Research On Optimal Financing Strategy Of Risk-averse Supply Chain Based On Blockchain Technology

With the aggravation of the trend of economic globalization and the aggravation of business competition environment,enterprises are more and more inclined to speed up the development of new products to meet the uncertain needs of consumers,which leads to the shorter life cycle of various products,and then causes the more prominent channels and problems of enterprise capital constraints.However,when supply chain members are constrained by capital,it not only affects their own operation,but also affects the operation of upstream and downstream enterprises,resulting in the reduction of income of all parties.Therefore,in order to reduce its negative impact,the members of upstream and downstream enterprises all have the motivation to solve the problem of capital constraints in the supply chain.Generally speaking,the third-party financing platform loans(such as banks,financial institutions,online loans,etc.)are the most common exogenous financing mode.However,it is difficult for banks and others traditional financing modes to extend credit to related enterprises.Emerging financial institutions and online lending have problems such as unstable industry policy environment and imperfect supervision,which pose a great threat to investors and platform itself.In order to solve this problem,from the perspective of blockchain,this paper constructs a supply chain financing system composed of a single manufacturer,a retailer and a the third-party financing platform of blockchain,uses the conditional value risk(CVa R)to describe the risk aversion degree of retailers,discusses the optimal financing strategies in the two cases of capital-constrained manufacturer and capital-constrained retailer respectively,and further studies the optimal service level of the third-party financing platform of blockchain.Based on this,the existence and uniqueness of the equilibrium solution are also investigated.The results show that:(1)when the retailer has financial constraints,the optimal order quantity of the retailer is negatively related to the service level,financing interest rate and risk aversion degree of the third-party financing platform of the blockchain,but positively related to the reputation degree of the retailer;The wholesale price of the manufacturer is negatively related to the financing interest rate and the service level of the third-party financing platform of the blockchain;(2)when the manufacturer has financial constraints,the wholesale price of the manufacturer is positively correlated with the service level of the third-party financing platform of the blockchain,and negatively correlated with the risk aversion intensity of the retailer;The retailer’s order quantity is negatively correlated with the risk aversion intensity and the service level of the third-party financing platform of the blockchain.In addition,the conditions of the manufacturer not to go bankrupt is discussed.Finally,an example is given to verified the conclusion.