中小企业融资断点链接的激励相容设计:龙口港物流链商品融资案例

Incentive Compatibility to Link the SMEs' Financing Breakpoints:the Commodity Financing Case of Longkou Port Logistics Chain

本文运用信贷配给和激励相容理论对龙口港物流链商品融资案例进行了实证分析。结果表明,基于"激励相容"机制设计,成功引入第三方龙口港监管方式的物流链商品融资,减少了银行与中小企业间信息不对称的交易障碍,实现了动产质押,有效链接了中小企业融资断点。同时,降低了中小企业融资成本,实现了信用增级,缓解了信贷配给约束。它具有较强的可操作性、易复制性,对破解中小企业融资困局具有一定的现实指导意义。

Based on credit rationing and incentive theory,this paper studies the commodity financing case of Longkou Port logistics chain with empirical analysis.The results show that,based on ＂incentive compatibility＂ mechanism design,introducing commodity financing of Longkou Port logistics chain,the third-party monitoring,has not only removed the information asymmetry barriers to trade between banks and SMEs but also realized the chattel mortgage.It has effectively linked the SMEs’ financing breakpoints.Meanwhile,it has reduced the cost of financing for SMEs,implemented the credit enhancement and loosened credit rationing constraints.The case of commodity financing of Longkou Port logistics chain is practical and can be used for reference,with promotional value to solve SMEs’ financing problems.