Research On The Risk Optimization Of Warehouse Receipt Hypothecation Financing Business Under Asymmetric Information

Warehouse receipt hypothecation (WRH) is one model of innovative financing services combining with logistics and finance service. In the process of this business, the third-party logistics enterprise plays a dual role as the agent of financial institution (FI) and the guarantor of the small and medium enterprise (SME). Thus it can reduce the asymmetric information between FI and SME effectively; it can alleviate the supply and demand contradiction between FI and SME effectively, too. The development of WRH financing business have active effects to solve the SME's financing difficulties, ensure the FI's credit security and expand the third-party logistics enterprise's service function. But at the same time, something must be paid much more attention that as a kind of rising financing service, the development of WRH is in its early stage, it is relatively immature both in practice and theory, therefore there must be variable risks in its implementation process.This paper takes the risk problems of WRH financing business as the main research object, and it researches from two focused aspects of adverse selection and moral hazard caused by asymmetric information. In the paper, firstly, it raises that WRH financing business is an effective way to alleviate the borrow-loan contradiction based on the study of credit rationing of commercial bank and the financing difficulties of SME. Secondly, it proves the academic feasibility of WRH by establishing mathematical model and using the method of comparative analysis. Thirdly, it introduces the ideas and methods of strategic alliance, and it analyzes the moral hazard in the alliance consisted of the third-party logistics enterprise, SME and commercial bank in the implementation process of WRH. Finally, it analyzes and puts forward some way to prevent the risks of WRH financing business based on the theory of principal-agent etc., the way are choose the league members by AHP, design a reasonable mechanism of distributing profits by introducing a third-party principal and strengthen the correlative negotiation terms.