Given the background of inventory financing with corporate defaults in the post-management,banks need to liquidate the pledged goods with the lowest cost and high efficiency. Taking into account the bad liquidity of the pledged goods,along with the definition of the linear permanent market impact and the nonlinear temporary market impact,this paper constructs banks’ utility losing function with the mean-variance model,which is close to the market. Then using Euler-Lagrange theorem,we obtain the optimal liquidation time and the analytical solution of the optimal liquidation strategy,aiming at minimizing the utility losing function. At last,some main parameters related are analyzed sensitively and a numerical example is demonstrated. The results show that the inventory cost and the power exponent of the nonlinear temporary market impact have the remarkable impact to the liquidation strategy. Meanwhile,the bid-ask does not affect the optimal liquidation strategy,and the liquidated pledged stock does not affect the remaining stock’s optimal liquidation strategy.% 研究了存货质押融资业务后期管理中借款企业违约后银行低损耗、高效率的清算策略。考虑到质押存货清算时流动性较差，因而假定大批量交易对市场冲击存在线性永久冲击和非线性瞬时冲击，结合均值方差模型，构造了更符合市场现状的银行损失效用函数。然后，利用Euler-Lagrange定理，得到了存货质押融资业务的最优清算时间和最优清算策略的解析解。最后，进一步给出了相关参数的敏感性分析和算例分析。研究结果表明非线性冲击函数的幂指数以及库存成本对最优清算策略影响非常显著，交易价差不影响最优清算策略，且已交易存货对尚未清算存货的最优清算策略没有影响。
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