信用穿透与多方共赢:基于区块链的供应链金融模式创新研究

Credit Penetration and Multi-Party Win-win: Research on the Innovation of Blockchain-based Supply Chain Finance Model

区块链作为互联网时代构建"去中介陌生信任模式"的支撑技术,为解决供应链金融主体间信任缺乏提供了可能。基于供应链金融痛点与区块链技术特征的耦合分析,构建以核心企业信用为枢纽的联盟链框架,并用其解决供应链金融中核心企业的信用穿透问题。研究表明,可信、可拆分、可流转的电子债权凭证使核心企业信用沿贸易关系无损传递,"去中介陌生信任模式"可降低整个供应链运转成本,智能合约锁定回款路径实现支付结算业务自动化完成,风控难度降低可扩大金融市场规模。当前,区块链技术与供应链金融的融合尚存在技术风险和制度障碍,优化区块链+供应链金融生态系统,需细化支持政策与审慎包容监管,鼓励单方构建与多方共建的运营模式,建立官方登记证明与历史信用证明的有机结合机制,促进区块链技术与供应链金融业务的创新融合。

Blockchain, as a supporting technology for constructing a"disintermediate and unfamiliar trust model", makes it technologically possible to solve the problem of lack of trust among supply chain finance entities. Based on the coupling analysis of supply chain finance pain points and the technical characteristics of blockchain, this article constructs an alliance chain framework with core enterprise credit as the hub, which is in turn applied to solve the credit penetration problem of core enterprises in the supply chain finance. Conclusions arrived at are: credible, detachable, and circulated electronic credit certificate enables the credit of core enterprises to be passed among their trade relationship without damage;"disintermediate and unfamiliar trust model"can reduce the operating cost of the whole supply chain;smart contracts that lock payment paths make the processing of payment and settlement done automatically;the reduction of the risk control difficulty can expand the scale of financial market. Currently, the integration of blockchain technology and supply chain finance is face with technical risks and institutional obstacles. It is recommended that we should specify supporting policies, conduct prudent and inclusive regulation, encourage the operation models constructed by single or multiple entities, and establish an organic combination mechanism between official registration certificates and historical credit certificates in order to optimize the eco-system of blockchain and supply chain finance, and promote the integration of the innovation of blockchain technology and supply chain finance businesses.