物流企业在存货质押融资中处于重要地位，其努力水平关系到该融资业务能否成功运作。本文引入声誉效应，建立了一个关于物流企业声誉机制与显性机制相结合的委托代理模型。通过与未考虑声誉效应的委托代理模型进行比较，发现如下现象：考虑声誉效应后，物流企业的努力水平、银行的单期收入及对物流企业的激励系数都会提高，银行给予物流企业的固定报酬下降。同时发现，银行与物流企业建立长期稳定的合作关系，能进一步激励物流企业提高努力水平。最后，通过数值算例验证了相关结论，并针对银行如何有效激励物流企业提出了相应建议。
The logistics company plays an important role in the inventory financing business. The effort level of the logistics company is one of key factors related to the successful operation of inventory financing. In this paper, a principal-agent model that combines explicit incentive mechanism with implicit incentive mechanism is established by considering reputation effects. A comparison between two scenarios considering reputation effect and not considering reputation effect is made. It is found that the effort level, the single stage income of bank, and the incentive coefficient will increase as considering reputation effect.However,the fixed payment to the logistics companiesby the bank will decrease. Furthermore, the logistics company will improve effort level more positively if the bank establishes a long-term relationship withthe logistics company. Finally, the relevant conclusions are verified by a numerical exampleand some recommendations are provided.
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