Research On Three-level Supply Chain Operation Strategy Considering Recourse Under Reverse Factoring

With the rapid development of financial technology,blockchain technology has begun to be applied to supply chain finance.Blockchain is characterized by decentralization,immutability and privacy protection,which can well solve the problems of information asymmetry among members of the chain and difficult credit transmission of small and medium-sized enterprises.Blockchain-based intelligent supply chain finance platform can provide a digital credit credential that can be transferred,financed,split and merged,and inject the credit of high-quality core enterprises into the whole industrial chain to realize the penetrating supply chain financing.Thus,reverse factoring financing has been qualitatively changed.The factoring business is no longer just running in the simple two-tier supply chain,but can be passed up to N-tier suppliers.Based on the above background,this paper tries to study the operation of this new reverse factoring financing mode,and compared with the traditional reverse factoring financing,to explore the different effects of the reverse factoring financing based on the intelligent supply chain financial platform on the optimal decision and profit of members of all levels of the supply chain.In this paper,based on the research of existing literature,the main research for a small and medium-sized supplier,a small and medium-sized manufacturer and three-level supply chain system consisting of a core retailer,use game theory to study the three-level supply chain members at all levels in the optimal decision,according to different financing patterns,and whether to have recourse to build four game model,and compared the result of the model analysis,to explore common reverse factoring financing and reverse factoring financing based on supply chain financial wisdom platform for the optimal decision of the supply chain members at various levels and effects of different profits.Finally,an example is given by assigning the model parameters.Based on the results of theoretical and example analysis,the main conclusions of this paper are as follows:The introduction of the smart financial platform can indeed improve the supply capacity of the entire supply chain and enhance the competitiveness of the supply chain.The advantages of reverse factoring based on the smart financial platform are mainly reflected in the negotiation capabilities of core enterprises and banks.The more favorable the interest rate of factoring financing is obtained,the more obvious the advantages of the smart financial platform will be.Recourse brings not only risks,but also cheaper funds.When the loss compensation rate meets certain conditions,the optimal order quantity in the reverse factoring financing model with recourse is greater than that in the reverse factoring financing model without recourse.In the reverse factoring financing model of the smart financial platform,the factoring financing interest rate,platform usage fee and loss compensation rate are negatively related to the order quantity and member profits;the manufacturer's wholesale price is positive to the factoring financing interest rate and loss compensation rate,and negatively related to the platform usage fee rate;the supplier wholesale price is positively related to the loss compensation rate,and negatively related to the platform usage fee rate.The relationship between the factoring financing interest rate and the supplier's wholesale price depends on the size of the parameters' relationship.