| The frequent accounts receivable financing fraud has recently become an important driving force to hinder small-and-medium-sized enterprises,especially some logistics enterprises to obtain financing.For example,some suppliers defraud the financing funds of many lenders by forging business contracts and official seals,fictitious accounts receivable and repeated pledge.As a new financial technology,blockchain technology has the characteristics of information transparency and tamperability,which can effectively reduce and control the financing risk in the accounts receivable financing.In this context,this paper focuses on the impact of blockchain on the optimal decisions and profits of financing participants under the accounts receivable pledge financing.Firstly,under the revenue sharing contract,this paper establishes the accounts receivable pledge financing decision-making model without the blockchain technology,and analyzes the optimal decisions of financing participants.On this basis,this paper puts forward the transaction process of accounts receivable pledge financing with the blockchain technology.Then this paper establishes financing decision-making model considering the blockchain technology under the revenue sharing contract,and analyzes the optimal financing decision of participants.In addition,the mean-variance method is used to analyze the impact of blockchain on the expected profits and financing risks of participants.Finally,an example is given to illustrate the advantages of blockchain in accounts receivable pledge financing.The results show that under the accounts receivable pledge financing,blockchain technology has a positive impact on financing participants,its profits have been improved and the financing risk has been reduced.The results of this paper has a certain value for financing participants to use the blockchain technology for accounts receivable pledge financing.There are 11 figures,12 tables and 73 references in the paper. |
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