border e-commerce enterprise and a logistics enterprise, considering the random fluctuation of exchange rate and demand, a decision model of logistics enterprise’s pledge rate during the overseas market price sensitive was established to obtain the best pledge rate when the logistics enterprise provides inventory pledge financing. The impact of tariff rate, default rate of crossborder ecommerce enterprises, exchange rate and fluctuation of overseas demand on the pledge rate of logistics enterprises were studied. The results show that the tariff rate and the default rate of crossborder ecommerce enterprises are negatively correlated with the best mortgage rate; the best pledge rate of logistics enterprises decreases with the increase of basic demand and exchange rate fluctuation in overseas market, and the more sensitive the target overseas market price is, the faster it decreases. The result can provide a reference for logistics enterprises to formulate inventory pledge financing strategy.