基于“应收款链”平台的多期供应链融资

A Multi-period Supply Chain Financing Based on Receivable Chain

近年来,基于区块链技术的供应链金融被广泛关注,业界已开展实施一系列商业项目,如浙商银行的“应收款链”平台。通过该平台,企业可将报表中沉淀的应收账款改造成为高效、安全的电子支付结算和融资工具,随时对外支付和融资。以“应收款链”平台的实际操作模式为基础,构建一个三级多期供应链融资模型。从供应链最大产量、实际产量、各主体收益情况、期初资金量等方面对比分析应收款链平台融资模式与传统应收账款质押融资模式,探究应收款链平台融资模式对供应链协调的促进作用,并进一步研究不同账期对该对比分析结果的影响。最后,通过数值分析验证模型的有效性。研究结果表明,应收款链平台融资模式下,供应链产量和融资效率均高于传统应收账款质押融资模式,且该优势随账期的增加而增加。该模式下无论账期长短,供应链各参与方均可实现收益最大化,且使供应链协调。应收账款质押融资模式下,当账期很短时,供应链可实现协调;而随账期增加,供应链产量及各参与方收益均会变低,供应链不再协调。

Blockchain-Driven Supply Chain Finance(BCT-SCF)has been receiving wide global attention recently.A number of business programmes have been carried out,such as the"receivable chain"of China Zheshang Bank Co.Through which,downstream SMEs can convert AR into cash or a bill receivable which can be paid directly to their upstream suppliers,saving both time and concerns about default risk.Based on the"receivable chain",a multi-period three-echelon supply chain financing model is proposed.The supply chain actors can either secure loans pledged by Accounts Receivable(AR)from a bank or obtain financing through a BCT-SCF platform by which AR can be converted into a bill receivable and used to make payment.The two channels are compared through analysing the supply chain coordination,namely the optimal order quantity of the retailer,the actual output of the supply chain,the initial capital of the manufacturer and supplier,and the profits of all actors.The impact of payment time is also examined.The findings are as follows:(1)a BCT-SCF model can help a supply chain realise its optimisation both in production and financing efficiency;(2)a BCT-SCF model has the advantage over an AR model,and this advantage strengthens as the payment time lengthens.