Optimal strategies for financing a three-level supply chain through blockchain platform finance
研究由制造商、分销商和资金受限零售商组成的三级供应链中，区块链平台融资模式的最优决策，发现当零售商初始资金低且生产成本高时该模式优于中小企业独立融资，且风险分担可提高融资效率。
The application of blockchain technology solves the trust problem between core enterprises (CEs), small and medium-sized enterprises (SMEs), and commercial banks, facilitating CEs and commercial banks to provide guarantee for SMEs and finance them, respectively. This study considers a three-level supply chain composed of a manufacturer, a distributor, and a capital-constrained retailer, and explores the operational strategies of blockchain platform finance (BPF), a supply chain finance mode enabled by blockchain technology. First, optimal decision solutions are obtained through decision and parameter sensitivity analyses. Second, by comparing the BPF and SME independent finance (SIF) modes, we obtain the applicable BPF mode conditions; for instance, when the retailer’s initial capital is low and the production cost is high, BPF is the better option for the manufacturer, distributor, and retailer compared to SIF. Third, we find that risk sharing improves the financing efficiency of the BPF mode. This study provides a theoretical basis for decision makers to implement blockchain supply chain finance at three levels: joint financing and operation decision-making, financing mode selection, and financing efficiency improvement.