关键词: 区块链技术, 信息披露, 供应链融资, CVaR

Abstract: In traditional supply chain financing, SMEs often require credit guarantees from core enterprises in order to secure financing. Moreover, supply chain enterprises frequently have a risk attitude when making operational and financing decisions, balancing revenue maximization with their risk tolerance.As a newly emerging technology, blockchain has the potential to address the challenges present in supply chains. It enables supply chains to ensure authenticity and share information securely. The implementation of smart contracts on the blockchain automates payment, settlement, and financial reconciliation processes, thereby reducing the potential risks associated with human factors. Additionally, blockchain adoption provides an opportunity to enhance consumer trust.Therefore, our study aims to model the roles of blockchain in supply chains, particularly investigating the differences before and after blockchain adoption in a cash-strapped supply chain scenario, providing theoretical support and meaningful references for how supply chain makes financing and operational decisions in blockchain environment.
We examine two modes: The one is traditional supply chain financing(mode T)in which the retailer obtains financing with the credit guarantee of the core enterprise; The other is blockchain supply chain financing(mode B)in which the retailer can directly request loans from bank using the data of the blockchain platform as credit.The CVaR criterion is used to portray the risk-averse behavior of decision makers.Considering that a certain proportion of consumers in the market is sensitive to the information disclosure based on blockchain technology, the quantitative models under CVaR criterion are utilized to solve the optimal wholesale price, order quantity and application degree of blockchain technology. The impact of factors such as the cost coefficient of applying blockchain technology, the proportion of consumers sensitive and the degree of risk aversion of enterprises on the ordering, pricing and the application degree of blockchain technology decisions is investigated.And the comparison and analysis of the two financing modes are also conducted to provide further insights.
The results show that: (1)When the cost coefficient of blockchain technology application is low, the optimal wholesale price in mode B is lower compared to mode T. However, when the cost coefficient exceeds a specific threshold, the optimal wholesale price in mode B becomes larger. When the consumer sensitivity ratio is high and the cost coefficient of applying blockchain technology is low, the optimal ordering quantity in mode B is consistently greater, regardless of the supplier's level of risk aversion. (2)For suppliers, the benefits obtained under mode B are always greater than the traditional one. If more consumers are sensitive and the cost coefficient of blockchain technology application is low, the optimal risk-return value of retailer is higher under mode T. If consumers are less sensitive and the production cost of the product meets certain conditions, moreover, the supplier still has a higher degree of risk aversion, the traditional financing mode is more beneficial to the retailer.
This study solely focuses on the application of blockchain technology information disclosure by a single retailer. However, given the ubiquitous nature of competition in the market, future research will explore how the intensity of competition in information disclosure using blockchain influences supply chain financing and operational decisions.

Key words: blockchain technology, information disclosure, supply chain financing, CVaR