平台型供应链金融的激励契约研究--银行视角

Research on Incentive Contract of Platform--Led Supply Chain Finance-from the Perspective of Banks

以平台型供应链金融中应收账款反向保理融资业务为背景,运用委托代理理论,将平台的授信审查过程分解成受理申请、信用调查、信用审查、辅助签约及信息沟通五个任务指标,建立银行和平台之间的多任务委托代理模型,分别分析了独立授信与协作授信两种方式下银行与保理平台的激励契约.结果表明:1)平台努力水平与自身的业务能力、银行的激励系数以及银行的支持力度正相关,与自身的努力成本系数负相关.2)银行的激励系数与平台的业务能力、各环节任务指标对总效用的贡献度正相关;与平台的努力成本系数、平台的风险规避度以及平台业务的不确定性负相关.3)平台的努力水平、银行的激励系数与银行提供的支持力度存在一定的动态比例关系,在其他因素不变时,平台的努力水平与银行的激励系数均随银行支持力度以相应比例增长.4)银行支付的固定报酬与银行的激励系数存在单向影响关系,固定报酬对激励系数不产生直接影响,激励系数对固定报酬的影响存在区间差异性,固定报酬额应根据激励系数所属区间分别确定.

Taking the reverse factoring of accounts receivable in the platform-led supply chain finance as the background,based on the principal-agent theory,We build a multi task principalagent model of incentive contracts between the bank and the platform under "independent credit awarding mode " and "assisted credit awarding mode" with the credit review processes of the platform divided into five task indicators:acceptance of application,credit investigation,credit review,auxiliary contract signing and information communication.The results show that:1) the effort level of the platform is positively correlated with its own business capability,the incentive coefficient of the bank and the support of the bank,but negatively related to its own effort cost coefficient.2) The incentive coefficient of the bank is positively correlated with the business capability of the platform and the contribution of each task indicator to the total utility;but negatively related to the effort cost coefficient,the risk aversion degree of the platform and the uncertainty of the platform business.3) There is a certain dynamic proportional relationship between the efort level of the platform,the incentive coefficient of the bank and the support provided by the bank.When other factors remain unchanged,the effort level of the platform and the incentive coefficient of the bank increase proportionally with the support of the bank.4) There is a unidirectional relationship between the fixed remuneration paid by the bank and the incentive coefficient of the bank.The fixed remuneration has no direct impact on the incentive coefficient,but the influence of the incentive coefficient on the fixed remuneration has interval difference,and the fixed remuneration should be determined according to the range of the incentive coefficient.