基于合同能源管理机制运作的节能服务产业快速发展,产生了可观的节能效益,体现出巨大的市场需求和发展潜力。然而,我国的节能服务企业大多为自负盈亏的中小服务企业而难以获得银行贷款。基于此,本文从中小节能服务企业与银行的长期重复借贷合作关系出发,针对节能服务企业贷款过程中所存在的双边道德风险问题,引入银行贷款额度不足带来的潜在收益分享系数以设计激励机制,建立了中小节能服务企业与银行双边道德风险下长期关系契约规划模型,分析了银企关系契约下贴现因子的影响。本文的研究结果论证了银行与中小节能服务企业建立长期关系契约的可行性,银行应通过关系契约与中小节能服务企业建立长期合作关系,基于服务企业承诺的激励机制将有效提高节能服务企业服务效益,进而增加自身的投资效益,实现银企的双赢。
Nowadays, energy service based on energy performance contracting (EPC) is developing fast as an emerging industry, which has made considerable benefits from energy conservation and reflected the huge market demand and development potential. However, most of China's energy service companies (ESCO) are small and medium-sized self-financing companies so that it is difficult for them to obtain bank loans due to lack of guarantee and credit history, and a long project cycle. To deal with this problem, from the view of relational contracts, the long-term relationship between small and medium-sized ESCOs and banks is examined in this paper. The incentive mechanism is designed to solve double moral hazard problem by sharing the potential gains of loan demand compensation. Relational contract programming model is established to determine the optimal level of participation and effort in cooperation between ESCOs and banks. Then, the incentive effect of the discount rate is further analyzed. The model analysis shows that "Self-enforcing" restraint is the key to the implementation of relational contract. With the discount rate increasing, the optimal level of participation and effort in cooperation between ESCOs and banks can be achieved by the increasing incentive effect of the relational contract. Moreover, both bank's earnings and system revenue under the relational contract are always not less than that under the formal contract. The conclusions demonstrate the feasibility of establishing long-term relational contract between banks and small and medium-sized ESCOs. The relational contract is suitable for small and medium-sized ESCOs and banks to establish long-term strategic partnership and achieve "win-win" situation in the long run.
[1] 张舒怡, 黄志烨. 关系型贷款在中小型节能服务公司融资中应用[J]. 工程管理学报, 2010, 24(2): 220-225.
[2] Macneil I R. The many futures of contracts[J]. Southern California Law Review, 1974, (47): 753-769.
[3] Macneil I R. Contracts: Adjustment of long-term economic relationships under classical, neo-classical and relational contract Law[J]. Northwestern University Law Review, 1978, 72(6): 854-906.
[4] Macneil I R. Relational contract: What we do and do not know[J]. Wisconsin Law Review, 1985, (5): 483-510.
[5] 吴德胜, 李维安. 非正式契约与正式契约交互关系研究——基于随机匹配博弈的分析[J]. 管理科学学报, 2010, 13(12): 76-85.
[6] Lioliou E, Zimmermann A,Willcocks L, et al. Formal and relational governance in IT outsourcing: substitution, complementarity and the role of the psychological contract[J]. Information Systems Journal, 2014, 24(6): 503-535.
[7] Daino K. Formal and relational incentives in a multitask model[J]. International Review of Law and Economics, 2006, 26(3): 380-394.
[8] 张春勋, 刘伟, 赖景生. 基于GNBS和正式固定价格契约的农产品供应链关系契约模型[J]. 中国管理科学, 2009, 17(2): 93-101.
[9] Basu A K, Lal R, Srinivasan V, et al. Salesforce compensation plans: an agency theoretic perspective[J]. Marketing Science, 1985, 4(4): 267-291.
[10] Lal R, Srinivalan V. Compensation plans for single- and multi-product salesforces: An application of the Holmstorm-Milgrom model[J]. Management Science, 1999, 39(7): 777-793.
[11] Chen Fangruo. Sales-force incentives and inventory management[J]. Manufacturing& Service Operations Management 2000, 2(2): 186.
[12] 徐玖平, 陈书建. 不对称信息下风险投资的委托代理模型研究[J]. 系统工程理论与实践, 2004, (1): 20-25.
[13] 宋寒, 但斌, 张旭梅. 服务外包中解决双边道德风险的关系契约激励机制设计[J]. 系统工程理论与实践, 2010, 30(11): 1944-1953.
[14] 曹柬, 杨春节, 李平,等. 不对称信息下供应链线性分成制契约设计研究[J]. 管理科学学报, 2009, 12(2): 19-30.
[15] 白少布, 刘洪. ERP制度意义下制造商和零售商激励契约研究[J]. 中国管理科学, 2012, 20(3): 122-130.
[16] Halac M. Relational contracts and the value of relationships[J]. American Economic Review, 2012, 102(2): 750-779.
[17] Li Xiaotong. Relational contracts, growth options, and heterogeneous beliefs: A game-theoretic perspective on information technology outsourcing[J]. Journal of Management Information Systems, 2014, 31(2): 319-350.
[18] 韩贯芳, 闫乃福. 节能服务公司(EMC)与用能方的契约关系研究——一个关系契约的视角[J]. 建筑节能, 2010, 38(1): 74-77.
[19] 黄志烨, 张跃松, 韩玥. 合同能源管理项目的风险识别与综合评价[J]. 工程管理学报, 2013, 27(1): 48-52.
[20] 孙元欣, 于茂荐. 关系契约理论研究述评[J]. 学术交流, 2010, 197(8): 117-123.
[21] 侯艳红, 刘高峰. 供应链多阶段长期合作关系契约博弈模型及其仿真研究[J]. 现代管理科学, 2010, (12): 101-102, 108.
[22] 黄志烨. 中小节能服务企业与银行长期合作关系研究[J]. 中央财经大学学报, 2013,(11): 56-61.
[23] 方先伟. 信息不对称条件下银行贷款定价博弈研究[J]. 时代金融, 2010, (10): 38-40.
[24] 李延喜, 迟国泰. 贷款风险管理中道德风险的防范模型[J]. 中国管理科学, 1999, 7(1): 21-24.
[25] 程鹏, 吴冲峰, 李为冰. 信贷风险控制中的显性与隐性激励机制分析[J]. 预测, 2001, (1): 58-61.
[26] 赵曼. 社会医疗保险费用约束机制与道德风险规避[J]. 财贸经济, 2003, (2): 54-57.
[27] 张维迎. 博弈论与信息经济学[M]. 上海:上海人民出版社, 2004.