Research On Financing And Operation Decision Optimization For Three-level Capital-constrained Supply Chain Under Credit Transmission Of Core Enterprise

Banks’ strict risk control and the continuous low credit rating of small and medium-sized enterprises have made SMEs face the financing dilemma of "strong demand" and "weak credit" for a long time.Under the traditional supply chain financial system,the high credit of core enterprises cannot be transmitted to the tail enterprises of the supply chain with quality and quantity.The combination of blockchain technology and supply chain finance effectively alleviates the problem of mistrust between participants in the supply chain,but it also derives problems such as single financing channels and uneven risk sharing among participants in the chain.In view of the above problems,this paper analyzes the optimal decision-making and supply chain coordination of distributors and retailers in the secondary supply chain,and on this basis,the decision optimization research of the three-level supply chain of single-level credit transmission of core enterprises is carried out,and blockchain technology is introduced to compare the three financing modes of the tertiary supply chain to optimize the decisionmaking variables in order to obtain the maximum benefit.Firstly,the operation mechanism of the secondary supply chain financing model is described,the operation decision is optimized from the perspective of centralized and decentralized decision-making,and the secondary revenue sharing contract is used to achieve the overall coordination of the supply chain.Secondly,it is extended to the three-level supply chain financing model,and the decision-making optimization process of the three-level supply chain financing model of the single-level transmission of core enterprise credit is specifically analyzed,based on this,combined with blockchain technology,the blockchain single-channel financing model and the blockchain portfolio financing model under the multi-level transmission of core enterprise credit are constructed,and their operating mechanisms are abstracted separately.The Stackelberg game is used to solve it in reverse order to obtain the optimal decision point of each participant on the chain.Through the sensitivity analysis of parameters,it is proved that the high sensitivity of own funds in the process of decisionmaking optimization is proved.The revenue sharing contract was introduced to improve the overall revenue and operation efficiency of the supply chain,and the three three-level supply chain financing models were compared with theoretical analysis and simulation experiments.The results show that:(1)Under the blockchain supply chain portfolio financing model,the amount of own funds significantly affects the expected returns of each participant,and the amount of distributors’ and retailers’ own funds is significantly positively correlated with the expected returns of supply chain members.(2)In the manufacturer-led game structure,when retailers’ own funds approach zero,the blockchain supply chain portfolio financing model is better than the three-level supply chain financing model under the single-level transmission of core enterprise credit and the single-channel financing supply chain finance model under the blockchain;When distributors have tight financial constraints,the blockchain portfolio financing model can improve the overall expected returns of the supply chain to a greater extent than the other two financing models.(3)The optimal design of the revenue sharing contract can effectively realize the coordination of the supply chain and improve the overall expected benefits of the supply chain.The paper obtains the following management enlightenments:(1)When the capital constraint of SMEs is tight,based on the cross-level transmission function of blockchain credit and perfect supply chain visibility,reasonable allocation of risk sharing among members in the supply chain can improve the overall expected benefits of the supply chain to a greater extent.(2)Give play to the leading role of the core enterprises on the chain,coordinate the participants in the chain to sign the optimal proportion of revenue sharing contracts,which can improve the overall expected benefits of the supply chain.