| Since the famous car manufacturers in the world pay more and more attention to China auto market, the day that Audi monopolies the premium brand market has gone. As the competition becomes more and more fierce, the overall trend of price reduction is more obvious than ever. The customer can make a lot more choices and they become more rational in spending their money on cars. Under such circumstances, the manufacturers should improve the ability of Value Chain Management, combine the resources and reduce the cost in order to get more monopoly power and superiority of competition. According to BMW 2005 China Market Offensive Strategy, dealer network construction is the most important part. It is planned that the number of the dealers will come up to 60 by the end of 2005, which is 30 more than that of 2004. The BBA dealers can be divided into two categories: the former dealers who sell imported BMW cars and the newcomers with experiences of selling other premium brand cars. The mode of account sale of the manufacturers had come to an end at the end of 1990's, and the way of charging payment in advance from the clients had lost its ground with the fierce competition. Therefore, the source of financing is limited. In order to maximize the value of the company, the dealers take commercial banks as the source of finance which has become the life-saving straw. The writer has found that there are mainly two kinds of BBA dealer's financing, i.e. one-year loan and half a year acceptance plus50% deposit. In these two ways of financing, if the social average rate of guarantee cost (usually 2% of the financing volume) is also taken into account, the financing cost of the dealer after tax is about 5.64% and it is 1.9% higher than the social average financing cost which is usually 3.74%. Under such mode of finance, bank is the creditor who has the power of supervising the dealer's management and administration, which is usually specified in the contract of loan, or in the agreement of acceptance. Since the dealer's management and administration as well as the use of the loan are highly unrestricted, a series of risks might be triggered under our present market condition. As the ability of risk control of our commercial bank is rather weak, these two financing modes will transfer the risks of dealer to the banks while the manufacturer who has already got the payment will not bear any risks in the process of sales. By analyzing the dealer's current modes of finance, the thesis comes to a conclusion that the main reason of the high cost and the big risks of financing is the information asymmetry between the dealer and the bank. As for the bank, if the overall risk of the dealer is high, the simplest, the most direct way is to quit. The dealer is the final undertaker of the upper reaches value chain in auto industry. The importance of dealer to BBA is obvious. Without the finance of the bank, the dealer's performance will be badly influenced as well as BBA's market share. As there are a lot of economic resources under BBA's control, its position in the capital market is superior. As for the point, we can come to the conclusion from the fact that BBA is able to get the low-rate loan from the banks. As dealers'strategic member of alliance, what kind of support can BBA offer under the better risk control? How to improve the financing ability of the dealer by BBA's superior position in the capital market? These are the questions for BBA, which are worth thinking about. In reference to the Financial Service Network Agreement of Automobile signed by China Construction Bank and First Automobile Works, the thesis proposed a financing mode of bank acceptance under the agreement of the manufacturer, the bank and the dealer, which is optimized through the original one signed between CCB and FAW. Integrating the information asymmetry theory, the relevant-party theory, the value chain theory and the principal-agent theory, the thesis gives the basic thinking of the three-part agreement. That is to say, integrate the resources of manufacturer, the bank and the dealer who share the common benefits, clarify the responsibilities, the rights and the benefits of the three parts, set up a steady benefit community, and minimize the information asymmetry between the three parts. In sequence, reduce the cost and the risk of the entities of the agreement. At last, we can get the effect of 1+1+1>3. Based on the basic thinking above, we will specify the concrete implementing scheme of the three-part agreement in the principle of complementary advantages, equality and mutual benefits, and development in coordination. The financing service network agreement of automobile is achieved by means of issuing credit to the dealers by manufacturers and banks, combining the hypothecation of quality certificates and the cars, which is confirmed by all the three parts. By issuing bank draft, the dealers'fund requirement of car sales is to be satisfied; the capital turnover of the manufacturers and the dealers will be faster; the fund cost of idleness and fund using cost is to be reduced. Consequently, the banks'capability of credit creating is strengthened, therefore, the relevant revenue is increased; the competition ability of manufacturers and dealers can be improved; finally a three-win situation can be achieved. Under the condition that all the parts in the agreement are economic entity of reason, the three-part agreement mode exists just because that through the agreement the entities can get some benefit or shun some risks. According to the analysis of dealer's moral hazard under the information asymmetry theory, the more the cost offinance increases the more the dealer's moral hazard will be. Through the bank draft mode under the three-part agreement, the dealer's working capital requirement can be met and its average financing cost after tax will drop down 52%, from 5.64% to 2.72%. The financing cost is also one percent lower than the social average financing cost, which is 3.74%. From what we have discussed above, we can draw a conclusion that the three-part agreement mode can not only reduce the dealer's financing cost but also reduce the risk of the bank. According to the concept of the three-part agreement, the thesis designed a series of risk control principle and combined the way of renting dealer's warehouse, buying policy for the mortgaging cars, paying money for the quality certificates, etc. to control dealer's logistics, made use of overall control of bank draft, term control and payback schedule control, etc. to supervise the dealer's money flow. Through the effective communication between the manufacturer and the bank, the mode thoroughly strengthens the dealer's information transfer, there for, the dealer's problem of high financing cost and financing risk can be controlled. At last, directed by the principal-agent theory, through the information contract among the three parts and the stimulant measures to the dealer, the thesis found the ways of keeping the three-part mode running smoothly, optimized the partial economic system built up by the manufacturer, the bank and the dealer. |
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