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Research on Incentive Mechanism of Inventory Pledge Loans between Financial Institution and Logistics Enterprise

Author: YangZuo
Tutor: DongYongMao
School: Zhejiang University of Finance
Course: Business management
Keywords: Inventory pledge Principal-agent Information asymmetry Incentives
CLC: F259.23;F224
Type: Master's thesis
Year: 2010
Downloads: 140
Quote: 0
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Abstract

In this study, as the research object inventory pledge business incentives of financial institutions, logistics companies, the principal-agent and economics, incentive theory as the theoretical basis, from the point of view of information asymmetry, the use of analogy and contrast, game analysis, build models, numerical example methods such as analysis of the agency relationship between the two, and put forward recommendations to improve the financial institutions in our inventory pledge business logistics enterprises incentives. The innovation of this study is mainly reflected in the following two aspects: (1) both from the theoretical analysis and model demonstration of logistics enterprises, financial institutions, business inventory pledge agency relationship defined, the introduction of the incentive model of the actual cases improved incentive verified; (2) combined with the financial institutions in our inventory pledge business of logistics enterprise incentive mechanism implementation status to participate in the main game model inventory pledge tripartite analysis commissioned agent incentives, improve the financial institutions of logistics business incentives. Firstly, starting from the basic connotation, on the basis of principal-agent theory, economics incentive theory, inventory pledge to sort out, and a critical analysis of the relevant literature, research to pave the way for the following; then enters the core part of the article, the inventory financial institutions and logistics enterprises the agency relationship and its incentives analyzed the current situation, the behavior of the three parties involved in the main business and inventory pledge pledge business game equilibrium analysis, and then focus on the incentives of financial institutions between logistics enterprises by a numerical example to verify the improved incentives incentives logistics enterprises; eventually draw the following conclusions: 1. inventory pledge business tripartite subject of dual agency relationship in the in inventory pledge innovative financing business, financial institutions between logistics enterprises there is information asymmetry, contractual relations and the interests of the structure of the three established relationship with the elements that constitute the principal-agent relationship. In inventory pledge business, logistics companies at the same time as the agent of the financial institution and financing corporate client. Lack of incentives taken by the financial institutions of the logistics enterprises more single mode of existence, reward incentives and performance is not linked to the reputation incentive market has not yet formed. Financial institutions on financing enterprise separate fraud act or financing enterprise logistics enterprises collusive fraud behavior are checked and verified the probability of fraud and false proportional to the total income; fines totaling of fraud after fraud and verified, not false logistics companies and is inversely proportional to the normal income of financing enterprise. Verification costs of financing enterprises to participate in the probability of fraud and financial institutions, no fraud is proportional to the normal income of financial institutions; verified the probability of fraud and financial institutions involved in fraud expected total income, false is verified inversely proportional to the total amount of fines . In the current remuneration of financial institutions \. When financial institutions take \This means that the sooner the financial institutions to recover loans or recovered in the early loan is more, the higher the gains of logistics enterprises; Conversely, the lower income. Financial institutions set up a different ratio of the share of proceeds on a different scale inventory pledge funds business, logistics companies for multiple small business merit pay is lower than that for a small number of large sums business providing services get merit pay. Finally, in light of these conclusions, the study put forward practical recommendations to improve the incentives of financial institutions, logistics companies, and pointed out the limitations of this study and future research directions.

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