| Supply chain financing（SCF）has provided a new idea for the financing problem of small and medium-sized enterprises（SMEs）.But the traditional mode of it still faces some problems like moral hazard caused by information asymmetry,so that its role cannot be fully exerted.In recent years,with the blockchain technology being introduced to the SCF field,the traditional SCF mode has been improved a lot,and the blockchain supply chain finance has emerged.Although there’re plenty of real cases practicing this financing mode,the academic research is insufficient.So this thesis mainly aims at is to explore the impact of blockchain technology on trading relations in SCF.Being a more common-used SCF mode,account receivable pledge financing is chosen by this thesis to study the bank-enterprise relationship in the background of blockchain support.The main content is about the following three aspects:（1）analyzing the bankenterprise relationship under traditional and blockchain mode separately,without considering the problem of conspiracy.To be more specific,two circumstances are taken into account: 1)SMEs applies for a loan only once;2)SMEs are seeking long term cooperation with the bank;（2）Researching on the behaviors of SMEs in the traditional and blockchain financing mode,while considering conspiracy;（3）Studying the separating equilibrium of the SMEs on the chain with blockchain adoption.The results show that firstly,blockchain technology can help the banks and SMEs get mutual trust,so that SMEs can get a loan;secondly,SME’s fraud level is reduced with blockchain involving.Lastly,blockchain technology helps the financial market to“survive the fittest” and separate good companies from bad ones.This thesis has conducted game analysis,numerical simulation and other researching methods.The main innovations are:（1）From a microscopic perspective,this thesis proves that blockchain technology can improve SMEs’ accounts receivable pledge financing from three aspects: improving bank-enterprise relations,inhibiting corporate fraud,and separating good and bad ones in advance.The magnitude of its improvement will be affected by the quality of on-chain information,the number of on-chain parties,the level of blockchain technology development,and the application time.（2）This thesis not only analyzes the situation of SMEs applying for loan only once,but also further analyzes the situation that SMEs seeking long-term cooperation with banks. |
