Credit Study Of Principal-agent Relationship: Profound Question In Credit Institution Of The Shanxi Merchants

At present in the course of building the socialistic market economy system, it is an important issue urgently to be solved to set up and perfect the credit system. Through studying credit institution of Shanxi Merchants, probing into the course of origination-development and declination of Chinese modern credit system, in the represent of Shanxi Merchants, can provide the reference meaning of history for social credit systerm; on the other hand, analyzing credit institution of Shanxi Merchants from the angle of Principal— agent Relationship, can enrich the research of Shanxi Merchants, and provide us an initiative new angle.This text structures the frame of credit institution of Shanxi Merchants at first, explains the classification and intension of credit institution of Shanxi Merchants, and give a definition of credit institution of Shanxi Merchants which is a general name of a series of rules or principles, regulating the credit behavior and the credit relationship of Shanxi Merchants, regarding credit of Shanxi Merchants as the tie. Secondly , utilizing agency theory , we can draw a conclusion which there is the following interdynamic relation between credit institution of Shanxi Merchants and principal—agent relationship( 1) principal—agent relation behaves differently in credit institution of Shanxi Merchants.(2) Credit of Shanxi Merchants is foundation of principal— agent relation, credit institution of Shanxi Merchants can reduce the cost of principal — agent relation.(3)The development and change of agent relation in business activities of Shanxi Merchants can impel credit institution of Shanxi Merchants.Because Piaohao is one of the main management forms of Shanxi Merchants, The credit insitution in Shanxi Piaohao is a main component of credit institution of Shanxi Merchants . By analyzing the micro-case of Shanxi Piaohao, We point out that the credit insitution in Shanxi Piaohao is a series of systems set up because of credit relationship of inside and outside which are arranged, is total of standardizing set up because of credit relationship including Caidong and manager and all kinds of shop and government. In the operator's choice in Shanxi Piaohao, not only include believing in the manager's personality but also include client's encouragement and supervision to the agent; Managing and making loans in the business, not merely include the human relation credit...