Warehouse receipt is a deposit certificate issued to the depositor to explain the inventory situation after the warehouse operator accepts the entrustment of the customer (owner) to store the goods in the warehouse. The direct function of warehouse receipt is to extract the documents of consignment goods, and the indirect function is the transfer of consignment goods and the certificate of borrowing from banks and other financial institutions with this securities guarantee. Therefore, warehouse receipt is a recognized security. At present, in China's warehousing enterprises, the deposit receipt function of warehouse receipts has been fully applied, but the pledge loan function has not yet been developed. The so-called warehouse receipt pledge loan means that the owner enterprise stores the goods in the warehouse, and then can apply for a loan from the bank with the warehouse receipt issued by the warehouse. According to the value of the goods, the bank provides a certain proportion of loans to the owner's enterprises, and the warehouse agent supervises the goods at the same time. As a new service item, warehouse receipt pledge provides a broad stage for warehousing enterprises to expand service items and carry out diversified operations. Especially in the process of transformation from traditional warehousing enterprises to modern logistics enterprises, warehouse receipt pledge should be widely used as a new business. This paper first analyzes the legitimacy and significance of warehouse receipt pledge business in warehousing enterprises, then expounds the operation points of warehouse receipt pledge business, and finally points out the risks and preventive measures of warehouse receipt pledge, in order to provide reference for warehousing enterprises to broaden logistics services and realize the transformation to modern logistics enterprises. I. Legality of the pledge of warehouse receipts According to the Guarantee Law of People's Republic of China (PRC), warehouse receipts can be pledged as documents of rights. If the warehouse receipt is pledged, the certificate of rights shall be delivered to the pledgee within the time limit stipulated in the contract, and the pledge contract shall take effect from the date of delivery of the certificate. Therefore, warehouse receipt pledge as a secured loan has a legal basis. According to the Economic Contract Law of the People's Republic of China, as long as both banks and enterprises sign a mortgage loan contract through consultation, specify the relevant terms of warehouse receipt pledge in detail, and clarify the responsibilities and tasks of both parties, the contract has been signed and is legally binding. Second, the significance of carrying out warehouse receipt pledge to carry out warehouse receipt pledge business can not only solve the difficulty of tight liquidity of cargo owners, but also ensure the safety of bank lending, expand the service function of warehouses, increase the supply of goods and improve efficiency, which can be described as killing two birds with one stone. First of all, for shippers, using warehouse receipts to pledge loans to banks can solve the financing problem of enterprises, strive for more working capital turnover, and achieve the purpose of expanding and developing business scale and improving economic benefits. Secondly, for banks and other financial institutions, the development of warehouse receipt pledge business can increase lending opportunities and cultivate new economic growth points; Because the goods represented by the warehouse receipt are used as collateral, the risk of loan is greatly reduced. Finally, for warehousing enterprises, on the one hand, they can take advantage of being able to handle warehouse receipt pledge loans for shippers, attract more shippers to settle in, maintain a stable quantity of goods stored, and improve the utilization rate of warehouse space; On the other hand, promote warehousing enterprises to continuously strengthen infrastructure construction, improve various supporting services and enhance their comprehensive competitiveness. Three. Key points in the operation of warehouse receipt pledge Because the warehouse receipt pledge business involves the interests of warehousing enterprises, shippers and banks, it needs a set of rigorous and perfect operation procedures. First, the owner (borrower) signed a bank-enterprise cooperation agreement and an account supervision agreement with the bank; The warehousing enterprise, the consignor and the bank sign a warehousing agreement; At the same time, the warehousing enterprise signed an irrevocable letter of guarantee with the bank to assist in exercising the pledge. The consignor delivers the goods to the designated warehouse according to the agreed quantity, and the warehousing enterprise will issue a special warehouse receipt after receiving the notice to confirm the experience of the goods; The owner pledges and endorses the special warehouse receipt on the spot. After the warehouse is signed and sealed, the owner submits it to the bank to apply for warehouse receipt pledge loan. After examination, the bank signs a loan contract and a warehouse receipt pledge contract, and lends money to the supervision account opened by the owner in the bank according to a certain proportion of the warehouse receipt value. When normal sales are realized during the loan period, the full amount will be transferred to the supervision account, and the bank will issue a sub-bill of lading to the owner according to the received amount, and the warehouse will deliver the goods after verification according to the agreed requirements; After the loan is returned at maturity, the balance can be controlled by the owner (borrower). Four. Risks and precautions in the implementation of warehouse receipt pledge From the above operation flow, it can be seen that there is a principal-agent relationship among warehouses, banks and cargo owners. One is to act as an agent of the bank to supervise the types, varieties and quantities of goods stored by the owner's enterprise in the warehouse; The other is to manage the goods of the owner's enterprise in the warehouse as the agent of the owner's enterprise, including the goods entering and leaving the warehouse to ensure the safety, moistureproof and mildew prevention of the stored goods. It is precisely because of this tripartite agency relationship that there are many potential risks when warehousing enterprises implement warehouse receipt pledge business. First, the credit risk of customers (shippers). When choosing customers, we must be cautious, focusing on the business ability and credit status of the enterprise. The most direct indicator to reflect whether an enterprise is operating normally is the growth rate of its main business, so the growth rate of the main business of customers should be greater than zero, preferably greater than the average growth rate of the industry. Furthermore, we should also examine the customer's asset-liability ratio. Generally speaking, controlling the asset-liability ratio at around 30% is a sound performance of an enterprise's financial situation. However, with the development of market economy and financial industry, the asset-liability ratio of enterprises has generally increased, which undoubtedly increases the bankruptcy risk of enterprises, so the asset-liability ratio of customers should be less than 50%. In addition to economic strength, good credit is a necessary condition for enterprises to perform their duties. Evaluating the credit status of the secured object mainly depends on the historical performance and willingness of the secured object, including three aspects: one is to investigate the debt repayment history of the customer, the other is to analyze the performance ability of the customer in the past performance; Finally, we should investigate whether the customer's performance is voluntary or the result of legal proceedings or other actions. Where there is a bad credit record, it is necessary to put an end to cooperation with it. Second, there should be certain restrictions on the types of collateral. We should choose varieties with wide application, easy disposal, small price fluctuation and stable quality, such as ferrous metals, non-ferrous metals and soybeans. At the same time, we should investigate the legitimacy of the source of goods and report smuggled goods and prohibited items in a timely manner. The third is to strengthen warehouse receipt management. Although the contract law of our country stipulates the contents that must be recorded on the warehouse receipt: the name and address of the depositor, the variety, quantity, quality, packaging, quantity and label of the stored goods, the loss standard of the stored goods, the storage place, the storage period, the storage cost, the insurance situation of the stored goods, the sender, the filling place and the filling time. However, at present, the warehouse receipt used in China is designed by the warehouse itself, and the form is not uniform. Therefore, it is necessary to manage warehouse receipts scientifically, use a fixed format and print according to the formula; At the same time, designate a special person to manage warehouse receipts, prevent operational errors and crimes committed by insiders, and ensure the authenticity, uniqueness and effectiveness of warehouse receipts. The fourth is to strengthen the supervision and management of pledged goods. When a warehousing enterprise conducts warehouse receipt pledge business, it is generally required to sign an irrevocable letter of guarantee with the bank to assist in exercising the pledge right, and be responsible for keeping the pledged goods, and the warehouse shall bear the responsibility for loss or damage. Therefore, in order to safeguard their own interests and fulfill their commitments to banks, warehousing enterprises should strengthen the supervision of pledged goods to ensure that warehouse receipts are consistent with manifests, procedures are complete and goods are in good condition. Fifth, we should pay attention to the risks of bill of lading. When the goods under the same warehouse receipt are picked up at different times, they should be released according to the special warehouse receipt signed by the owner and the bank, and the subsidiary ledger should be registered according to the warehouse receipt number, date, amount and other factors. For each release, write-off records should be made under the corresponding warehouse receipt until the sales are completed. Conclusion Warehouse receipt pledge has become an important means of financing between enterprises and banks abroad, and it is also an important part of value-added services in warehousing industry. In China, warehouse receipt pledge is a new service project.