뗚16뻭ꆡ뗚2웚퓋ꆡ돯ꆡ폫ꆡ맜ꆡ샭,쓪4퓂ꆡꆡ믹폚듦믵훊톺죚뗄솪쏋쪽틸탐횰쓜췢냼ퟮ폅뻶닟퇐뺿샮뻪,ꆡ탬폥,ꆡ럫룻훐(컷낲붻춨듳톧맜샭톧풺,짂컷컷낲710049)햪ꆡ튪:놾컄붫췢냼쮼쿫틽죫듦믵훊톺죚튵컱훐,듓릩펦솴뗄뷇뛈럖컶틸탐ꆢ컯쇷웳튵뫍훐킡웳튵횮볤뗄맘쾵ꆣ컄훐쳡돶쇋죽훖췢냼쒣쪽,ퟅ훘럖컶쇋떥뷗뛎쟩뿶쿂솴ힴ솪쏋쒣쪽뗄ퟮ폅뮯컊쳢,늢횤쏷쇋웤뷢뗄듦퓚탔ꆣퟮ뫳뇈뷏쇋횱뷓탅쾢뫍럇횱뷓탅쾢쟩뿶쿂틸탐뫍컯쇷웳튵솪쏋떥캻닺욷쫕틦뗄듳킡ꆣ맘볼듊:췢냼;듦믵훊톺죚;췢냼쒣쪽;솴ힴ솪쏋쒣쪽훐춼럖샠뫅:ꆡꆡꆡ컄헂뇪쪶싫:Aꆡꆡꆡ컄헂뇠뫅:100723221(2007)0220084204ResearchonOptimalDecisionofBank’sOutsourcinginWarehouseFinancingLIJuan,XUYu,FENGGeng2zhong(SchoolofManagement,XiꆯanJiaotongUniversity,Xiꆯan710049,China)Abstract:(SME),logisticserviceenterprises(LSE),:outsourcing;warehousefinancing;outsourcingstructue;turnkeywithintegration0ꆡ틽퇔평폚쪱볤ꆢ벼쓜뫍웤쯻풴뗄쿞훆,죎뫎룶죋뚼늻쓜뛀ퟔ췪돉쯹폐뗄쫂쟩ꆣ웳튵냼삨틸탐튲쫇헢퇹ꆣ헢튻뗣럻뫏뺭볃톧훐뗄샍뚯럖릤풭퓲ꆣ쒿잰,탭뛠웳튵짺닺맽돌뗄췢냼뻍쫇샍뚯럖릤풭퓲뗄돤럖쳥쿖ꆣ쯹캽췢냼뻍쫇풭쪼짨놸짺닺짌OEM붫웤훘뗣벯훐폚뫋탄뺺헹쓜솦,죧닺욷짨볆뫍쫐뎡펪쿺,뛸붫훷튪짨놸뗄짺닺췢냼룸뷓쫜뚩떥뗄훆퓬짌CM,샻폃웤튵뮯뗄짺닺듯떽맦쒣뺭볃킧맻ꆣ룹뻝풭쪼짨놸짺닺짌OEM뫍릩펦짌S횮볤뗄맘쾵뿉붫췢냼럖캪죽훖쒣쪽:솴쪽,CM폫S솪쏋쪽,OEM캯췐CM짺닺맜샭쒣쪽[1]ꆣ놾컄붫췢냼쮼쿫틽죫듦믵훊톺죚튵컱훐,듓릩펦솴뗄뷇뛈럖컶틸탐ꆢ컯쇷웳튵뫍훐킡웳튵횮볤뗄맘쾵ꆣ듦믵훊톺죚튵컱웰돵쫇튻훖퓚맺췢쫗쿈돶쿖뗄,탂탍뗄뷰죚럾컱ꆣ퓚쏀맺뗄쪵볹훐,펦쫕헊뿮믲듦믵퓚틸탐뷓쫜뗄뗖톺욷훐햼쇋2/3뗄뇈샽[2]ꆣ킡웳튵튲뿉틔틔펦쫕헊뿮믲듦믵좡뗃틸탐뗄듻뿮돐억ꆣ쟸뇰폚뒫춳듻뿮벯훐퓚늻뚯닺뗖톺믲뗚죽랽탅폾떣놣뗄쒣쪽,룃샠튵컱쏅헫뛔틔ퟔ짭뺭펪쿮쒿닉폃뚯닺훊톺뗄쒣쪽믱뗃뷰죚듻뿮럾컱[3]ꆣ헢훖튵컱쒣쪽뗄믹놾쇷돌쫇,컯쇷웳튵퓚짳뫋쇋뷨뿮웳튵뗄훊톺짌욷뫳,룸틸탐뾪돶쿠맘횤쏷늢쳡릩폐맘훊톺짌욷뫍웳튵뗄쿠맘탅쾢,틸탐ퟛ뫏뾼싇뫳룸폨훐킡웳튵튻뚨뛮뛈뗄듻뿮,퓚듻뿮웚볤,죧맻틸탐퓊탭,훐킡웳튵뿉틔퓚늹돤탂뗄훊톺짌욷믲붻뢶놣횤뷰뗄쟩뿶쿂돩믘훊톺짌욷,뛸틸탐퓲캯췐컯쇷웳튵뛔헢튻맽돌뷸탐쪵쪱볠뿘ꆣ틸탐캯췐컯쇷웳튵짳뫋훊톺짌욷뫍웳튵뗄탅쾢,늢뚨웚볠뿘훊톺짌욷퓚닖뿢훐뗄ힴ뿶,뛸컯쇷웳튵쳡릩룸틸탐쿠맘횤쏷ꆢ탅쾢뫍붨틩,컯쇷웳튵뛔훐킡웳쫕룥죕웚:2006210215믹뷰쿮쒿:맺볒ퟔ좻뿆톧믹뷰훺쿮쒿(70472036)ퟷ헟볲뷩:샮뻪(19772),얮,즽컷첫풭죋,늩쪿퇐뺿짺,퇐뺿랽쿲캪컯쇷뷰죚;탬폥(19462),얮,즽뚫쟠떺죋,늩쪿짺떼쪦,훐맺퓋돯톧믡뢱샭쫂뎤,퇐뺿랽쿲캪웳튵뗄벯돉뮯맜샭폫헻뫏폅뮯ꆣ
뗚2웚ꆡꆡꆡꆡꆡꆡꆡ샮뻪,뗈:믹폚듦믵훊톺죚뗄솪쏋쪽틸탐횰쓜췢냼ퟮ폅뻶닟퇐뺿85튵뗄짺닺퓋ퟷ벰웤쳡릩뗄훊톺짌욷탅쾢뷸탐쪵쪱볠뿘,훐킡웳튵퓲퓚컯쇷웳튵뗄볠뿘쿂뷸탐헽뎣뗄퓋펪,훐킡웳튵뢺퓰ퟮ훕믘뿮룸틸탐ꆣ뫜쏷쿔,듦믵훊톺죚튵컱쫇뗤탍뗄죽랽쒣쪽[4]ꆣ퓚헢훖죽랽쒣쪽쿂,틸탐튪컯쇷웳튵뷴쏜엤뫏,늢뢶돶튻뚨뗄볠뚽얬솦쮮욽,뛔훐킡웳튵뷸탐볠뚽늢닎폫맜샭ꆣ훐킡웳튵횻폐퓚컯쇷웳튵뗄볠뚽폫맜샭쿂닅믡폐쫕틦,듓뛸닅쓜뮹듻ꆣ틸탐붫듻뿮쫕틦뗄튻늿럖럖룸컯쇷웳튵,살벤샸컯쇷웳튵ꆣ춬쪱,틸탐튲믡룸훐킡웳튵튻뚨뇈샽뗄놨돪,벤샸웤내쪱뮹뿮ꆣ1ꆡ췢냼쒣쪽컒쏇뾼싇튻룶평틸탐ꆢ컯쇷웳튵뫍훐킡웳튵릹돉뗄죽랽릩펦솴ꆣ틸탐펵폐뷰횧엤좨,붫뾴맜믵컯뫍볠뚽훐킡웳튵퓋펪뗄횰쓜췢냼룸컯쇷웳튵,떫놣쇴잩뚩뫍풼뗄쓜솦ꆣ룹뻝죽헟횮볤뗄맘쾵,췢냼뷡릹뿉럖캪:(1)솴쪽뷡릹(Turnkey)ꆣ퓚헢훖뷡릹훐,컯쇷웳튵늻뷶쫜떽틸탐뗄볠뚽,튲춬쪱튪볠뚽훐킡웳튵ꆣ헢퇹,퓚헻룶릩펦솴훐,틸탐쫇캯췐죋,컯쇷웳튵쫇듺샭죋ꆣ좻뛸퓚컯쇷웳튵뫍훐킡웳튵헢룶퇇릩펦솴훐,컯쇷웳튵쫇캯췐죋,뛸훐킡웳튵쫇듺샭죋ꆣ(2)솴ힴ솪쏋쪽(Turnkeywithintegration)ꆣ퓚헢훖뷡릹훐,틸탐뫍컯쇷웳튵뷡돉솪쏋ꆣ틸탐폫컯쇷웳튵릲춬폫훐킡웳튵잩뚩뫍풼ꆣ헢샯,틸탐뫍컯쇷웳튵쫇캯췐죋,훐킡웳튵쫇듺샭죋ꆣ뇈죧,쫀뷧컯쇷뿬뗝튵뗄뻞춷UPS뇣쫇쫕릺쇋쏀맺뗚튻맺볊틸탐(Biederman,2004),돉솢쇋쏅뗄UPS뷰죚릫쮾,캪뿍뮧쳡릩좫랽캻뗄컯쇷뷰죚럾컱,틔쪵쿖컯쇷ꆢ탅쾢쇷뫍뷰쇷뗄춬늽뮯ꆣ(3)캯췐맜샭쪽(Inhouseconsignment)ꆣ퓚헢훖뷡릹훐,틸탐럖뇰폫컯쇷웳튵뫍훐킡웳튵잩풼ꆣ컯쇷웳튵뢺퓰놣맜훊톺컯뫍볠뚽훐킡웳튵퓋펪ꆣ틸탐횱뷓뫍훐킡웳튵첸에,룹뻝훐킡웳튵뗄짺닺ힴ뿶벰훊톺컯뗄볛횵솿뻶뚨듻뿮뗄쫽솿ꆣ헢샯,틸탐쫇캯췐죋,컯쇷웳튵뫍훐킡웳튵뻹캪듺샭죋ꆣ죽훖쒣쪽뻟쳥죧춼1쯹쪾:춼1ꆡ죽훖췢냼뷡릹ꆡꆡ헽죧춼1쯹쪾,죽훖췢냼뷡릹폐늻춬뗄컯쇷ꆢ탅쾢쇷뫍뷰쇷ꆣ컒쏇볙뚨ퟮ훕닺욷쫇좡뻶폚볛룱뗄좷뚨탔탨쟳ꆣ컯쇷웳튵뗄볠뚽탅쾢뫍훐킡웳튵뗄짺닺탅쾢뚼쫇쮽폐탅쾢,틸탐뛔헢킩탅쾢폐튻룶쿈퇩룅쓮(횱뷓탅쾢),뛸헢킩쿈퇩룅쓮좡뻶폚쳘뚨뗄췢냼쒣쪽ꆣ퓚헢죽훖췢냼쒣쪽훐,컯쇷웳튵닙ퟝퟅ틸탐믱뗃맘폚훐킡웳튵탅쾢뗄뛠짙ꆣ뇈죧,퓚솴쪽뷡릹훐,컯쇷웳튵뗄듦퓚럅쯉쇋틸탐뫍훐킡웳튵횮볤뗄맘쾵ꆣ헢퇹,틸탐벸뫵늻쓜횪뗀훐킡웳튵뗄쟩뿶,컯쇷웳튵퓲믡닉좡믺믡훷틥탐캪듓뛸믱샻ꆣ쿠랴,뛔폚캯췐맜샭쒣쪽,틸탐펵폐맘폚훐킡웳튵룼뛠뗄탅쾢,듓뛸뿉틔듓컯쇷웳튵뫍훐킡웳튵쓇샯믱뗃룼뛠뗄뺭볃ퟢ(뺻샻죳)ꆣ쿞폚욪럹뗄훆풼,놾컄횻럖컶떥뷗뛎[5ꆫ8]쟩뿶쿂솴ힴ솪쏋쒣쪽뗄ퟮ폅뮯컊쳢ꆣ2ꆡ쒣탍ꆡ쒣탍뗄붨솢벰볙짨컒쏇폃B뇭쪾틸탐,L뇭쪾컯쇷웳튵,S뇭쪾훐킡웳튵,a뇭쪾컯쇷웳튵뫍틸탐뗄솪쏋ꆣ볙짨ퟮ훕닺욷뗄탨쟳좡뻶폚볛룱,p=k-ꛈq,웤훐k,ꛈ뻹캪럇뢺닎쫽,p쫇쫐뎡볛룱,q쫇ퟮ훕닺욷쫽솿ꆣ폃cB뇭쪾떥캻닺욷틸탐뛔컯쇷웳튵뗄볠뚽돉놾,cL캪떥캻닺욷컯쇷웳튵뛔훐킡웳튵뗄볠뚽돉놾,훐킡웳튵뗄짺닺돉놾볙짨캪0,늢쟒퓝쪱늻뾼싇샻쾢,퓲훐킡웳튵춨맽탨쟳뛸뗃뗄짺닺샻죳뻍볲뮯캪틸탐뗄샻죳ꆣ헢퇹퓚놾컄훐뻍쟉쏮뗄붫뻶닟훷쳥평훐킡웳튵뇤캪틸탐ꆣ캪쇋놣횤튻룶헽뗄짺닺쫽솿,탫싺ퟣk:cB+cLꆣ룷닎폫죋떥캻닺욷뗄쫕틦폃wi뇭쪾,i=B,L,aꆣ쎿룶닎폫죋쯹펵폐뗄쮽죋탅쾢웤쯻닎폫죋쫇늻횪뗀뗄,떫횪뗀탅쾢뗄럖늼몯쫽[9]ꆣ컒쏇볙짨늻췪좫탅쾢평릩펦솴쮫랽뗄뻠샫쯹뿘훆ꆣ뇈죧,A뫍B죴횱뷓뷓뒥,퓲A뿉듓B쓇샯믱뗃튻킩쮽죋탅쾢,떫쫇죴
86퓋ꆡ돯ꆡ폫ꆡ맜ꆡ샭ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ2007쓪뗚16뻭A춨맽C볤뷓뫍B뷓뒥,퓲A벸뫵늻쓜믱뗃맘폚B뗄탅쾢ꆣ컒쏇춬쪱볙뚨C믡맊틢틾님뗄B탅쾢ꆣ컒쏇폃쯦믺뇤솿Xi뚨틥맘폚ci,i=B,L뗄쿈퇩탅쾢,룃쯦믺뇤솿뗄럖늼몯쫽캪ꚵi(ꆤ),룅싊쏜뛈캪<(ꆤ)ꆣ춬쪱폃쯦믺뇤솿Xi뇭쪾럇횱뷓탅쾢,웤럖늼몯쫽캪Ꞷi(ꆤ),룅싊쏜뛈캪<(ꆤ)ꆣ볙짨쯹폐뗄럖늼몯쫽뻹캪퇏룱헽뗄,돉놾럖늼몯쫽쫇뛔쫽낼몯쫽,쟒뻟폐퓶뎤쪧냜싊(increasingfailurerate)ꆣ탔훊1ꆡ볙짨죎틢튻룶쯦믺뇤솿Yi쫇뛔쫽낼몯쫽,웤럖늼몯쫽뫍쏜뛈몯쫽럖뇰캪Gi뫍gii=1,2ꆣ쓇쎴(1):쓦쿲쯰쪧싊gi(x)G쫇x뗄복몯쫽;(2):죧맻t(x)뛾뷗떼쫽듦퓚,쟒캪퇏룱퓶뗄낼몯쫽,쓇쎴Gi(ti(x)(x))쫇x뗄뛔쫽낼몯쫽;(3):믽럖G(x)=ꇒxG1(x-x2)dG2(x2)쫇뛔쫽낼몯쫽[10]ꆣ0뚨틥(ShakedandShanthikumar,1994):뛔폚튻룶쯦믺뇤솿Y,웤럖늼몯쫽뫍쏜뛈몯쫽럖뇰캪G뫍g,쓦쿲쯰쪧싊뚨틥캪g(t)Gꆣ뛔폚솽룶쯦믺뇤솿Y1뫍Y2,죧맻g1(t)Gꇜg2(t)뛔쯹폐뗄tꇝ0뚼돉솢,퓲(t)1(t)G2(t)Y1ꇜrhY2ꆣ탔훊2(ShakedandShanthikumar,1994):죧맻쯦믺뇤솿Y1뫍Y2싺ퟣY1ꇜrhY2,쓇쎴뛔폚죎뫎튻룶뛀솢폚Y1뫍Y2,쟒뻟폐퓶뎤뗄쓦쿲쯰쪧싊뗄쯦믺뇤솿Z,Y1+ZꇜrhY2+Z돉솢ꆣꆡ훐탄뻶닟쾵춳(CentralizedSystem)뗄ퟮ폅뷢뛔폚훐탄뻶닟쾵춳,늻듦퓚쿈퇩탅쾢뗄믱좡,쯹틔,틸탐뗄ퟮ듳뮯샻죳캪maxꇇ(q)=(p-cB-cL)=(k-ꛈq-cB-cL)q(1)쒿뇪랽돌(1)쫇맘폚뗄낼몯쫽,캨튻뗄ퟮ폅뷢캪3k-cB-cLq=-2ꛈ(2)쿠펦뗄볛룱뫍샻죳캪3k+cB+cLp=-(2)2ꇇ23(k-cB-cL)=-4ꛈ(3)ꆡ솴ힴ솪쏋쒣쪽ퟮ폅뷢퓚솴ힴ솪쏋쒣쪽훐,훐킡웳튵쓜맛달떽컯쇷웳튵뗄볠뚽돉놾탅쾢,떫늻쓜횱뷓맛달떽틸탐뗄볠뚽돉놾탅쾢ꆣ헻룶쫂볾뗄맽돌쫇:1)솪쏋믡뒫뗝맘폚틸탐쫇럱볠뚽뗄탅쾢룸훐킡웳튵,뛸헢룶탅쾢폐뿉쓜놻얤쟺,볇캪XB;2)훐킡웳튵믡쳡릩튻룶뫏풼룸솪쏋;3)솪쏋뻶뚨쫇럱뷓쫜뫏풼ꆣ훐킡웳튵뫍솪쏋횮볤뗄늩?뿉틔떹ퟅ뷢뻶ꆣ쫗쿈,컒쏇럖컶퓚룸뚨솪쏋뻶닟뗄쟩뿶쿂훐킡웳튵뗄ퟮ폅뻶닟ꆣ좻뫳컒쏇럖컶솪쏋퓚탅쾢뿉쓜놻얤쟺쟩뿶쿂뗄ퟮ폅컊쳢ꆣ훐킡웳튵뗄ퟮ폅랴펦볙뚨솪쏋떥캻닺욷뗄쫕틦캪waꆣ죧맻waꇝcL+cB돉솢,퓲솪쏋뗄ퟮ폅랴펦쫇뷓쫜뫏풼ꆣ훐킡웳튵횪뗀뗄맘폚솪쏋볠뚽돉놾뗄탅쾢폃XL+XB뇭쪾,뗚튻뷗뛎잩뚩뫏풼뗄룅싊캪P{XL+XBꇜwa}=ꇒwaꚵL(wa-xB)dꚵB(xB)0훐킡웳튵톡퓱wa뫍q살ퟮ듳뮯웤뗚튻뷗뛎웚췻샻죳maxꇇI(q,wSa)=(k-ꛈq-wa)qꇒwaꚵL(wa-xB)dꚵB(xB)(4)0뛔폚룸뚨뗄wa,(4)쪽쫇맘폚q뗄낼몯쫽,웤튻뷗쳵볾쫇k-waq=2ꛈ(5)붫(5)듺죫(4),뗃aꚵL(wa-xB)dꚵB(xB)k-wa=ꇒw02ꇒw(6)a<L(wa-xB)dꚵB(xB)0힢틢ꇒwaꚵL(wa-xB)dꚵB(xB)쫇ꚵL뫍ꚵB뗄믽럖,룹뻝탔훊1,쯼쫇뛔쫽낼몯쫽ꆣ헢퇹,(6)쪽뗄폒뇟쫇믽0
뗚2웚ꆡꆡꆡꆡꆡꆡꆡ샮뻪,뗈:믹폚듦믵훊톺죚뗄솪쏋쪽틸탐횰쓜췢냼ퟮ폅뻶닟퇐뺿87럖뗄쓦쿲쯰쪧싊,쯦wa뗄퓶볓뛸퓶볓,(6)쪽뗄ퟳ뇟쫇뗄복몯쫽ꆣ쯹틔,(6)쪽폐캨튻뗄ퟮ폅뷢wIa,듓뛸뗃(5)쪽뗄ퟮ폅뷢Iqꆣ솪쏋뗄ퟮ폅탅뫅뒫뗝솪쏋믡뒫뗝맘폚웤볠뚽돉놾뗄탅쾢ꚵB살뗃떽떥캻닺욷뗄ퟮ듳쫕틦듓뛸ퟮ듳뮯웤샻죳ꆣmaxꇇ(ꚵaS)=(wIIwIa(ꚵs-cL-cB)(k-wIa(ꚵs))a(ꚵS)-cL-cB)q(ꚵS)=2ꛈ(7)(7)쪽뛔wIa(ꚵS)쟳튻뷗떼쫽,뗃wIa(ꚵIk+cL+cBS)=(8)2붫(8)쪽듺죫(6)쪽,뗃k+cL+cB2ꚵk+cL+cBL(-xB)dꚵIB(xB)k-cL-cB=ꇒ024k+cꇒL+c(9)B2k+c<L+cBL(-xB)dꚵIB(xB)02뚨샭1ꆡ퓚솴ힴ솪쏋쒣쪽쿂,떥캻닺욷솪쏋뗄쫕틦캪k+cL+cB,늢쟒ꚵIB싺ퟣ(9)쪽ꆣ2춨뎣(9)쪽쎻폐ퟮ폅뷢,떫맘폚돉놾뗄탅쾢죧맻럾듓횸쫽럖늼,뿉폃Matlab뗃떽웤ퟮ폅뷢ꆣ뚨샭2ꆡ죧맻ꚵBꇝrhXB,쓇쎴waꇝwaꆣ횤쏷ꆡ틲캪XBꇝrhXB,룹뻝탔훊2뗃XL+XBꇝrhXL+XB쯹틔ꇒwaꚵL(wa-xB)dꚵB(xB)L(wa-xB)dꚵB(xB)ꇜꇒwaꚵ00ꇒwa<L(wa-xB)dꚵB(xB)0ꇒwa<L(wa-xB)dꚵB(xB)0평(6)쪽뗃waꇝwaꆣ짏쫶뷡맻뇭쏷솪쏋믡춨맽뒫뗝튻룶듳뗄볠뚽돉놾탅쾢살믱좡뷏룟뗄떥캻닺욷쫕틦ꆣ3ꆡ뷡싛퓚뒫춳뗄훐킡웳튵죚훐,틸탐냧퇝ퟅ듻뿮폫볠뚽솽훖뷇즫,뛸틸탐폖늻쓜뛔훐킡웳튵뷸탐쪵쪱볠뿘,헢돉캪훐킡웳튵죚쓑뗄튻룶훘튪풭틲ꆣ죧맻틸탐붫웤볠뚽횰쓜췢냼룸룼쇋뷢훐킡웳튵뗄컯쇷웳튵,늢붫웤훘뗣럅퓚듻뿮폫훐킡웳튵뗄뮹뿮짏,퓲듓릩펦솴뗄뷇뛈죽랽뿉틔듯떽ퟮ폅ꆣ놾컄럖컶쇋죽훖췢냼쒣쪽훐뗄튻훖ꆪꆪꆪ솴ힴ솪쏋쒣쪽,횤쏷쇋퓚떥뷗뛎쪱,ퟮ폅뷢퓚쳘뚨쟩뿶쿂쫇듦퓚뗄ꆣퟮ뫳쮵쏷뿤듳볠뚽돉놾뿉틔믱뗃뷏룟뗄떥캻닺욷쫕틦ꆣ닎뾼컄쿗:[1]PengfeiG,Jing2ShengS,,2006,6:1237.[2]:therolesofprivateequityanddebtmarketsinthefinancialgrowthcycle[J].JournalofBanking&Finance,1998,22:6132673.[3][J].ManagementScience,.[4][J].LawandContemporaryProblems,1948,13(4):5792592.[5]RafaelRepullo,:asecuritydesignapproach[J].Reviewoffinance2004,8:752108.[6]:anagencyperspective[J].ReviewofEconomicsStudies,1999,66:2552274.[7]WangSusheng,:moralhazardandrisk[J].JournalofCorporateFi2nance,2004,10:1312155.[8]FracescaCornell,[J].ReviewofEconomicsStudies,2003,70:1232.[9]JosephStiglitzE,[J].TheAmericanEconomicReview,.[10]BagnoliM,[Z].Workingpaper,UniversityofMichigan,.
