管理评论

管理评论 ›› 2023, Vol. 35 ›› Issue (3): 257-266.

• 物流与供应链管理 • 上一篇    下一篇

区块链环境下基于产出不确定的供应链融资策略研究

王道平, 朱梦影, 周玉   

  1. 北京科技大学经济管理学院, 北京 100083
  • 收稿日期:2020-12-02 出版日期:2023-03-28 发布日期:2023-04-28
  • 通讯作者: 朱梦影(通讯作者)，北京科技大学经济管理学院博士研究生。
  • 作者简介:王道平，北京科技大学经济管理学院教授，博士生导师，博士；周玉，北京科技大学经济管理学院博士研究生。
  • 基金资助:
    国家自然科学基金面上项目（71871017）。

Supply Chain Financing Strategy Based on Uncertain Yields in Blockchain Environment

Wang Daoping, Zhu Mengying, Zhou Yu   

  1. School of Economics and Management, University of Science and Technology Beijing, Beijing 100083
  • Received:2020-12-02 Online:2023-03-28 Published:2023-04-28

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摘要： 中小企业往往面临产出不确定的风险，区块链背景下，本文利用定量模型刻画应用区块链技术对产出不确定的预测作用；分析区块链技术应用程度对中小企业生产决策、银行贷款决策以及贷款企业和银行期望利润的影响；利用下侧风险控制模型研究银行考虑风险规避时的授信限额决策。研究表明:贷款企业的计划生产量随着区块链技术应用程度的提高而增加；银行追求利润最大化时制定的贷款额度在一定条件下也随着区块链技术应用程度的提高而增加；银行授信限额决策随着区块链技术应用程度的变化情况与风险容忍度和产出波动的均值有关。贷款企业的期望利润随着区块链技术应用程度的提高先减后增，当供应商产出波动的均值较大时，银行期望利润随着区块链技术应用程度的提高而增加。

关键词: 区块链, 供应链融资, 产出不确定, 授信限额

Abstract: Small and medium-sized enterprises often face the risk of uncertain yields. This paper assumes a supply chain financing platform built by the bank under blockchain technology and a quantitative model is applied to characterize the predictive effect of the blockchain on output uncertainty. Then, the model analyzes the impact of the application degree of blockchain technology on the planned production of the supplier, the lending decision of the bank and the expected profit of both. The bank’s loan quota decision is calculated under a downside risk model. The results show that the planned production increases with the application of the blockchain. When the bank only seeks profit maximization, the amount of loans to supplier increases under certain conditions as the application of block chain technology increases. The change of the bank’s decision on credit limit is related to the average value of uncertain yields’ fluctuation and risk tolerance. The expected profit of the supplier decreases first and then increases with the increase of the application of blockchain technology. When the average value of the supplier’s output fluctuation is large, the expected profit of the bank increases with the increase of the application of blockchain technology.

Key words: blockchain, supply chain financing, uncertain yields, credit limit