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1、AbstractAbstractThisarticle,basedonloan-to-valueratioastheresearchobject,takingthemethodofmodelbuilding,buildstheloan-to-valueratiomodelunderthedifferentmodesofpledge,andmakesanimportantreferenceforthebankhandlinginventoryfinancingbusinesstosmallandmedium-sizedenterprisesanddecidi
2、ngtheoptimalloan-to-valueratio,whichisofimportantpracticalandtheoreticalsignificance.Theinnovationofthearticle,conductssensitivityanalysisontheoptimalloan-to-valueratioandthemaximumexpectedprofitonstudyofinventoryoftheloan-to-valueratiomodelinthestaticpledgemodefirstly,assumesthat
3、banksaresettinganoptimalloan-to-valueratioateverytimetocovershortpositionstomaximizeexpectedprofitofeverystageonstudyofinventoryoftheloan-to-valueratiomodelinthedynamicpledgemodesecondly,andconsidersbanksofrestrictionofdown-riskonstudyofinventoryportfoliooftheloan-to-valueratiomod
4、elthirdly.Studiesbasedonthestaticpledgemodeoninventoryoftheloan-to-valueratiomodelhaveshownthat,therelationshipsbetweentheoptimalloan-to-valueratioandnotonlythelogarithmyieldsbutalsothelogarithmicvolatilityarepositivelycorrelated,andtherelationshipsbetweentheoptimalloan-to-valuera
5、tioandnotonlytheloaninterestratebutalsotheloanperiodandtheprobabilityofdefaultarenegativelycorrelatedfirstly,therelationshipsbetweenthemaximumexpectedprofitandnotonlythelogarithmyieldsbutalsotheloaninterestrateandtheloanperiodarepositivelycorrelated,andtherelationshipbetweenthemax
6、imumexpectedprofitandthelogarithmicvolatilityisnegativelycorrelated,andtherelationshipbetweenthemaximumexpectedprofitandtheprobabilityofdefaultiscomplex,thatis,withtheincreaseoftheprobabilityofdefault,themaximumexpectedprofitdecreasesandthenincreasesandthendecreasesagainsecondly,t
7、hesensitivityoftheoptimalloan-to-valueratioaboutlogarithmicvolatilityisthelargest,followedbythelogarithmyields,theloaninterestrate,theloanperiodandtheprobabilityofdefaultthirdly,thesensitivityofthemaximumexpectedprofitabouttheloaninterestrateisthelargest,followedbythelogarithmicvo
8、latility,theloanperiod,thelogarit