On the basis of the legal analysis on policy loan, we think all the life or non- life policies which have deposit or cash value can be pledged, and the pledged property should only be the surrender value or cash value,not including the right to insurance claims.

The retailers finance their inventory by stock document mortgage and face the newsvendor′s problem.

This paper study will take the conception of impawn financing as a point of departure,with comparing the similarities and differences of chattel mortgage and pledge of rights,analyzing and defining the essence and embodiment of warehouse receipt pledging respectively in the areas of finance and legislation.

The national depositary bureau, which is the national department that owns large storage facility, can develop warehouse receipt pledging to give positive influence on financing chain, which is advantageous to banks, NDB and enterprises needs financing.

The paper introduces the relevant features of pledge by warehouse receipts and the current situation of implementing pledge by warehouse receipts both at home and abroad,analyzes systematically how to implement the pledge business of warehouse receipts in railway logistics enterprises and propeses the concrete requirements and the contents of risk protection.