E3S Web Conf.
Volume 257, 20215th International Workshop on Advances in Energy Science and Environment Engineering (AESEE 2021)
|Number of page(s)||4|
|Section||Research on Energy Consumption and Energy Industry Benefit|
|Published online||12 May 2021|
Optimization on Loan-to-value Ratios of Port’s Inventory Financing: Effects of Risk Aversion and Decision Preference
Collaborative Innovation Center for Transport Studies Dalian Maritime University Dalian, China
2 Collaborative Innovation Center for Transport Studies Dalian Maritime University Dalian, China
3 Collaborative Innovation Center for Transport Studies Dalian Maritime University Dalian, China
Under inventory financing mode, port offers joint logistics and financial services to a capital-constrained cargo-owner whose cargos are taken as collaterals. Port takes financial risk while gaining profit from both traditional logistics and derived financial services. This paper adopts Mean-CVaR criterion to formulate objective function and derive the equilibrium loan-to-value ratio. The Mean-CVaR model proposed in this article depicts risk-aversion attitude and decision preference of port under the uncertainty of collateral’s demand. The result shows that there is a positive relation between decision preference and loan-to-value ratio. The growth in risk aversion attitude prompts port to act cautiously by reducing the loan-to-value ratio.
© The Authors, published by EDP Sciences, 2021
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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