供应链透明度与采用区块链的融资效益研究（英文版）（35页）.pdf

1、On the Financing Benefi ts of Supply Chain Transparency and Blockchain Adoption Jiri Chod, Nikolaos Trichakis, Gerry Tsoukalas Henry Aspegren, Mark Weber July 1, 2019 Management Scienceforthcoming Abstract We develop a theory that shows signaling a fi rms fundamental quality (e.g., its operational c

2、apabilities) to lenders through inventory transactions to be more e?cientit leads to less costly operational distortionsthan signaling through loan requests, and we characterize how the e?ciency gains depend on fi rm operational characteristics such as operating costs, market size, and inventory sal

3、vage value. Signaling through inventory being only tenable when inventory transactions are verifi able at low enough cost, we then turn our attention to how this verifi ability can be achieved in practice and argue that blockchain technology could enable it more e?ciently than traditional monitoring

4、 mechanisms. To demonstrate, we develop b verify, an open-source blockchain protocol that leverages Bitcoin to provide supply chain transparency at scale and in a cost eective way. The paper identifi es an important benefi t of blockchain adoptionby opening a window of transparency into a fi rms sup

5、ply chain, blockchain technology furnishes the ability to secure favorable fi nancing terms at lower signaling costs. Furthermore, the analysis of the preferred signaling mode sheds light on what types of fi rms or supply chains would stand to benefi t the most from this use of blockchain technology

6、. Chod (chodjbc.edu): Carroll School of Management, Boston College; Trichakis (ntrichakismit.edu): MIT Operations Research Center and Sloan School of Management; Tsoukalas (gtsoukwharton.upenn.edu): The Whar- ton School, University of Pennsylvania; Aspegren (): MIT Media Lab Weber (): IBM Research 2