不同信用风险主导下区块链对应收账款融资的影响研究  

Research on the Impact of Blockchain on Accounts Receivable Financing Under Different Credit Risk Scenarios

作　　者：李善良[1] 陈睿轩 李宗活 陈祥锋[2] Li Shanliang;Chen Ruixuan;Li Zonghuo;Chen Xiangfeng(School of Politics and Public Administration,Soochow University,Suzhou 215123,China;School of Management,Fudan University,Shanghai 200433,China)

机构地区：[1]苏州大学政治与公共管理学院,苏州215123 [2]复旦大学管理学院,上海200433

出　　处：《工业技术经济》2023年第12期115-124,共10页Journal of Industrial Technological Economics

基　　金：国家自然科学基金重点项目“数智时代的运营管理与商业模式创新”(项目编号:72232002);江苏省自然科学基金“平台经济背景下江苏实体零售线上线下资源整合及共生机制研究”(项目编号:Bk20230467);苏州大学人文社会科学研究项目团队“新零售背景下全渠道零售企业优惠券促销及渠道整合策略研究”(项目编号:22XM2005)。

摘　　要：由于存在信息不对称,供应链金融有着复杂的风险性,而区块链天然的具有消除信息不对称的能力,因此与供应链金融高度耦合。然而区块链本身也具有一定的缺陷,如可能造成商业信息泄露,维护和建设成本高等。基于此,本文聚焦于供应链金融应收账款融资,构建中小企业与金融机构的两方演化博弈模型,对比区块链引入前后系统稳定均衡的演化情况,分析了区块链解决供应链金融风险的作用效果,探究了区块链分别在欺诈风险与经营风险主导下帮助双方实现互信均衡的必要性。研究表明:(1)区块链通过提高中小企业伪造应收账款进行骗贷所需的成本来化解供应链金融应收账款中的信用风险;(2)当金融机构所面临的信用风险主要来自于欺诈风险时,区块链能显著改变系统演化的方向和路径,使得中小企业均能够快速和金融机构达成金融机构贷款,中小企业守约的稳定均衡;(3)当金融机构所面临的信用风险主要来自于经营风险时,由于供应链的内部调节机制会中和部分风险,所以当该风险主要来源于中小企业内部时,是否推动链上企业上链需要根据风险的大小具体决策。Due to the presence of information asymmetry,supply chain finance involves complex risks.Given that block⁃chain inherently has the ability to eliminate information asymmetry,it is highly coupled with supply chain finance.However,blockchain itself also has certain shortcomings,such as the possibility of business information leakage and high maintenance and construction costs.Based on this,this article focuses on accounts receivable financing in supply chain finance,building an evolu⁃tionary game model between SMEs(Small and Medium Enterprises)and financial institutions.By comparing the evolution of sys⁃tem equilibrium before and after the introduction of blockchain,this article analyzes the effectiveness of blockchain in mitigating supply chain finance risks and explores the necessity of blockchain in helping both parties reach a trust equilibrium under scenarios dominated by fraud risk and operational risk.The research shows that:(1)blockchain can help mitigate credit risk in accounts re⁃ceivable financing in supply chain finance by increasing the cost for SMEs to commit fraud through forged accounts receivable.(2)When the credit risk faced by financial institutions primarily originates from fraud risk,blockchain can significantly change the di⁃rection and path of system evolution,enabling SMEs and financial institutions to rapidly achieve a stable equilibrium in compliance with loan agreements.(3)When the credit risk faced by financial institutions primarily stems from operational risk,the internal regulatory mechanisms of the supply chain can neutralize part of the risk.When this operational risk mainly originates from within the SMEs,the decision to encourage on-chain adoption among the businesses should be made based on the extent of the risk.

关 键 词：信用风险 区块链 供应链金融 应收账款保理 融资风险 演化博弈 

分 类 号：F830[经济管理—金融学] F224.32