【摘要】 线上供应链金融参与各方可共同搭建一个联盟链,构成新的复杂生态系统,对参与各方的交易关系进行了重塑,形成了具有联动性的多重博弈关系。本文通过风险节点的识别,揭示了线上供应链金融中的多维委托代理关系及博弈决策机制;同时引入二级供应链上的收益共享契约、差额还款契约对供应链协调下的多维决策均衡的存在性及唯一性进行了研究;分析了在信贷约束下零售商面临的不同融资选择及在不同选择下实现供应链协调时的最优订货批量及收益共享系数,并对联动的融资平台的风险定价策略、第三方仓储企业的行动选择及期望收益进行了探讨;根据参与各方竞合关系的演变对后期利益分配系数的调整问题进行了讨论。以上研究表明:线上供应链金融参与各方的多维博弈存在唯一的决策均衡,收益共享机制可实现供应链协调,在该决策均衡下参与各方均实现了收益增加。更多还原

【Abstract】 All parties involved in online supply chain finance can jointly build a coalition chain to form a new complex ecosystem,reshaping the trading relationships of all parties involved,and forming a multi-game relationship with linkage. This paper reveals the multi-dimensional principal-agent relationship and game decision-making mechanism in online supply chain finance through the identification of risk nodes. At the same time,it studies the existence and uniqueness of the multi-decision equilibrium under the supply chain coordination based on the introduction of the revenue-sharing contract and differential repayment contract on the secondary supply chain. The different financing options faced by retailers under credit constraints and the optimal order quantity and revenue sharing coefficient under different choices are analyzed. Moreover,the risk pricing strategy of financing platform and the action choices and expected returns of the third-party warehousing companies are discussed. The adjustment of the post-interest distribution coefficient is discussed according to the evolution of the competing parties’ participation. The above research shows that the multi-dimensional game of all parties involved in online supply chain finance has the unique decision equilibrium,and the revenue sharing mechanism can realize supply chain coordination.Under this decision equilibrium,all parties involved have realized the increase of income.更多还原