最新钱报一2015在线供应链金融中银行与B2B平台的激励契约研究

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　　01 摘要
　　摘要: 在线供应链金融业务发展迅猛，银电合作已成主流 模式。以电子订单融资为例，基于道德风险识别和防范的视角，采用委托代理理论和博弈论对银行与 B2B 平台的激励契约进行研 究。在联合授信和委托授信两种合作模式下，分别构建道德危害模型，推导并给出银行与B2B平台二者的最优收益分配契约，以防 范 B2B 平台隐藏行动 ( 授信审查过程中努力程度低) 的道德风险。在委托授信下，构建银行 与B2B 平台的博弈得益矩阵，分别给出不同情形下银行对B2B 平台的激励策略，以防范B2B 平台隐藏信息 ( 向银行推荐低信用融资企业) 的道德风险。研究结果表明，委托授信下银行的最优收益分配比例不超过联合授信下的最优收益分配比例，且与联合授信下B2B 平台的工作效率和工作有效性趋近于无穷大时的分配比例相等，是银行收益分配的最低水平，揭示了未来大数据时代和数据质押融资背景下，在线 供应链金融业务中银行和B2B 平台二者主导权的演变规律以及当下中国商业银行纷纷自建 B2B 平台的 内在缘由。委托授信下，当隐瞒信息获得融资企业回扣小于隐瞒行为的成本时，选择推荐高信用融资企业且不隐瞒是B2B 平台的占优策略; 反之，银行应通过严格控制收益分配比例上限的方式激励B2B 平台推荐高信用企业，或通过与供应链核心企业签订回购合约、严格控制质押率上限等方式，提高对融资企业的担保水平，以确保自身收益不受 B2B 平台隐瞒行为的影响。最后，通过数值模拟对相关结论进行验证。
　　分析:
　　本次分享的文献刊登于2015年9月的管理科学，是一篇研究内容上具有广度和深度的文献。学者严格按照层次清晰摘要四要素进行摘要攥写。首先，阐明本次研究的目的——以银电合作为研究对象来源于银电合作已经成为供应链金融业务的主流模式。其次，作者表明用了什么方法做了什么研究——采用委托代理理论和博弈论模型在联合授信和委托授信两种合作模式下构建道德危害模型进行研究，清晰明了的表明自己研究结果以及研究结论，最后，应证了为什么未来大数据时代和数据质押融资背景下，在线供应链金融业务中银行和B2B平台二者主导权的演变规律以及当下中国商业银行纷纷自建B2B平台的内在缘由。
　　The document shared this time was published in Management Science in September 2015. It is a document with breadth and depth in research content. Scholars write abstracts in strict accordance with the four elements of clear-level abstracts. First of all, to clarify the purpose of this study-the bank-electricity cooperation as the research object comes from the fact that the bank-electricity cooperation has become the mainstream mode of supply chain financial business. Secondly, the author indicated what method was used and what research was done—using the principal-agent theory and game theory model to construct a moral hazard model under the two cooperation modes of joint credit and commissioned credit to conduct research, and clearly show his own research results and research conclusions. Should prove why the evolution of the dominance of banks and B2B platforms in online supply chain finance under the background of big data era and data pledge financing, and the internal reasons why Chinese commercial banks have built B2B platforms by themselves.
　　02 关键词
　　关键词: 在线供应链金融; 道德风险; 激励契约; 收益分配比例; 银行; B2B 平台
　　分析:
　　关键词的选取应当避免使用标题中包含的关键术语，学者关键词选取上多数从论文正文选取关键词。另外，作者从研究问题（道德风险、收益分配比例）、研究方法（激励契约）进行关键词的提炼。
　　The selection of keywords should avoid the use of key terms contained in the title. Most scholars select keywords from the main text of the paper. In addition, the author extracts keywords from research questions (moral hazard, income distribution ratio) and research methods (incentive contracts).
　　03 引言
　　分析:
　　该文献的引言和以往的引言方式不同，一般很多学者会把相关研究评述放在引言里面，但是该学者将相关研究评述分离。因此，从一般形式来看，该学者的引言研究部分包括研究背景引言、相关研究评述两部分，其攥写结构为＂总分总的形式＂。在第一部分首先是介绍研究背景，第二部分从研究的范畴主要集中在供应链金融的模式、风险管理以 及对供应链协调的作用三个方面进行文献回顾。在第二部分最后一段，作者总结上述学者的学者的研究成果，提出上述学者研究的空白之处，并阐述自己自己的研究思路以及研究方法表明研究的重要性。
　　The introduction of this document is different from previous introductions. Generally, many scholars will put relevant research reviews in the introduction, but this scholar separates the relevant research reviews. Therefore, from a general perspective, the scholar＂s introduction research part includes two parts: research background introduction and related research review. In the first part, the first part is to introduce the research background, and the second part is to review the literature from three aspects: the model of supply chain finance, risk management, and the role of supply chain coordination. In the last paragraph of the second part, the author summarizes the research results of the above-mentioned scholars and scholars, proposes the gaps in the above-mentioned scholars＂ research, and elaborates his own research ideas and research methods to show the importance of research.
　　03 模型与符号说明
　　分析:
　　学者的模型构建主要分为三部分。首先在联合授信下进行激励契约设计，在假设银行和B2B平台都是完全理性的情况下实现自身期望效用最大化为决策目标，求解出两者参与约束和激励约束下的银行与B2B企业收益分配比例，其次，在双向道德风险下构建激励约束模型，进行收益分配比例的敏感性分析，探讨银行与B2B平台工作效率与工作有效性对收益分配比例的影响。最后，讨论委托授信情形下B2B平台行为上的单边道德风险利用委托代理理论进行模型构建，计算出银行在委托授信模式下可获得的收益分配比例，同时运用博弈论构建B2B平台是否隐瞒信息或者谎报高低信用融资企业，银行选择调查与否的博弈模型。
　　The construction of scholars is mainly pided into three parts. First, ingenious contract design, the incentive contract design is assumed that the bank and the B2B platform are completely rationally rational, and the maximum utility is maximized to decision-making goals. Proportion, second, in two-way moral risks, the incentive constraint model is constructed, and the sensitivity analysis of the ratio of income distribution is performed, and the impact of the Bank and the B2B platform work efficiency and the effectiveness of the benefit allocation. Finally, the unilateral moral risk of B2B platform behavior is discussed in the case of the entrusted confidence, the model is constructed, calculated that the bank can obtain the ratio of the income allocation in the entrusted credit mode, and use game theory to build the B2B platform to conceal information or A game model of lying on high and low credit financing companies, bank selection investigation.
　　04 数值分析
　　分析:
　　学者的算例分析采用实地调研获取基本参数，再结合自己设定的基本参数进行联合授信与委托授信的对比，通过对比分析加强自己的结论——委托授信下银行获得的最优收益分配比例不超过联合授信下获得的最优收益分配，求出双方努力达到最优努力水平下二者的联合收益，同时，也验证了在B2B平台授信工作能力初步提升时，银行的最优收益分配比例受到很大冲击 。
　　The scholar’s calculation example analysis uses field research to obtain the basic parameters, and then combines the basic parameters set by himself to compare the joint credit and the entrusted credit, and strengthens his conclusion through the comparative analysis-the optimal income distribution ratio obtained by the bank under the entrusted credit is not Exceeding the optimal income distribution obtained under the joint credit, the joint income of the two parties working to reach the optimal level of effort was found. At the same time, it also verified that the bank＂s optimal income distribution ratio was affected when the B2B platform＂s credit work capacity was initially improved. Great shock.
　　05 结论
　　分析:
　　结论部分一般为一个段落，但是学者这篇文献内容丰富方法多样采用分段式的结论反而让结论清晰明了。学者的结论部分对前文模型的分析进行总结并与实际相结合（比如：结论中提到银行应与供应 链核心企业签订回购合约、严格控制质押率上限等方式，加强对融资企业的担保水平，以确保自身收益不受B2B平台隐瞒行为的响建行和金银岛联合推出的在线融资，已经实现＂金银岛推荐，银行快 速审批＂的委托授信方式。），印证了本文的研究意义。并且，学者在提出研究结论的同时也对其结论下银行的解决方法提出一些建议（比如：如与核心企业签订回购合约等可为银行在未来银——电合作中赢取更多主导权）。学者采用批判性思维客观评述自己的研究成果，正视研究过程中存在的不足以及有待考虑的地方。在结论最后一句结尾中画龙点睛，给读者留下值得思考的东西和概念。
　　The conclusion part is generally a paragraph, but the scholars’ literature is rich in content and the various methods used segmented conclusions to make the conclusion clear. The scholar’s conclusion part summarizes the analysis of the previous model and combines it with reality (for example: the conclusion mentions that banks should sign repurchase contracts with core companies in the supply chain, strictly control the upper limit of pledge rate, etc., to strengthen the level of guarantees for financing companies The online financing jointly launched by CCB and Treasure Island to ensure that its own income is not affected by the concealment of the B2B platform has realized the entrusted credit method of ＂Treasure Island recommendation and rapid bank approval＂.), which confirms the significance of this article. In addition, while presenting the research conclusions, scholars also put forward some suggestions on the bank＂s solutions under their conclusions (for example: signing repurchase contracts with core companies, etc., can help banks win more dominance in the future bank-electricity cooperation. ). Scholars use critical thinking to objectively comment on their research results, and face up to the deficiencies in the research process and areas that need to be considered. Add the finishing touch at the end of the last sentence of the conclusion, leaving readers with things and concepts worth thinking about.
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　　参考资料：Google翻译
　　参考文献：在线供应链金融中银行与B2B平台的激励契约研究-史金召
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