针对需求不确定性下的出口海陆仓质押融资风险问题。运用双重Stackelberg主从博弈原理，构造了进口商、出口商、海运公司三方的利润函数。利用CVaR风险测度方法，以供应链整体利润最大化为目标，建立了风险测度下的海陆仓融资优化模型，论证分析了海运公司质押率、出口商交货提前期和进口商订货批量等最优决策结果。研究表明，进口商订货批量、出口商交货提前期随着海运物流公司质押率的增大而减小，海运公司最优质押率与出口商风险规避系数、海运公司质押服务费率以及质押物市场售价均呈负相关，与进口商的风险规避系数、进口商进价均呈正相关。研究结论可为出口海陆仓质押融资各方提供有益的决策参考。

 This paper studies the exporting offshore/in-transit inventory financing risk problem with high demand uncertainty. Applying the principle of double Stackelberg master-slave game, profit functions of importer, exporter and shipping company were constructed. Employing the conditional value at risk (CVaR) measurement method, an optimization model of exporting offshore/in-transit inventory financing under risk measurement was established, where the overall profit of the supply chain was maximized. Then, the optimal decision-making results such as the pledge rate of the shipping company, the exporter's delivery lead time and the importer's order quantity were demonstrated and analyzed. The study shows that the importer's order lot size and the exporter's delivery lead time decrease with the increase in the pledge rate of the maritime logistics company. The optimal pledge rate of the shipping company is negatively related to the risk aversion coefficient of the exporter, the pledge service fee rate of the shipping company, and the market selling price of the pledged goods, and positively related to the risk aversion coefficient of the importer and the import price of the importer. The findings of the research can provide useful decision-making references for all parties involved in exporting offshore/in-transit inventory financing.