中文摘要：

研究由一个供应商和销售商组成的供应链。销售商为中小企业，在受资金约束时无法通过自身信用获得所需融资，此时供应商可以为销售商贷款提供担保以提高其融资授信额度。本文采用销售商违约后剩余质押物的回购率来衡量供应商对融资风险的分担程度，对参与各方的存货质押融资决策进行了深入研究。结果表明：供应商的回购承诺提高了银行利润，在一定条件下提高了银行的质押率；并且，有回购承诺的融资决策在市场前景乐观情况下可以有效缓解销售商的融资困境。

英文摘要：

In this paper, a supply chain consisting of a supplier and a retailer is considered. Being a small and mediumsized enterprise, the retailer can＇t obtain enough financing by its own credit when facing funding con straints. However, the line of the retailer＇ s credit can be raised through the supplier＇ s loan guarantee. By meas uring the degree of financing risksharing by the buyback ratio of unsold pledge, partners＇ inventory financing decisions are intensively analyzed in this study. The results show that, the buyback guarantee of the supplier not only increases profit of the bank, but also raises the loantovalue ratio when certain conditions are satisfied; meanwhile, the retailer＇ s funding dilemma can be effectively alleviated by the supplier＇ s buyback guarantee when the market conditions are optimistic.