智能合约下考虑破产风险的保理融资演化博弈分析

Evolutionary game analysis of factoring financing with bankruptcy risk based on smart contracts

数字化推动了供应链金融的变革,其中智能合约技术在保理融资领域展现出独特优势。本文研究供应商、销售商和银行构成的融资链系统,通过演化博弈分析,发现供应商破产风险增加会使其更倾向保理融资,进而影响其他主体策略。银行保理保证金设定影响系统稳定性,适度保证金可激励销售商正常还款,过高则导致系统不稳定。销售商延期还款额外收益低时,最优策略才能实现。因此需要智能合约设定合理滞纳金与保证金,激励正常还款与保理采用,维护融资链长期稳定。研究表明智能合约技术可降低供应商破产风险,增加银行利润与销售商信誉,实现共赢。

Digitalization has promoted the transformation of supply chain finance,in which smart contract technology has shown unique advantages in the field of factoring financing.This paper studies the financing chain system composed of suppliers,sellers,and banks.Through evolutionary game analysis,it is found that the increased bankruptcy risk of suppliers will cause them to be more inclined to factoring financing,and then affect the strategies of other entities.The setting of bank factoring deposits affects the stability of the system.A moderate deposit stimulates sellers to repay normally,while an excessively high deposit can lead to instability in the system.The optimal strategy can be achieved only when the additional benefits of deferred repayment by sellers are low.Therefore,it is necessary for smart contracts to set reasonable late fees and deposits to stimulate timely repayment and the adoption of factoring,and to maintain the long-term stability of the financing chain.The research shows that smart contract technology reduces the risk of supplier bankruptcy,increases bank profits and sellers' credibility,and achieves a win-win results.