基于区块链信用传递功能的供应链融资策略  

Supply chain financing strategy based on blockchain credit transfer function

作　　者：刘露 李勇建 姜涛 LIU Lu;LI Yongjian;JIANG Tao(College of Economics and Management,Shandong University of Science and Technology,Qingdao 266590,China;College of Management and Economics,Tianjin University,Tianjin 300072,China)

机构地区：[1]山东科技大学经济管理学院,青岛266590 [2]天津大学管理与经济学部,天津300072

出　　处：《系统工程理论与实践》2021年第5期1179-1196,共18页Systems Engineering-Theory & Practice

基　　金：国家自然科学基金(71902105,71725004,12001329);山东省社会科学基金(20CGLJ32)。

摘　　要：区块链技术正引发供应链金融变革,而信用传递功能在供应链金融中应用最为广泛.考虑由资金充足的生产商、资金约束的分销商和资金约束的零售商共同组成的三级供应链,分销商和零售商的资金困境解决方式包括传统的贸易信用和供应链金融组合融资形式,以及信用传递功能驱动下的区块链供应链金融模式.首先,本文运用Stackelberg博弈方法分别刻画传统供应链金融模式和区块链供应链金融模式;其次,运用逆向归纳法对博弈模型进行优化和求解分析,得到均衡状态下两种融资模式供应链最优批发价、分销价和订货量决策;随后,对零售商初始资金量、企业资金时间价值率等关键参数进行了敏感度分析,对传统供应链金融模式和区块链供应链金融模式进行了比较分析.研究表明:随着零售商初始资金量的降低,生产商期望收益增加,分销商和零售商期望收益下降;相比传统供应链金融模式,区块链供应链金融模式能够为供应链创造价值,且当企业资金时间价值率较高时,区块链供应链金融为供应链创造更大价值,且实现生产商、分销商、零售商三方共赢.本研究论证了区块链技术驱动下的供应链金融模式在运营上的优势,同时为区块链供应链金融的发展提供了决策支持和管理启示.Blockchain technology is triggering the transformation of supply chain finance,and credit transmission function is most widely used in supply chain finance.Consider a three-tier supply chain consisting of a fully funded manufacturer,a capital constrained distributor and a capital constrained retailer.There are two ways to solve the financial dilemma of the distributor and the retailer,one is the combination of trade credit and supply chain finance,and the other is the blockchain supply chain finance driven by credit transfer function.First,this paper uses the Stackelberg game method to describe the traditional supply chain financing model and the blockchain supply chain financing model.Second,the backward induction method is used to optimize and solve the financing models,and the optimal wholesale price,distribution price and order quantity decisions of the two financing modes in the equilibrium state are obtained.Third,the sensitivity analysis of key parameters such as the retailer’s initial capital amount and the time value of enterprise capital are conducted.The two models of traditional supply chain financing model and blockchain supply chain financing model are compared.The results show that:The expected profits of the manufacturer,the distributor,and the retailer are increasing,decreasing,and decreasing with respect to the decrease of the retailer’s initial capital amount.Compared with the traditional supply chain financing model,the blockchain supply chain financing model creates value for the supply chain.And when the time value of the capital is high,blockchain supply chain finance creates greater value for the supply chain,and achieves a win-win situation among the manufacturer,the distributor and the retailer.This study demonstrates the operational advantage of the supply chain finance model driven by blockchain technology,and provides decision supports and management implications for the development of blockchain supply chain finance.

关 键 词：区块链技术 供应链金融 资金约束 信用传递 三级供应链 

分 类 号：F253.2[经济管理—国民经济]