Research On Ftw Modes With Fourth Party Logistics Participating In And Incentive And Supervision Mechanism Of Ftw

Financing is one of the conventional bottlenecks in the development of the small and medium-sized enterprise (SME), and the fund shortage has become the biggest obstacle to many SME's survival and development under the circumstances of the financial crisis. Finance,Transportation and Warehouse (FTW) is a effective solution to solve this problem. Therefore, it is of great realistic significance to research on FTW modes.First of all, based on former research, this paper analyzes in depth the feasibility of developing FTW,the shortcomings of the FTW model in which only the third party logistics (3PL) participates and the advantages of the fourth party logistics (4PL) taking part in FTW. Then, from the perspective of mutual relation of all parties, the paper puts forward four FTW models based on the participation of 4PL, which are respectively Principal-Agent Mode,United Credit Mode,Common Principal-Agent Mode and Alliance Mode, analyze and compare the characteristics of four models combining the theory with practice. Finally, we study on one of the key problems on the operation of FTW --how does the bank urges the logistics enterprise to work diligently in order to reduce the risk by the greatest extent. We apply the Principal-agent theory to study the bank's incentive and supervision mechanism for logistics enterprises under asymmetry information, and come to a conclusion which shows that the bank can prompt the logistics enterprises to work harder by supervising necessarily on the basis of incentive. As a precondition, the banks must have"principles would like to supervise"as well as the optimal level of supervision. The paper further perfects and develops the theory of FTW, and the conclusions is useful for avoiding the logistics enterprise's moral risk and improving banks'initiative to participate in FTW as well as the application of FTW.The main innovations of this paper are as follows: based on the analysis of the shortcomings of the FTW model in which only the third party logistics (3PL) participates, the paper puts forward the opinion of admitting 4PL to participate in the operation of FTW, analyzes its possibility, and brings forward four FTW models based on the participation of 4PL, which are respectively Principal-Agent Mode,United Credit Mode,Common Principal-Agent Mode and Alliance Mode; In order to operate FTW effectively and reduce its risk, the paper applies the Principal-agent theory to the problem of the bank urging the logistics enterprises to work harder; The model considers the cost of bank supervision, discusses the effect of different supervision levels on the logistics enterprise's effort levels, encouraging factor, fixed remuneration and agency costs.