区块链下考虑生产商风险规避的供应链融资模式选择与订购决策  

Supply Chain Financing Mode Selection and Ordering Decision Considering Manufacturer Risk Aversion under Blockchain

作　　者：袁际军 蒋玉婷 何柰姗 胡琪 YUAN Ji-jun;JIANG Yu-ting;HE Nai-shan;HU Qi(School of Informatics,Guangdong University of Finance&Economics,Guangzhou,Guangdong 510320;School of Finance,Guangdong University of Finance&Economics,Guangzhou,Guangdong 510320)

机构地区：[1]广东财经大学信息学院,广东广州510320 [2]广东财经大学金融学院,广东广州510320

出　　处：《供应链管理》2025年第2期5-26,共22页SUPPLY CHAIN MANAGEMENT

基　　金：国家自然科学基金面上项目“客户需求变更持续响应下的产品配置更新建模、优化及其管理应用”(71272084);广东省教育厅科研重大项目“基于B2B平台的供应链金融个性化服务与优化研究”(2017WZDXM012)。

摘　　要：为了探究区块链下生产商风险规避行为对供应链成员融资模式选择及订购决策的影响,文章考虑了一个由资金约束零售商、资金约束分销商和资金充足生产商组成的三级供应链。基于区块链的信用传递功能以及生产商风险规避行为,分别给出了区块链赋能的生产商信用担保融资模式、供应链组合融资模式以及风险分担融资模式的数学模型。基于Stackelberg博弈方法,运用逆序递推优化求解法获得了各融资模式下供应链最优均衡订购决策。并通过比较得到了区块链赋能的供应链组合融资模式优于其他融资模式的适用条件。数值仿真实验结果表明:在生产商风险规避度较高、生产成本较低、产品销售成功率较高、供应链资金约束较紧时,区块链赋能的供应链组合融资模式相比其他融资模式能够带来供应链成员效用的帕累托改善,促进供应链价值的进一步提高。In order to explore the impact of manufacturer risk aversion behavior on supply chain member financing mode selection and ordering decisions under blockchain,a three-level supply chain consisting of a capital-constrained retailer,a capital-constrained distributor,and a manufacturer with sufficient capital was considered in the paper.Based on the credit transmission function of blockchain and the risk aversion behavior of the manufacturer,mathematical models of blockchain-enabled manufacturer credit guarantee financing mode,blockchain-enabled supply chain combination financing mode,and risk sharing financing mode were given respectively.Based on the Stackelberg game method,the reverse order recursive optimization method was used to obtain the optimal equilibrium ordering decision of the supply chain under various financing modes.Through comparison,the conditions under which the blockchain-enabled supply chain combination financing mode is superior to other financing modes were obtained.The results of numerical simulation experiments show that when the degree of risk aversion of the manufacturer is high,the production cost is low,the probability of successful product sales is high,and the supply chain capital constraint is tight,it is more suitable for the blockchain-enabled supply chain combination financing mode,which can bring Pareto improvement of the expected utility of supply chain members compared with other financing modes,and create greater value for the supply chain.

关 键 词：风险规避 区块链 供应链融资 STACKELBERG博弈 风险分担 

分 类 号：F224[经济管理—国民经济]