| In 2021,the government work report mentions "Innovating the pattern of supply chain financial services",which means that supply chain finance has become a national strategy,and it plays an important role in solving the financing problems of SMEs and the problems of finance from real to virtual and so on,besides,its role has been recognized and supported by the state.Supply chain finance,as a multi-agent deep cooperation financial service based on supply chain relationship,plays an important role in relieving the capital pressure of SMEs,optimizing the capital flow of supply chain and enhancing the competitive advantages of enterprises and supply chain.With the impact of COVID-19 on the global economy and finance,the concern about stability,security of industrial chain and supply chain has been spawned,this not only brings strong demand for supply chain finance business,but also causes the conflict of subject cooperation between the limited resources and the unlimited demand.How to deal with the conflict of subject cooperation of supply chain finance scientifically and effectively,and how to build the supply chain finance ecosystem of multi-agent cooperation,are the keys to realize the sustainable development of supply chain finance.Therefore,facing the international frontier research about national financial strategy and decision making of supply chain financial subject cooperation,this paper focuses on the supply chain financial subject cooperation decision and financial resource allocation.The paper comprehensively uses many methods such as operational research,game theory,machine learning,auction theory and multi-agent decision-making,from the perspective of the whole process of cooperation decision-making of supply chain financial entities,the key decision-making problems in the decision-making process,such as financing mode decision-making,partner selection,financial resource allocation,are modeled and simulated,the main research work is as follows:(1)This paper analyzes the elements and relationships of supply chain financial entities’ cooperation,and designs a cooperation decision-making framework around the impact of cooperation value among financial service institutions,core enterprises,SMEs and other supply chain financial entities,which provides guidance for effectively solving conflicts in the process of cooperation and reasonably allocating resources.Supply chain finance is a complex system of multi-agent deepening cooperation,and due to the divergent performance of partners in objectives,interests and expectations,there are always conflicts in the system.Through the comprehensive analysis of the elements,relationship and value of supply chain finance subject cooperation,the paper digs out the problems of target conflict,trust conflict and resource conflict in subject cooperation,and designs the theoretical framework of supply chain finance subject cooperation from three stages: financing cooperation decision-making,partner selection and financial resource allocation.(2)This paper Builds the game model of financing cooperation decision of supply chain subject under different financing modes,and the optimal decision scheme of different subjects is obtained by differential equation,which provides decision support for the selection of financing mode of supply chain finance subjects.This paper introduces the time variables and financing parameters that affect financing behavior,and also designs the benefit function of each stakeholder in the supply chain under the traditional financing model and the supply chain finance model.,and intuitively demonstrates the changes of the cost-benefit of the three main bodies of the supply chain,namely,the upstream SMEs,the downstream SMEs and the core enterprises under different financing modes,so as to Realize the unity of the optimization of individual stakeholders and the maximization of the overall benefits of the supply chain.Using evolutionary game model to dynamically analyze the stability of cooperation strategy between core enterprises and SMEs,The optimal decision-making of supply chain agents under two financing modes is compared by numerical simulation.The influence of cooperation willingness of decision-makers,income difference and discredit probability under different financing modes on the stability strategy is discussed.(3)Aiming at the credit risk identification of SMEs in the supply chain financial environment,the paper establishes a multi perspective credit risk identification model based on heterogeneous graph learning,and constructs a credit risk evaluation system from three perspectives including supply chain operation,financial indicators and non-financial indicators of SMEs to select the main partners of supply chain finance.In order to verify the effectiveness of multi-perspective graph learning in credit risk assessment of small and medium-sized enterprises,the data of 104 mobile phone related enterprises and 105 automobile related enterprises from 2011 to 2019 are sorted out by wind database,and a credit risk database of small and medium-sized enterprises in China is constructed.The handicraft industry and automobile industry are selected as the empirical objects.And,the results prove that the accuracy of risk identification of the model is excellent compared with the traditional risk identification model,especially in the case of less training samples,it can still maintain good risk identification performance.(4)Considering the dual constraints of corporate profitability and operational risk,a two-stage financial resource allocation mechanism with core enterprises as the center is designed based on the balance of supply and demand.In view of the different characteristics of the financial resource allocation mechanism between core enterprises and SMEs,this paper studies allocation of supply chain financial resources based on auction theory,which are the allocation and payment mechanism for the financial resources of core enterprises and SMEs:(1)The financial resource allocation of core enterprises dominated by financial institutions needs to ensure the sufficient capital liquidity of supply chain finance.Aiming at the complex profitability model of core enterprises,this paper designs the financial resource allocation mechanism of financial institutions based on the profitability of core enterprises;(2)The financial resource allocation mechanism of SMEs led by core enterprises needs to ensure that the risks of supply chain finance are controllable.Aiming at the complex risk model of SMEs,a core enterprise financial resource allocation mechanism based on the complex risks of SMEs is designed.The case analysis proves that the financial resource allocation mechanism proposed in this paper is suitable for the complex valuation scenarios of core enterprises and the complex budget constraint scenarios of small and medium-sized enterprises.On the basis of ensuring the liquidity of funds and the controllability of risks,its total social welfare level is better than the fixed distribution mechanism.This paper deeply researches the financing cooperation decision-making,partner selection and financial resource allocation of supply chain financial entities in practice.Through the establishment of an evolutionary game model of financing cooperation strategies for supply chain entities,a credit risk identification model based on multi-perspective heterogeneous graph learning,a financial institution resource auction model,and a core enterprise resource auction model,a set of systematic and complete supply chain financial resource allocation mechanism based on two-stage and multiple rounds of auctions has been formed.It provides theoretical and methodological support for supply chain financial entities in supply chain financial cooperation decision-making under the new situation.Moreover,a credit risk database of Chinese SMEs has been established.Through machine graph learning and simulation experiments,it has demonstrated the practicability and efficiency of the cooperation decision-making and resource allocation mechanism of supply chain financial entities.The proposed cooperation decision-making and resource allocation method of supply chain financial entities has a higher theoretical and practical significance for the national strategy of "Innovating the pattern of supply chain financial services",smoothing the industrial chain and supply chain,revitalizing the liquid assets of small,medium and micro enterprises,promoting the deep integration of the international industrial chain,and ensuring the security of the supply chain. |
