基于综合集成方法论的区块链驱动下供应链金融决策研究

摘要/Abstract

摘要： 目前针对供应链金融和区块链两者融合的定性研究较多，但定量研究非常少。本研究以中小企业仓单质押业务为研究对象，基于从定性到定量分析的综合集成方法论，将区块链在供应链金融中的影响由目前文献中的定性分析提升为定量分析。一方面研究了生产企业在使用区块链技术前后的贷款和生产决策；另一方面通过VaR风险计量方法对比分析了使用区块链技术前后银行的质押率决策，并进行算例分析。研究表明，相对于其他企业，初始库存量高、利润率高的企业可以更大程度地受益于区块链技术。此外，在同样的风险容忍水平下，使用区块链技术后银行的质押率上限提高，意味着区块链的使用可以帮助生产企业获得更高的贷款。研究结论对于企业和银行使用区块链技术的决策有一定的借鉴意义。

关键词: 从定性到定量的综合集成方法论, 区块链, 中小企业, 质押率, 仓单质押

Abstract: The majority of researchers work on the integration of supply chain finance and blockchain from the perspective of qualitative research, but there are few quantitative studies about this. In this study, the impact analysis of the blockchain in supply chain finance is upgraded from the qualitative analysis of the current literature to the quantitative analysis, taking the warehouse receipt pledge as research object. Based on the theoretical framework of the Meta-synthesis system approach, this paper studies the loan and production decisions of enterprises before and after the use of blockchain platform. In addition, the risk measurement method of VaR is used to compare and analyze the loan-to-value ratios decision of banks before and after the use of the blockchain. Finally, an analysis of numerical example is given. The results show that in this context, the use of blockchain has a positive impact on the operation management and ordering decisions of high-profit enterprises, while low-profit enterprises cannot benefit from it. Besides, the ceiling of banks' loan-to-value ratios is increased after the use of the blockchain platform at the same risk tolerance level, which means that borrowing enterprises have the opportunity to obtain more loans. This study has certain reference significance for enterprises and banks to make decisions on using the blockchain technology.

Key words: Meta-synthesis, blockchain, SMEs, loan-to-value ratios, warehouse receipt pledge

李健, 朱士超, 李永武. 基于综合集成方法论的区块链驱动下供应链金融决策研究[J]. 管理评论, 2020, 32(7): 302-314.

Li Jian, Zhu Shichao, Li Yongwu. Decision Analysis of Supply Chain Finance Driven by Blockchain Based on Meta-synthesis[J]. Management Review, 2020, 32(7): 302-314.

参考文献

[1] 范忠宝,王小燕,阮坚. 区块链技术的发展趋势和战略应用——基于文献视角与实践层面的研究[J]. 管理世界, 2018,34(12):177-178
[2] 卢明森. "从定性到定量综合集成法"的形成与发展——献给钱学森院士93寿辰[J]. 中国工程科学, 2005,7(1):9-16
[3] Cossin D., Huang Z., Aunon-Nerin D., et al. A Framework for Collateral Risk Control Determination[J]. European Central Bank Working Paper Series, 2003,(1):1-47
[4] Jokivuolle E., Peura S. Incorporating Collateral Value Uncertainty in Loss Given Default Estimates and Loan-to-value Ratios[J]. European Financial Management, 2003,9(3):299-314
[5] Frye J., Ashley L., Bliss R., et al. Collateral Damage:A Source of Systematic Credit Risk[J]. Risk, 2000,13(4):91-94
[6] 张国兴,刘鹏. CERs收益权质押融资业务的质押率模型[J]. 管理评论, 2012,24(2):59-64
[7] 何娟,蒋祥林,朱道立,等. 供应链融资业务中钢材质押贷款动态质押率设定的VaR方法[J]. 管理工程学报, 2012,26(3):129-135
[8] 何娟,王建,蒋祥林. 存货质押业务质物组合价格风险决策[J]. 管理评论, 2013,25(11):163-176
[9] 匡海波,张一凡,张连如. 低碳港口物流质押贷款组合优化决策模型[J]. 系统工程理论与实践, 2014,34(6):1468-1479
[10] 易雪辉,周宗放. 双重Stackelberg博弈的存货质押融资银行信贷决策机制[J]. 系统工程, 2011,29(12):1-6
[11] 于辉,甄学平. 中小企业仓单质押业务的质押率模型[J]. 中国管理科学, 2010,18(6):104-112
[12] 李毅学,冯耕中,张媛媛. 委托监管下存货质押融资的关键风险控制指标[J]. 系统工程理论与实践, 2011,31(4):587-598
[13] 李毅学,汪寿阳,冯耕中. 物流金融中季节性存货质押融资质押率决策[J]. 管理科学学报, 2011,14(11):19-32
[14] Levaggi R. Optimal Procurement Contracts under a Binding Budget Constraint[J]. Public Choice, 1999,101(1-2):23-37
[15] 鲁其辉,姚佳希,周伟华. 基于EOQ模型的存货质押融资业务模式选择研究[J]. 中国管理科学, 2016,24(1):56-66
[16] 白世贞,徐娜,鄢章华. 基于存货质押融资模式的供应链协调研究[J]. 运筹与管理, 2013,22(3):185-193
[17] 林强,史红红,张保银. 销售奖惩和回购策略对保兑仓融资下供应链协调的影响[J]. 管理评论, 2018,30(9):209-217
[18] 辛玉红,魏悦. 存货质押融资中考虑银行Downside-risk的回购契约设计[J]. 运筹与管理, 2015, 24(4):233-239
[19] Kasper V. D., Reindorp M. J., Fransoo J. C. The Price of Reverse Factoring:Financing Rates vs. Payment Delays[J]. European Journal of Operational Research, 2015,242(3):842-853
[20] Rui H., Lai G. Sourcing with Deferred Payment and Inspection under Supplier Product Adulteration Risk[J]. Production and Operations Management, 2015,24(6):934-946
[21] 陈永辉,孟子良,曾燕. 基于零售商异质性的贸易信用贷款定价与供应链金融模式选择[J]. 系统工程理论与实践, 2018,38(10):2479-2490
[22] 王文利,骆建文. 交易信用与资金约束下两阶段零售商订货策略[J]. 系统工程理论与实践, 2014,34(2):304-312
[23] Tunca T. I., Zhu W. M. Buyer Intermediation in Supplier Finance[J]. Management Science, 2017,64(12):5631-5650
[24] Tang C. S., Yang S. A., Wu J. Sourcing from Suppliers with Financial Constraints and Performance risk[J]. Manufacturing & Service Operations Management, 2017,20(1):70-84
[25] Huang Y. X., Liang Z. H., Wang Y. H., et al. Research on the Application of Blockchain in Supply Chain Finance[J]. Computer Science and Application, 2018,8(1):78-88
[26] 段伟常. 区块链供应链金融[M]. 北京:电子工业出版社, 2018
[27] Xu Z., Yao Q. The Preliminary Plan of Digital Commercial Paper Trading Platform[J]. China Finance, 2016,67(17):31-33
[28] Hofmann E., Strewe U. M., Bosia N. Supply Chain Finance and Blockchain Technology[M]. Cham:Springer, 2017
[29] Babich V., Hilary G. Distributed ledgers and operations:What Operations Management Researchers Should Know about Blockchain Technology[J]. Manufacturing and Service Operations Management, 2019,22(2):223-240
[30] Kocabiykoglu A., Popescu I. An Elasticity Perspective to the Newsvendor with Price Sensitive Demand[J]. Operations Research, 2017,59(59):301-312
[31] Wang Y., Jiang L., Shen Z J. Channel Performance Under Consignment Contract with Revenue Sharing[J]. Management Science, 2004,50(1):34-47
[32] Rousseau S., Vranken L. Green Market Expansion by Reducing Information Asymmetries:Evidence from Labeled Organic Food Products[J]. Food Policy, 2013,40(1):31-43
[33] 张鹏,罗新星. 一种基于区块链数字代币的有限溯源方法[J]. 系统工程理论与实践, 2019,39(6):1469-1478
[34] Yoon J., Talluri S., Yildiz H., et al. The value of Blockchain Technology Implementation in International Trades under Demand Volatility Risk[J]. International Journal of Production Research, 2019,58(7):2163-2183
[35] Gerchak Y., Mossman D. On the Effect of Demand Randomness on Inventories and Costs[J]. Operations Research, 1992,40(4):804-807
[36] Darby M. R., Karni E. Free Competition and the Optimal Amount of Fraud[J]. The Journal of Law and Economics, 1973,16(1):67-88
[37] Nelson P. Information and Consumer Behavior[J]. Journal of Political Economy, 1970,78(2):311-329