双重委托代理下物流金融服务创新及其激励机制研究
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摘要
随着物流金融服务在我国的迅猛发展,越来越多的中小企业通过物流金融运作获得了银行贷款授信而改善了企业的资金链;同时,众多知名的物流企业和银行都因提供物流金融服务找到了新的利润增长点。然而,在物流金融服务发展过程中,由于金融机构、融资企业和物流企业三方参与主体间的信息不对称,使处于信息劣势的金融机构、物流企业面临着很多业务风险,如融资企业造假违约、物流企业监管不力、物流企业与融资企业合谋欺骗等现象均影响着金融机构提供物流金融融资服务的积极性。由于金融机构往往通过制定严格规定,最大限度地将部分风险责任转嫁给物流企业,而对物流企业的报酬激励不够等诸多因素的限制,一些物流企业参与高级的物流金融服务模式的积极性。换言之,激励机制的不完善制约着物流金融服务创新的发展。
     基于上述研究背景,本文以物流金融服务创新模式以及物流金融服务三方参与主体之间的契约关系为研究对象,以委托代理理论和激励机制设计理论为理论基础,综合运用归纳分析和演绎分析、定性分析与定量分析以及案例研究和比较分析等多种研究方法,在双重委托代理下对物流金融服务创新及其激励机制进行研究。具体而言,在对传统物流金融服务的各种模式进行系统归纳和比较分析的基础上,首先识别了不同运作模式下物流金融服务的双重委托代理关系;进而,在对物流金融服务创新的内在动力进行分析的基础上,在营运流程视角下较为系统地研究了物流金融服务创新的主要模式,并在信息不对称下对中国台湾地区物流金融服务创新进行了案例分析;最后,对物流金融服务创新三方参与主体的行为进行了博弈均衡分析,尝试在双重委托代理关系下构建了一套物流金融服务创新的有效激励约束机制,进而提出了完善我国物流金融服务委托代理激励机制的对策建议并进行了研究展望。
As the rapid development of logistics finance services in China, more and more Smalland Medium-sized Enterprises have gained credit funds and improved funds chain;logistics finance services in China also has open up new profit marketplace for a lotof logistics enterprises and financial institutions. Because of the existence ofinformation asymmetry, logistics enterprises and financial institutions are confrontedwith much risk. Such as financial institutions gammon solely or make cahoots withlogistics enterprises, and some logistics enterprises are careless with surveillance themerchandise which have been impawned. All of these problems restrict the furtherdevelopment of logistics finance service innovation.
     Based on the above background, from the perspective of information asymmetry, thisdissertation selects the innovation model of and the contractual relationships oflogistics finance services as the research object, and this dissertation mainly analysesthe innovation and its incentive mechanism of the logistics financial service based onthe Dual Principal-agent, which based on the theories of Principal-Agent andinventive mechanism disign. Specifically speaking, after reviewing and analyzing thedifferent kinds of models of the traditional logistics financial service, this dissereationfirstly identifies the existence of the Dual-Principal agent relationship in the differentkinds of the logistics finance service models; and then based on the system analysisof the inner power about the logistics financial service, we study systematically themain modes of the logistics financial service innovation from the perspective of theoperational process, and use the Taiwanese cases to study the the logistics financialservice innovation under the asymmetric information.
     Finally, this dissertation establishes a game theory model involved with the threeparticipants of logistics finance service, and analyzes their optima equilibriumstrategies. In order to reduce the agent risks, we try to design a kind of effectivemechanism, which can inspirit and restrict the agents. In other words, we explore theincentive mechanisms of the financial institutions and the logistics enterprises. Wesuggest the financial institutions should carry on the reasonable reward-mechanism and reputation incentive mechanism, and the logistics enterprises should adopt thegrading financing pattern and establish the quota mechanism. Basend on the study ofthe incentive mechanisms, this dissertation provides several countermeasures for thedevelopment of logistics finance incentive mechanisms, in order to reduce the agentrisks ensuring the success of logistic finance services.
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