基于区块链的供应链“智能保理”业务模式及博弈分析

“Intelligent Factoring” Business Model and Game Analysis in the Supply Chain Based on Block Chain

保理业务作为供应链金融领域的一个重要方面,区块链的智能合约技术在供应链保理业务中应用潜力很大。因此,通过对如何将区块链智能合约技术应用于供应链保理业务的探讨研究,既有利于业务的发展创新,又能推动区块链智能合约技术的更多应用场景落地。本文在结合供应链保理业务的相关理论的基础上,对区块链技术与供应链保理业务进行了耦合分析,同时从债权凭证的分割转让、上游供应商的保理融资与核心企业的到期付款三方面提出了区块链智能合约技术在供应链保理业务中的具体应用场景,并对基于区块链的供应链'智能保理'业务模式的实施操作流程做了详尽阐述。接着利用博弈论思想,一方面从区块链节点活动技术角度出发,针对业务模式中的关键技术实现部分——智能合约的自动化执行机制进行建模分析,以期对链上节点是否及为何会遵循相关协议使其自动得以执行,进而确保业务流程智能化进行论证说明,得知任意理性节点x总是会选择遵循协议来使其自动得以执行,强调区块链技术对于业务流程客体的重要作用;另一方面则从供应链业务主体决策角度出发,对考虑区块链影响的供应链保理融资过程进行三方博弈分析,以效用最大化为原则求得均衡解(放贷,还款,还款),突出区块链技术对于主体方决策行为的优化作用。

Factoring business is an important aspect of the supply-chain finance field and the intelligent contract technology of block chain has great potential in factoring business in supply chain.Therefore,the relevant research on how to apply the intelligent contract technology of block chain to factoring business can not only contribute to the development and innovation of supply chain’factoring business,but also promote the application of intelligent contract technology.Based on the related theories of supply chain’factoring business,this paper conducts a coupling analysis of block chain technology and supply chain’factoring business.At the same time,the specific application scenarios of block chain’smart contract technology in the supply chain’factoring business are proposed from three aspects:the division and transfer of creditor’s rights certificate,the factoring financing of upstream suppliers and the due payment of core enterprises.And the implementation process of the'intelligent factoring'business model based on the block chain supply chain is specifically elaborated.Then,through the use of game theory,on the one hand,from the perspective of block chain node activity technology,the paper analyzes the automatic execution mechanism of the key technology implementation part of the business model--the intelligent contract,in order to verify whether and why the nodes on the chain will follow the relevant protocols to ensure that they are automatically executed.The results show that any rational node x will always choose to follow the protocol,so that the automatic execution function can be realized smoothly,emphasizing the important role of block chain technology for business process objects.On the other hand,from the perspective of supply chain business entity decision-making,the three-way game analysis of the supply chain factor financing process considering the influence of block chain is carried out,and the equilibrium solution(lending,repayment,repayment)is obtained based on the principle of utility maximization,highlighting the optimization effect of block chain technology on the decision-making behavior of the subject.