摘要：第三方物流 (Third Party Logistics,3PL)努力工作是仓单质押业务有效开展和保证银行贷款安全的重要因素，针对质押物对其生产经营有重大影响的融资企业，运用委托代理理论，研究融资企业参与下银行对3PL的激励问题，并考虑在激励基础上进行监督时的均衡结果。研究发现，在有融资企业参与激励情况下，3PL的努力水平不变，但银行的固定支付和激励系数减小；银行和融资企业在激励基础上进行监督会提高3PL的努力水平。研究还揭示，对某些较差质押物（价格波动较大、质地不稳定、变现差等）银行也可放贷，其收益可能高于较好质押物的收益，该结论对提高银行开展仓单质押业务的积极性具有现实意义。

Abstract: The Third Party Logistics(3DL) hard working is an important factor to carry out the operation of warehouse receipt pledge effectively and to ensure the safety of bank loan. Given pledged inventory has an important impact on the enterprises’ production and operation, using the pricipal-agent thoery, the bank payment with enterprises’ participation is studied, and monitoring based on inspiriting 3PL is considered. The results show 3PL’ effort doesn’t change, but amount of bank payment becomes fewer when enterprises participate in inspiriting 3PL. If supervising 3PL based on inspiriting to it, 3PL will work harder.The research also indicates that in certain situation,banks may provide a loan although a specific inventory is not good, such as price fluctuating, unstable quality, and poor liquidity. The benefits by the operation may be higher. These conclusions help bank enhance enthusiasm to develop the warehouse receipt pledge operation.