【摘要】 区块链技术改变了供应链金融运作流程，使得供应链各层级间信息透明，降低了债务人道德风险，实现了核心企业信用传递.同时，区块链智能合约可锚定供应链运作中特定还款源来自动偿还贷款，降低了债权人信贷风险.结合区块链技术特性，本文构建区块链驱动下供应链跨层级回购的保兑仓融资模型，以传统供应链多层级贸易信贷为对比基准，分析了两类融资模式的均衡问题.研究表明：传统供应链多层级贸易信贷下，均衡订购量与供应链各层级间融资信用风险无关；区块链驱动的供应链跨层级回购保兑仓融资下，均衡订购量会受到核心制造商回购分担风险效应的影响，得到显著提升，供应链整体绩效也获得提升；当零售商投入的自有资金处于中等水平时，所有参与方可通过区块链驱动的供应链跨层级回购保兑仓融资模式实现帕累托改进；区块链平台可设置合理收费和补贴策略来促使区块链驱动的供应链跨层级回购保兑仓融资模式实现帕累托改进.本文揭示了区块链驱动的供应链跨层级回购保兑仓融资模式可提升供应链整体绩效，并能实现供应链的帕累托改进，对区块链技术在供应链金融领域成功落地具有理论和现实指导意义.更多还原

【Abstract】 Blockchain technology(BCT) has changed the operating process of supply chain finance(SCF). The information transparency provided by BCT can mitigate debtors’ moral hazards and further enables the credit of the supply chain’s core enterprise to be transmitted among various supply chain tiers. Meanwhile, BCT’s smart contracts can anchor a debtor’s specific revenue source and automatically use it to repay the loan debts, thereby reducing the creditor’s credit risk. Based on these above features of BCT, this study formulates a model of confirmed warehouse financing under a blockchain-driven buy-back guarantee across supply chain tiers(CWB) and uses traditional trade credits among multiple supply chain tiers(TTC) as the benchmark. Game equilibrium analysis of these two financing modes show that: 1) The equilibrium order quantity under TTC is independent of the credit risk among supply chain tiers, whereas the equilibrium order quantity under CWB is increased by the risk-sharing effect resulting from the buy-back guarantee offered by the core manufacturer. Therefore, CWB can unconditionally increase the whole supply chain performance. 2) When the retailer’s initial working capital is at a medium level, supply chain participants can achieve Pareto improvement via CWB. 3) The BCT platform can make suitable charging and subsidizing strategies to guide supply chain participants to achieve Pareto improvement through CWB. This paper reveals that CWB can improve overall supply chain performance and achieve a Pareto improvement, which provides theoretical and practical guidance for the successful implementation of BCT in the SCF field.更多还原