Contract Optimization Research Of Logistics Financial Service Based On The Principal-Agent Theory

Small and medium-sized enterprises occupy a very important position in the economicdevelopment of one country, but the difficulty in financing has become a key factor ofrestricting their development. "The twelfth five-year" program clearly puts that it will furtherfocus on financing in middle and small enterprises. Logistics financial service is a newfinancing mode for small and medium-sized enterprises designed by commercial banks.Overall, the breadth and normative degree in domestic logistics financial service is notenough. Based on the principal-agent theory, quantitative research on interests distributionand credit risk control of logistics financial service contract is analyzed comprehensively inthis thesis, in order to optimize and better promote logistics financial service.First, we generalize relevant literature review and basic theory knowledge of logisticsfinancial service contract, explore the feasibility and the breakthrough point of contractoptimization in logistics financial service, and find out current problems through analyzinglogistics financial service developing status at home and abroad and the basic operation mode.This thesis designs the optimistic path of logistics financial service from interests distributionand credit risk management two aspects by using the principal-agent theory.Second, interests distribution optimization of logistics financial services contract isresearched. Compared with the traditional interests distribution mechanism, we attempt to useone method“Shapley Value”of cooperative game theory to establish the interests distributionoptimization model. Distributing benefits fairly is based on marginal contribution of allparties, and can be applied to practice. This paper discusses cooperation contract which couldincrease the interests of all parties to better sustain effectiveness and stability of logisticsfinancial service contract.Again, credit risk management of logistics financial service contract is researched. Oncondition of existing risk evaluation index and evaluation system of logistics financial servicecontract, bringing in financial derivatives can optimize logistics financial service contract,which is the better innovation of logistics financial products.Finally, we summarize and make a prospect to the logistics financial service contract,and put forward some improving and perfecting suggestions, such as speeding up the reformof financial system and organizational system, full using of market mechanism and policysupport, establishing reasonable interests distribution mechanism and credit risk controlmechanism of logistics financial service contract, and optimizing logistics financial servicecontract, etc. This thesis is instructive for promoting logistics financial service more widelyand solving financing problem of small and medium-sized enterprises.