保理、反向保理与“区块链+供应链”金融模式对比研究——基于资金时间价值视角  

Comparative Study of Factoring,Reverse Factoring,and Blockchain-driven SCF Based on Time Value of Capital

作　　者：唐丹 TANG Dan(Asia-Australia Business College,Faculty of Economics,Liaoning University,Shenyang 110136,China)

机构地区：[1]辽宁大学经济学部亚澳商学院,辽宁沈阳110136

出　　处：《辽宁大学学报（哲学社会科学版）》2023年第4期57-72,共16页Journal of Liaoning University(Philosophy and Social Sciences Edition)

摘　　要：目前,发展“区块链+供应链”金融已成为一种趋势,区块链具有时间戳、哈希算法、智能合约和工作量证明等特征,可缩短供应链金融交易流程,并实时提供不容篡改的真实贸易数据,从而提高资金运转效率。文章基于资金时间价值视角,构建了保理、反向保理和“区块链+供应链”金融的对比模型,探讨了不同模式下供应链最优融资和定价决策,定量分析了不同参数下三种融资模式供应链绩效变化情况。研究表明:当资金成本低于一定临界值时,“区块链+供应链”金融模式可提高供应链产量和绩效,优于另外两种模式;反之,则反向保理模式优于另外两种模式;此外,生产成本和资金成本越低、产品售价越高,三种融资模式均更有价值。Blockchain-driven SCF has become a trend.Blockchain-driven SCF is characterized by time stamp,hash algorithm,smart contracts,and proof of work(POW)and so on.It can speed up the settlement cycle,provide unchangeable trade data and improve the operating efficiency of capital.From the perspective of time value of capital,we build a model to compare factoring,reverse factoring,and blockchain-driven SCF,discuss the optimal decision-making on financing and price of supply chain actors under different financing models,and study the performance of supply chain as parameter varies.Research shows that if capital costs were less than certain value,blockchain-SCF is superior to factoring and reverse factoring by improving the production and performance of supply chain;and that when conditions were not met,reverse factoring is superior to factoring and blockchain-SCF.Moreover,all three financing models are more valuable with lower production costs,capital costs and higher retail price.

关 键 词：“区块链+供应链”金融 反向保理 资金时间价值 供应链决策 

分 类 号：F274[经济管理—企业管理] F832[经济管理—国民经济]