关键词: 存货质押融资, 统一授信模式, 道德风险, 激励机制, 收益分配

Abstract: In the unified credit mode of inventory pledge financing， logistics enterprises may undergo moral hazards of less efforts in credit reviewing because of the information asymmetry between them and banks， and banks as clients need to design incentive mechanisms to prevent moral hazards. As an incentive mechanism， profit distribution can play a certain role in restraining moral hazards. Considering the moral hazards of logistics enterprises， based on the principal-agent theory， the incentive problem of banks to logistics enterprises was studied， the profit distribution model was established and the optimal profit distribution proportion was obtained， and the changing trend of optimal profit distribution proportions by numerical examples was analyzed. It was shown that the optimal profit distribution proportion enables logistics enterprises to invest the best effort level and realize the maximization of combined benefits for both banks and logistics enterprises.

Key words: inventory pledge financing, unified credit mode, moral hazard, incentive mechanism, profit distribution