制造商融资决策:银行、商业信用或区块链供应链金融

基于收益共享契约构建银行信用融资、商业信用融资和区块链供应链金融的对比模型，探讨各模式下供应链的最优决策方案，定量分析各融资模式下供应链绩效随不同参数的变化情况.研究表明，当零售商资金成本低于制造商资金成本时，商业信用融资一定优于银行信用融资;存在两个区块链供应链金融平台费率的阈值，只有当平台费率低于低阈值点时，区块链供应链金融才是同时利于制造商和零售商的最优模式.此外，收益共享比率越高，制造商收益越高，则零售商收益越低.

Manufacturers ' Financing Strategy:Bank Credit,Retailer Credit or Blockchain-Driven SCF

Under the revenue-sharing contract， bank credit financing， retailer credit financing and blockchain-driven SCF (supply chain finance) are compared， the optimal strategies of supply chain actors are analyzed under different financing models， and the supply chain performances are studied as parameters vary. Research shows that if the capital cost of retailers is less than that of manufacturers， retailer credit financing is a better financing strategy; there are two threshold points of platform usage fee， and when the platform usage fee is lower than that of the low threshold point， blockchain-driven SCF is superior to the other two financing strategies. Moreover， as the revenue sharing rate and the profits of manufacturers increase， the profits of retailers decrease.