基于综合集成方法论的区块链驱动下供应链金融决策研究  

Decision Analysis of Supply Chain Finance Driven by Blockchain Based on Meta-synthesis

作　　者：李健 朱士超 李永武 Li Jian;Zhu Shichao;Li Yongwu(College of Economics and Management,Beijing University of Technology,Beijing 100124)

机构地区：[1]北京工业大学经济与管理学院,北京100124

出　　处：《管理评论》2020年第7期302-314,共13页Management Review

基　　金：国家自然科学基金重点项目(71932002);北京市自然科学基金项目(9192001);北京市长城学者培养计划(CIT&TCD20180305)。

摘　　要：目前针对供应链金融和区块链两者融合的定性研究较多,但定量研究非常少。本研究以中小企业仓单质押业务为研究对象,基于从定性到定量分析的综合集成方法论,将区块链在供应链金融中的影响由目前文献中的定性分析提升为定量分析。一方面研究了生产企业在使用区块链技术前后的贷款和生产决策;另一方面通过VaR风险计量方法对比分析了使用区块链技术前后银行的质押率决策,并进行算例分析。研究表明,相对于其他企业,初始库存量高、利润率高的企业可以更大程度地受益于区块链技术。此外,在同样的风险容忍水平下,使用区块链技术后银行的质押率上限提高,意味着区块链的使用可以帮助生产企业获得更高的贷款。研究结论对于企业和银行使用区块链技术的决策有一定的借鉴意义。The majority of researchers work on the integration of supply chain finance and blockchain from the perspective of qualitative research,but there are few quantitative studies about this.In this study,the impact analysis of the blockchain in supply chain finance is upgraded from the qualitative analysis of the current literature to the quantitative analysis,taking the warehouse receipt pledge as re-search object.Based on the theoretical framework of the Meta-synthesis system approach,this paper studies the loan and production deci-sions of enterprises before and after the use of blockchain platform.In addition,the risk measurement method of VaR is used to compare and analyze the loan-to-value ratios decision of banks before and after the use of the blockchain.Finally,an analysis of numerical exam-ple is given.The results show that in this context,the use of blockchain has a positive impact on the operation management and ordering decisions of high-profit enterprises,while low-profit enterprises cannot benefit from it.Besides,the ceiling of banks’loan-to-value ratios is increased after the use of the blockchain platform at the same risk tolerance level,which means that borrowing enterprises have the op-portunity to obtain more loans.This study has certain reference significance for enterprises and banks to make decisions on using the blockchain technology.

关 键 词：从定性到定量的综合集成方法论 区块链 中小企业 质押率 仓单质押 

分 类 号：F832[经济管理—金融学] F49F224