区块链、企业数字化与供应链金融创新  

Blockchain,Enterprise Digitalization and Supply Chain Finance Innovation

作　　者：龚强 班铭媛[1] 张一林 Gong Qiang;Ban Mingyuan;Zhang Yilin

机构地区：[1]中南财经政法大学文澜学院 [2]北京大学数字金融研究中心 [3]中山大学管理学院 [4]中山大学国家治理研究院新结构经济学研究中心

出　　处：《管理世界》2021年第2期22-34,M0004,227,共15页Journal of Management World

基　　金：国家社会科学基金重大项目(18ZDA091);国家自然科学基金(72073146、71773143、71703131);广东省自然科学基金(2019A1515012157);中央高校基本科研业务费专项资金(2722019PY002、31510000137、202012110)的资助。

摘　　要：数字供应链金融是区块链技术与传统供应链金融相结合的金融创新产物。本文构建了位于供应链网络中的企业向银行抵押融资的理论框架,系统分析了数字供应链金融的经济运行原理以及与传统供应链金融相比的优劣。研究发现,当供应链上的上链企业达到一定数量,且上链信息的质量达到一定水平时,区块链的共识机制所揭示的企业相关信息将逼近于真实信息,从而起到防范企业信息操纵、恶意欺诈等道德风险的作用,使得银行能够在有效控制风险的情况下为供应链上的企业提供可及性足够高、成本足够低的融资服务。反之,当上链企业数量较少或者上链信息的质量无法得到保证时,银行更适合通过传统的线下尽职调查等方式来防控风险。本文从理论上揭示了,未来随着区块链技术在供应链中的普及以及由此带来的企业数字化水平的提升,基于区块链技术的数字供应链金融将成为一种更加高效、普惠的金融支持手段。Digital supply chain finance is a financial innovation that integrates blockchain technology with traditional supply chain finance.This paper develops a game model of inventory financing and sheds light on the economic rationale for digital supply chain finance and its advantages and disadvantages compared with traditional supply chain finance.We find that if the number of enterprises in supply chains adopting blockchain technology is large enough and the quality of in formation recorded on the blockchain is relatively high,the consensus generated by the blockchain will approach information in the real world.Accordingly,blockchain plays an active role in diminishing firms'incentives to engage in inventory manipulation and fraud,enabling banks to effectively control risks and provide financial services for enterprises in supply chains with lower agency costs.In contrast,if the number of enterprises in supply chains adopting blockchain technology is quite small or the quality of information recorded on the blockchain is poor,banks are better able to control risks via offline due diligence.We show that as more and more enterprises in the supply chain adopt blockchain technology,thereby increasing the level of digitization,digital supply chain finance driven by blockchain technology will become a more efficient and inclusive financial instrument.

关 键 词：区块链 供应链金融 道德风险 金融科技 

分 类 号：F274[经济管理—企业管理] F832.4[经济管理—国民经济] F49[自动化与计算机技术—计算机软件与理论] TP311.13[自动化与计算机技术—计算机科学与技术]