随着市场发展和物流金融的崛起，仓单抵押融资业务在我国得到了快速发展， 业务模式也越发多样化。本文根据 AB 物流公司的现实情况，深入探讨和分析了 AB 物流公司在仓单质押融资业务中面临的主要风险问题，对其成因进行详细的 分析，并结合风险管理理论，提出可实施的风险管理优化方案，帮助 AB 物流公 司提升竞争优势。通过面对面访谈、问卷调查以及对 AB 物流公司业务流程的梳 理，笔者发现 AB 物流公司在仓单质押融资业务中，主要应预防来自融资方的资 信风险、市场环境风险以及作业风险，其中前两项为外部风险，而后一项为企业 内部风险，是风险管理的重点。 在防范资信风险方面，笔者认为公司应构建客户信用评估体系，对客户的资 信风险进行评级。资信风险指数较高的企业，采取不与之合作或者谨慎的合作态 度。对于资信良好的企业，在与之合作的同时，也应时刻紧密关注该公司的财务 状况，以防止因为市场价格变动导致该公司债务增多、应收款收不到位而无法还 清贷款，甚至无法支付仓储费以及监管费等行为。 对于市场环境风险，AB 物流公司应建立风险防范机制，并对市场风险信息 进行识别与分析。市场环境风险大多是不可控的如行业政策变化，行业标准调整、 世界政治以及经济局势的变动等，但都会影响到仓单质押融资业务的发展以及最 终受益情况，因此公司各部门应保持对市场信息的敏感性，并在市场出现变化的 情况下及时调整监管方案，预防风险。 来自企业内部的作业风险是管理的重中之重，AB 物流公司可以从仓库管理、 文件管理以及人员管理三个方面进行风险管控，逐步加大对直营的投入，严密审 核每一笔业务的文件，确保贸易背景真实。对仓库监管员、仓单专员以及客户部 门的人员进行培训和考核，尤其是道德方面的考察，以防止出现企业内部人员为 了利益而做出危害公司业务安全的行为。 关键词：风险管理；AB 物流公司；仓单质押融资III Abstract With the development of logistics financing in China, pledging of warehouse receipts has been developing rapidly in China with more and more diversified business model. Based on the actual situation of AB Logistics Company, this paper deeply discusses the main risks which were faced by AB Logistics Company in warehouse receipts pledgingmanagement,andanalyzes thereasons whichcausethoserisks.Based on the risk management theory, it is hoped to generalize a feasible prevention plan which helpAB Logistics Company to improve its competence.AB Logistics Company acts independent supervisor in the business, and obligate to deliver the goods according to the warehouse receipts. Preventing the risks is critical to AB Logistics Company in carrying out the warehouse pledging management. In terms of preventing credit risks, the author thinks that AB Logistics Company should build a system of credit evaluation which can rate the credit risks. For those enterprises who are with high credit risk index, AB Logistics Company should cooperate cautiously, or even consider to refuse to work with them. For the enterprises who are with good credit, AB Logistics Company should also monitor its financial status, especially the ability of paying debt when market situation changes, in order to prevent the losses of not be able to receive the storage fees and supervision fee. AB Logistics Company should also establish risk prevention mechanism and identify any potential risks such as any changes in policy, regulations, commodity price, world trading environment and economic situation etc., which will affect the pledging management model and its revenue. In the meantime,AB Logistics Company needs to conduct risk control in operation process such as warehousing facility management, documents management and personnel management. Keywords:RisksManagement；ABLogisticsCompany;WarehouseReceiptpledging目录 致谢................................................................................................................................ I 摘要...............................................................................................................................II Abstract........................................................................................................................III 第 1 章绪论....................................................................................................................1 1.1 研究背景与意义.................................................................................................1 1.1.1 研究背景.......................................................................................................1 1.1.2 研究意义.......................................................................................................3 1.2 国内外研究现状.................................................................................................4 1.2.1 国外研究现状..............................................................................................4 1.2.2 国内研究现状..............................................................................................5 1.2.3 国内外研究现状评述..................................................................................6 1.3 研究内容与研究技术路线.................................................................................7 1.3.1 研究内容......................................................................................................7 1.3.2 研究技术路线..............................................................................................7 1.4．研究方法与创新之处.......................................................................................9 1.4.1 研究方法.......................................................................................................9 1.4.2 创新之处.....................................................................................................10 第 2 章 相关概念与理论............................................................................................11 2.1 相关概念界定...................................................................................................11 2.1.1 仓单............................................................................................................11 2.1.2 仓单质押融资监管....................................................................................12 2.2 相关理论...........................................................................................................13 2.2.1 风险管理与风险类别................................................................................13 2.2.2 风险矩阵法................................................................................................14 2.2.3 风险管理整合框架 （COSO）...............................................................15 2.2.4 风险管理相关理论在本文的应用............................................................16第 3 章 AB 物流公司仓单质押融资业务现状与问题分析.....................................18 3.1AB 物流公司.....................................................................................................18 3.1.1AB 物流公司简介......................................................................................18 3.1.2 仓单质押融资业务模式............................................................................19 3.1.3 仓单质押融资业务流程............................................................................22 3.2AB 物流公司仓单质押融资业务风险调查与分析.........................................23 3.2.1 面对面访谈................................................................................................23 3.2.2 问卷调查与分析........................................................................................26 3.3AB 物流公司仓单质押融资业务风险管理问题.............................................33 3.3.1 风险意识不充足........................................................................................33 3.3.2 风险目标不清晰........................................................................................34 3.3.3 风险控制不全面........................................................................................34 3.3.4 管理监督不到位........................................................................................35 第 4 章 AB 物流公司仓单质押融资业务风险管理优化方案.................................37 4.1 建立风险防范机制，增强风险防范意识.......................................................37 4.1.1 识别市场风险信息.....................................................................................37 4.1.2 谨慎选择质押物........................................................................................37 4.1.3 信息化建设................................................................................................38 4.2 构建资信评估体系，明确风险管理目标.......................................................38 4.2.1 全面了解客户信息，建立资信档案........................................................38 4.2.2 明确风险防范目标，形成合力................................................................39 4.2.3 增强法律意识，防范合规风险................................................................40 4.3 完善操作流程，加强风险控制能力...............................................................41 4.3.1 加强仓库管理............................................................................................41 4.3.2 加强文件管理............................................................................................42 4.3.3 加强内部人员管理....................................................................................43 4.4 加强内部监管，增强管理监督职能...............................................................44 4.4.1 成立风险管理委员会................................................................................444.4.2 制定风险管理手册....................................................................................44 4.5 方案优化前后对比与预期效果分析...............................................................44 4.5.1 对比分析....................................................................................................44 4.5.2 预期效果分析............................................................................................45 第 5 章 优化方案实施与保障....................................................................................47 5.1 实施计划............................................................................................................47 5.1.1 优化方案实施前提....................................................................................47 5.1.2 优化方案实施步骤.....................................................................................48 5.2 实施的保障措施................................................................................................49 5.2.1 组织保障.....................................................................................................49 5.2.2 人力保障.....................................................................................................50 5.2.3 技术保障.....................................................................................................51 5.2.4 财务保障.....................................................................................................51 第 6 章 结论与展望....................................................................................................53 6.1 结论...................................................................................................................53 6.2 本文研究中的不足...........................................................................................53 6.3 展望...................................................................................................................54