Chattel pledge supervision, also known as chattel pledge loans or chattel pledge financing (Shan, 2003; Yang et al., 2011) , is a supply chain finance innovation business model, proposed by the logistics enterprises and banks and other financial institutions together for the loans of small and medium enterprises (SMEs) to provide value-added services. Pfohl & Gomm (2009) defined chattel pledge supervision as the concept of business model proposed by logistics enterprises, which belongs to the category of supply chain finance. They thought supply chain finance and logistics finance are basically synonymous.
2. Comprehensive Review
Domestic and foreign scholars have studied the development of supply chain finance business, and summarized a lot of theoretical literature. Koch (1948) , Dunham (1949) , Birnbaum (1948) summed up the legal atmosphere, business model, warehousing, monitoring methods and processes of logistics finance business before the 1950s. Eisenstadt (1966) and Guttentag (1957) introduced the business model, control methods and advantages and disadvantages of the supply chain finance business in the 1950s and 1960s. Miller (1982) elaborated the new characteristics of the logistics finance business model during the reform of the 1970s and 1980s, and many of views had enlightened the development of the business under the present logistics and financial integration innovation. Lacroix and Varangis (1996) contrasted the logistics and financial business of the United States and developing countries, and argued that the integration and innovation of logistics finance at this stage was of great importance in transforming developing countries, and they specifically introduced the relevant business model and promote the development of specific business measures. Poe (1998) described an important realistic model in the logistics finance business, this was based on asset-based financing, which pointed out that inventory and accounts receivable were the main concerns collaterals of asset-based financing operations business. So all of the wholesalers, retailers and distributors are the objects of financing. Rutberg (2002) introduced the main features of the logistics finance model with UPS as an example. Fenmore (2004) further analyzed an emerging logistics finance business, which called the purchase-order financing. In domestic, Chen (1987) firstly proposed the concept of the establishment of material banks. Luo & Zhu (2002) proposed to promote the pledge loans business of financing mode to boost the SMEs growing, they believed that the new business mode was a comprehensive third-party logistics service platform, which it was not only a new bridge of cooperation between banks and enterprises, but also could help SMEs to solve the financing problems, and could effectively integrate into the supply chain system of small and medium-sized enterprises to provide efficient services of the third party logistics. Feng (2007) identified two types of basic business models of inventory financing in China, that were warehouse pledge financing and inventory pledge financing business. Over the past decade, with the SMEs facing the development bottleneck, in order to alleviate the financing difficulties of SMEs, combining with international and domestic actual situation, chattel pledge have become the most important way of property guarantee financing because of their advantages of transferable possession and effective guarantee of the safety and completeness of collateral, but the property guarantee that inventory, accounts receivable and intellectual property rights were the most used movable pledge collateral (People’s Bank of China Tianjin Branch Task Force & Wu, 2009) . Deng & Chen (2017) , they took the financing advantage of supply chain finance and designed the model of receivables financing of SMEs and used the Stackelberg model to infer the optimal pricing and the optimal profit of the bank and the small and medium-sized logistics enterprises.
The authors of the paper believe that chattel pledge financing has the advantages of flexibility and security, its development prospects are broader, and it will be accepted and understood by more and more financial institutions and SMEs.
At present, the existing literature on chattel pledge supervision research mainly studying from two aspects, one is the relevant legal attribute of movable property pledge supervision, and the other is the risk prevention problem in chattel pledge supervision.
As a new type of security, the chattel pledge supervision which the main body is the composition of the legal relationship between the participants. Ding & Han (2014) thought that included four main body, that are the SMEs which need financing, banks and other finance institutions, the logistics enterprises which providing regulatory services, the fourth party warehouse (supervision and warehousing separation occurs). Fu (2011) took the entrusted relationship of chattel pledge supervision as the starting point, split the custody responsibility, combine the guarantee attribute of the material with the logistics company’s own function, and according to the different business model, from simple to complex, from single to comprehensive, to explore the logistics company’s regulatory responsibility. Gao (2012) , according to the business practice, concluded three types of pledge supervision mode, and focused on the legitimacy and inherent defects of output pledge supervision, and analyzed the obligations and responsibilities of logistics enterprises. Sun (2014) , through analyzing the relevant cases, thought that under the chattel pledge supervision contract, the supervisor of the material should undertake the audit, custody, supervision and other obligations. However, how to correctly understand the legal relationship of chattel pledge supervision, how to judge the responsibility of the supervisor for finance institutions, how to determine the validity of the pledge are the urgent problems to be solved. Wu (2015) , according to the relevant trial practice involved in the case of chattel pledge supervision of the contract cases, took from the manufacturer’s silver business model, and made recommendations through the chattel pledge supervision in the contract and the legal effect of the legal analysis. Zhang & Wang (2015) made the definition on the concept of chattel pledge, on the legal relationship of chattel pledge supervision in chattel, on the custodian of the quality of the possession of the leadership of the formation of legal analysis, in order to identify chattel pledge possession of goods. Wang (2016) through analyzed the chattel pledge supervision business legal dilemma and demonstration to the national standard “guarantee of inventory third party management practices” as an opportunity to clear the inventory “supervision” “monitoring” two models of the rights of the relevant parties obligations and responsibilities, the use of “common possession” theory to reconstruct the existence of multi - level possession of movable property under the conditions of the effectiveness of the delivery. Wang (2016) made the analysis and demonstration of the legal dilemma of chattel pledge supervision business, took an opportunity as the national standard
Chattel pledge supervision, as a fast-growing emerging supply chain finance business model, has been got a lot of attention by the banks and other finance institutions, logistics enterprises and SMEs, and has become a good way to solve the financing difficulties of SMEs, to reduce non-performing rate of banks and other finance institutions and to expand business of logistics companies. It has a broad prospect. At the same time, we should also see the business model in China is still in the exploratory stage, and the relevant theory and practice is not yet mature, and its model involves the relevant legal attributes, information security and management system and other issues, making the parties face various risks, for example, how to understand the relevant legal relationship in the supervision of chattel pledge, how to effectively control the risk and improve the credit system, etc. Future research should pay more attention to these aspects.
Like other research, this study is also supported by a number of projects from China and Germany. For example, the National Science Foundation of China (71172194); 2015 Hunan’s University Collaborative Innovation Project (No. 2015/69); German BMBF(No.APR10/810); Social Science Funds Project in Hunan Province (No. 2012ZDB13); Hunan international cooperation projects (No. 2010WK3041); Chongqing Major Social Science Foundation（No. 2004ZD03); The International Cooperation Project of Science and Technology Department of Hunan Province (No. 2010WK3041).
 Deng, A., & Chen, R. (2017). A Research on the Pricing of Receivables Financing for Small and Medium-Sized Logistics Enterprises Based on Supply Chain Finance. World Journal of Research and Review, 4, 22-26.
 People’s Bank of China Tianjin Branch Task Force and Wu, P. (2009). Chattel Pledge: An Effective Way to Alleviate the Financing Difficulties of Small and Medium Enterprises. China Finance, No. 4, 46-48.