中文摘要：

传统的库存决策模型往往会忽略企业的资金约束问题,而企业的资金约束以及融资方式都会对企业的库存决策产生影响.因此我们讨论在仓单质押的背景下,假设销售商品属于报童问题,企业应采取的总体库存决策.研究发现如果银行对于质押库存给予的贷款价值比较低,企业只有在自有资金不足的情况下,才会向银行申请贷款.如果贷款价值比较高,企业就有可能保留部分资金,以贷款来继续追加库存.

英文摘要：

Most of the traditional models in inventory control ignore the financial states of an organization. But both of financial states and financial mode have impact on inventory decision. Given the retailer mortgages the first stage＇s inventory to financing further inventory and faces the newsvendor＇ s problem, its total inventory management is studied. It comes to the conclusion that in the case that the bank gives the lower loan to value, the retailer will not borrow unless it has no enough initial cash to maintain inventory. On the contrary, if loan to value is higher, it is possible that the retailer will borrow from the bank and preserve part of its cash to obtain deposit interest.