Research On Incentive Mechanism Of Multiple Stock Redemption With The Participate Of TPL

The competition of banking and logistics industry as well as the requirements of small and medium-sized enterprise promotes the logistics finance's development. Stock as the most important resource plays a very important role in the logistics finance and a lot of stock-related businesses are being promoted. Inventory financing is the best developed. Along with the development, multiple redemption is required to meet the banks, TPL company and loan enterprises'demand. The multiple stock redemption brings new risks to the inventory financing business, especially the barter mode. The barter mode contains risks of exchanging into unsalable goods, which is a new problem the bank has to consider. Non-perfect information and game theory are used to analyze the moral risk problem in the barter mode.The two redemption models are being discussed, including their mode process, traits and disadvantages. Attention is being put on the operation process instead of the mode itself. The existing of principal-agent, non-perfect information and opportunism guarantees the efficiency of the incentive mechanism. So the design of incentive mechanism can avoid the moral risk in the barter mode.The design of incentive mechanism contains two aspects: the choice of the contract and the design of the incentive function. The difference of the current three contracts is being discussed. When the bank chooses the contract, it should consider three aspects: the division degree to the goal, marketing factor and risk preference. After the contract is chosen, it is necessary to design the incentive function. The state space simulation method is being used to build the incentive model. At last, the incentive function and efforts of TPL of different contract is calculated.Finally, an improved model named multiple redemption based on accounts receivable is designed to overcome the disadvantages of the existing model. The process is designed and the benefits of the pantries are analyzed. Using the game theory to show it is the best choice for the core company to take this way the model set.