Research On The Three Dimensional Trust Mechanism Of Online Supply Chain Finance

Small and medium sized enterprises(SMEs)play an important strategic role in China's economic and social development,but SMEs development has been trapped in financing bottlenecks.Online supply chain finance(OSCF),as a self-liquidating trade financing mode,provides a new financing channel for SMEs by credit binding,but it is not enough to completely solve SMEs financing dilemma.The fundamental reasons of SMEs financing dilemma are Information Asymmetry,which causes moral hazard and adverse selection problems.Therefore,in the context of OSCF,how to build a trust mechanism,how to control the information asymmetry among the participants in financial activities,and how to effectively avoid credit risks have become urgent needs to ensure the healthy and stable development of OSCF.Based on the research of the trust connotation of OSCF,the dissertation summarizes the relevant literature in recent years,and makes an exploratory study on the connotation and extension of OSCF including the concept,organization mode,credit-granting mode and financing mode of OSCF.By means of the research of the financing model of OSCF and the relationship among “credit”,“reputation” and “trust”,the dissertation reveals that “trust” is the core value of OSCF,and puts forward an innovative credit model as “4+1” in which the trust relationship of OSCF joints the online supply chain financial transaction platform's trust based on the core enterprise's trust,logistics enterprise's trust,subject trust and debt trust.As the information asymmetry in the traditional supply chain finance causes moral hazard and adverse selection,this dissertation proposes a three-dimensional trust mechanism of OSCF based on institution,characteristic and reputation.Institution-based trust mechanism,the foundation of financial transactions,studies the design of incentive contracts in order to establish the initial trust relationship among the participants in a financial transaction.Characteristic-based trust mechanism studies credit rating of financing enterprise.It combines Economics with econometric model and provides decision support for financial transactions.Constructing the entire online supply chain financial ecosystem into “the online supply chain financial network”,reputation-based trust mechanism studies the reputation computing model among the participant-nodes based on P2 P distributed network model and designs the data sharing strategy in order to provide the real-time sharing of real transaction data and reputation evaluation data,and finally realize the dynamic control of credit risk in the whole process of financial transactions.Institution-based trust,characteristic-based trust and reputation-based trust interact and influence each other in online supply chain finance.The three-dimensional trust mechanism of OSCF changes from institution-based trust in the form of contract to characteristic-based trust based on credit rating and to reputation-based trust based on reputation evaluation and reputation value sharing.From the establishment of the initial trust of participants to the financial trading decisions and then to the control of the credit risk in financial transactions,we establish the trust system of OSCF in all aspects and processes which effectively controls the information asymmetry among participants in financial transactions,ensures the safety of financial resources and smooth financial transactions,and promotes industrial development.