区块链投资与银行融资对资金约束企业决策影响  

Capital constraint firms' blockchain investment and bank financing production strategy

作　　者：程昱翔 王一鸣[1] 陈斌[2] CHENG Yuxiang;WANG Yiming;CHEN Bin(School of Economics,Peking University,Beijing 100871,China;Research Institute of Bank of China,Bank of China,Beijing 100818,China)

机构地区：[1]北京大学经济学院,北京100871 [2]中国银行研究院,北京100818

出　　处：《系统工程理论与实践》2025年第1期36-53,共18页Systems Engineering-Theory & Practice

基　　金：北京大学中央高校基本科研业务费资助(LMEQF)。

摘　　要：区块链技术正改变着资金约束企业的融资现状,不失为解决企业融资难问题的前景方向.本文考虑了一个融资生产模型,分析市场需求随机情况下,资金约束企业进行区块链技术投资向银行进行借贷后的最优生产策略.探讨了三种类型企业(初始资金投资区块链较为充足企业,初始资金投资区块链不充足企业,不进行区块链投资企业)的投资策略,生产策略和企业利润受企业初始资金,银行利率,银行对区块链投资的利率折扣系数的具体影响.研究发现随着区块链投资效率与企业生产获利水平关系上的不同,对最优生产和区块链投资有着相反的影响.区块链投资增加产生的市场需求可以降低企业面临的贷款违约风险.文章发现区块链投资能够为企业创造更大价值,降低实际融资成本.本文对企业面临不同背景下进行区块链投资提供管理启示,本文还发现银行制定的利率及区块链投资利率折扣将对企业生产起到引导作用.Blockchain technology changes the current financing channel of firms.It would help firms to solve the financing difficulties.This article considers a bank financing model to analyze the firm's optimal production strategy and investment of blockchain technology when the market demand is stochastic.The article also discusses the different decisions in three types of firms(the firm that initial capital to invest in the blockchain is relatively sufficient,the firm that initial capital to invest in the blockchain is insufficient,and the firm with no blockchain investment).In our model,we find that the firm's profit,production,and blockchain investment decision would be affected by initial capital,the bank interest rate,and the bank's interest rate discount coefficient of the blockchain investment.The article finds that with the difference in the level of investment efficiency and the level of profitability of the company,blockchain investment has an adverse impact.Besides,the stimulated market demand generated by blockchain investment can reduce the risk of firms'loan default.The article finds that blockchain investment can create huge value for firms and reduce actual financing costs.Moreover,the article identifies the different impacts of market risk on firm decisions.This work gives managerial insights into firms'financing and production strategy when investing in blockchain technology.The paper also finds that the discounts of interest rates and blockchain investment interest rates formulated by banks would play a guiding role in firms'production.

关 键 词：融资 市场风险 区块链投资 公司金融 

分 类 号：F832[经济管理—金融学] F274