Journal of Dalian Maritime University >
2017 , Vol. 43 >Issue 4: 46 - 51
DOI: https://doi.org/10.16411/j.cnki.issn1006-7736.2017.04.007
Optimization of exporting offshore/in-transit inventory financing with fluctuant collateral price
Received date: 2017-06-29
Revised date: 2017-08-03
Online published: 2017-08-05
Aiming at the issue of loan-to-value ratios optimization on exporting offshore/in-transit inventory financing with fluctuant collateral price, the probabilities of occurrence for all kinds of circumstances in the exporting offshore/in-transit inventory financing were analyzed by using conditional probability theory. The profit segmentation function model of the shipping company’s (expected) profit was established by considering the storage fees, ocean freights and loan principal and interest of the whole journey. The optimal solution steps of loan-to-value ratio were designed by using the analytical method. Numerical example verifies the applicability and validity of the proposed model. Results show that when the market price of the collateral is high at the beginning of the loan period, the shipping company needs to set a lower loan-to-value ratio to obtain a higher expected profit. The exporter’s default probability and repayment time have a negative correlation with the optimal loan-to-value ratio respectively. The findings can provide a scientific reference for the shipping company in financing optimization decisions.
WANG Zi-cheng , YANG Hua-long . Optimization of exporting offshore/in-transit inventory financing with fluctuant collateral price[J]. Journal of Dalian Maritime University, 2017 , 43(4) : 46 -51 . DOI: 10.16411/j.cnki.issn1006-7736.2017.04.007
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