In recent years, the rapid development of logistics finance has attracted academic attention and formed a corresponding theoretical system. This paper reviews the development of logistics finance, summarizes the theoretical achievements in this field and refines its core ideas. Finally, on the basis of summarizing the previous achievements, the development direction of logistics finance research is prospected.
Keywords: logistics finance, warehouse receipt market, logistics bank, logistics insurance
The increasingly frequent exchange of funds and materials between China and other countries in the world has promoted the rapid development of logistics and finance in China. With the wide application of network and communication technology, the strong attraction between logistics and finance has produced a wonderful work of subject integration, and its great influence on material circulation has been accurately captured by keen scholars, and then a brand-new platform-logistics finance has been constructed from a theoretical height.
The Development Course of Theoretical Research on Logistics Finance
At first, the theoretical research of domestic logistics finance began along the business summary of material bank, warehouse receipt pledge and confirmed warehouse. As early as March 1987, Chen Huai from the Department of Industrial Economics of China Renmin University put forward the idea of building a material bank. In the early 1990s, some scholars published articles to discuss the operation of the material bank. However, the "material warehouse" at that time also had a very strong planned economy color, mainly through the material warehouse to discuss the adjustment and exchange of material varieties. Because the concept of logistics has not been fully discovered and understood, the concept of material bank at that time was very different from the current concept.
From April 65438 to April 0998, Ren, then the general manager of Shaanxi Qinling Zengshi Metal Co., Ltd., explored the use of "material bank" to solve the problem of corporate triangular debt, which was a breakthrough in this concept. With the continuous development of logistics, the concept of material bank has gradually matured. In September 2003, Feng Gengzhong from School of Management of Jiaotong University, Ren in 2004 and Huazhong University of Science and Technology in 2005 all re-studied the meaning of material database and got a relatively standardized concept. The theoretical summary of warehouse receipt pledge business began in June 1997. At that time, Zhang Ping and Han of China Agricultural Development Bank studied the pledge business of grain, cotton and oil warehouse receipts, and did not combine the concept of logistics.
Since then, with the rise of logistics, the corresponding research began to increase. 200 1, Yantai university; In 2002, scholar Sun Ning; Zheng Jinbo, Southeast University, 2003; In 2004, scholar Shao Hui and others studied this. Only in recent years, this business is closely related to the logistics industry. The research on confirmed warehouse business originates from warehouse receipt pledge business.
A landmark achievement in the field of logistics finance is the research on "financing warehouse". In February 2002, Luo Qi and Zhu Daoli of Fudan University School of Management put forward the concept and operation mode of "financial warehouse", and a series of achievements have been launched so far. In May 2004, Zou Xiao and Tang of the School of Economics of Zhejiang University first put forward the concept of "logistics finance", and defined its connotation and extension. As a new research platform, "logistics finance" was formally established. At this point, the research object and direction of logistics finance are basically established, and a series of operation modes are summarized in combination with practice. In the process of the development of discipline concept, some scholars have also explored it. In March 2005, Chen Xiangfeng and Zhu Daoli of Fudan University School of Management put forward the concept of "financial logistics" similar to logistics finance. However, few people continue to use it because its expression is not accurate enough relative to "logistics finance". Another landmark achievement in the field of logistics finance is the emergence and popularization of "logistics bank" business. In 2004, Guangdong Development Bank launched "Logistics Bank" business on the basis of "Private 100" financial platform, expecting to effectively solve the financing and development problems of enterprises. Since the end of 2004, logistics banking has been rapidly applied in various industries, such as the cooperation between China Warehousing and Huaxia Bank, and the cooperation between Fujian Zhonghai Logistics Company and Quanzhou Zheng Da Group and China CITIC Bank. Logistics banking is a comprehensive banking service that uses the logistics information management system of a powerful logistics company to provide customers with financing, settlement and other banking services based on the mortgage or pledge with best-selling products and small price fluctuations, and combines the bank's capital flow with the enterprise's logistics, which is in a normal trade circulation state and meets the requirements of collateral. It can be seen that "logistics bank" is the sublimation of "material bank" business, with the characteristics of standardization, standardization, informationization, remoteness and generalization. Recently, the research focus of logistics finance mainly focuses on the field of product design and risk management of logistics finance based on network technology.
Related concepts of logistics finance
Zou Hetang, School of Economics, Zhejiang University defined the concept of "logistics finance" for the first time. They believe that logistics finance is a business oriented to the logistics industry. By developing, providing and applying various financial products and services, we can effectively organize and adjust the movement of funds and credit in the logistics field, and realize the organic unity of information flow, logistics and capital flow. These capital and credit activities include various loans, investments, trusts, leases, mortgages, discounting, insurance, settlement, issuance and trading of securities, mergers and acquisitions, asset restructuring, consulting, guarantees and various intermediary businesses related to the logistics industry handled by financial institutions. Logistics finance is a financial business that provides financing, settlement and insurance services for the logistics industry. It is produced with the development of logistics industry. The close combination of logistics and finance can strongly support the circulation of social goods and improve the welfare of the whole society. This definition points out the research field and basic research direction of logistics finance, and emphasizes the innovative thinking of finance and the application of financial engineering technology.
As an important concept in the field of logistics finance, "financial warehouse" was first proposed by Luo Qi and Zhu Daoli of Fudan University in 2002. Zhu Daoli and others systematically introduced the theory of financial warehouse. They believe that, due to the numerous objects involved, in order to organically link these scattered individuals and realize the combination of capital, information and logistics, we should not only use advanced information and communication systems and transportation technologies, but also design feasible modes and structures with systematic ideas and methods, including three modes: financing warehouse operation mode based on movable property management, financing warehouse operation mode based on fund management and financing warehouse operation mode based on risk management. They envisaged four financing structures: vertical structure, horizontal structure, star structure and network structure. The assumptions of these structures mainly come from the objective analysis of enterprises in different environments and different scale types. Its basic idea is to take the "warehouse" as a breakthrough and use various information transfer procedures to realize the valuation of dynamic substances in the warehouse so that they can be transformed with capital. Capital, logistics and warehousing are Theory of Three Represents's theory of liquid assets in the process of enterprise operation, which covers all the processes of enterprise daily operation. The theoretical research of Zhu Daoli and others emphasizes the assistance of logistics to the financing function of finance, and pays attention to the discussion based on banking services, and gives the idea of expanding the service scope and developing new high-profit service projects for third-party logistics enterprises. Although it involves the settlement function of logistics finance, it is not discussed as an important content.
Another important application of logistics finance theory in practice is the development of logistics banking. The logistics bank breaks the traditional thinking of fixed assets mortgage loan and innovatively uses movable property pledge to solve the financing problem of private enterprises. Guangfa Bank has taken the first step in the development of domestic logistics banking business. GDB supports the national distribution of one (or more) brand products of production enterprises, which changes the situation that a single distributor cannot obtain bank support because it cannot meet the bank credit conditions. At the same time, banks spread risks through internal adjustment of dealers and manufacturers nationwide. "Logistics Bank" is consistent with the previous "financing warehouse" in seeking to evaluate the assets in circulation, but the difference is that it puts forward corresponding solutions from the perspective of seeking to control risks while expanding loans.
Research and Development of Logistics Finance Theory
After the concept of "logistics finance" came out, more and more scholars began to set foot in this field, and their research enriched the content of logistics finance. Liu Gaoyong (2004) discussed the integration of enterprise logistics and capital flow from the perspective of network technology. He demonstrated the possibility of the integration of enterprise logistics and capital flow under the network environment, in which information, as the medium of the integration of logistics and finance, has an important impact on the production and operation process. Chen Xiangfeng and Zhu Daoli (2005) put forward the concept of supply chain-oriented financial logistics, trying to analyze it from the perspective of logistics financial providers to the perspective of logistics financial customers. Xu Li, Xiong Kanxia (2005) introduced the characteristics and functions of logistics banks, pointed out the risks faced by developing logistics banks, and put forward the ideas of risk prevention and benefit distribution. Wang (2005) introduced the application of logistics insurance in the actual production process and its future development trend. Tang (2005) took UPS and Guangfa Bank as examples, described the development of logistics finance business by third-party logistics enterprises and financial institutions, and put forward some suggestions for domestic enterprises preparing to carry out logistics finance business to operate reasonably according to the current market situation. Zou Xiao (2005) is managing the price of plastics.