Research On Credit Risk Management Of Supply Chain Finance Based On Game Theory

Small and medium-sized enterprises(SMEs)play an important role in today's social development.It not only provides job opportunities for massive laborers,but also becomes the hope of development of national industry.However,due to the lack of collateral and relatively low credit level,it is difficult for SMEs to secure financing from the bank.In order to solve this problem,the logistics finance business came into being.It changed model of the traditional credit business in an innovative way,transforming the two party relationships between the financial institutions and SMEs into a three party one.This initiative has ameliorated the asymmetric information between financial institutions and small and medium-sized enterprises,which not only has promoted bank lending and helped small and medium-sized enterprises to obtain financing,but also has expanded scope of the Logistics enterprises and in turn created a new profit area.Since the logistics financial services can help the three participants win,it is of particular importance to ensuring the smooth development of these services.Since it develops very fast,intrinsic problems and risks from these services have begun to surface alongside the benefits enjoyed by people.Therefore,there exists an urgent need to measure and manage credit risks of logistics financial services.The purpose of this paper is to meet the need by introducing evolutionary game theory model and further its development.In summary,the research contents of this paper includes:(1)The definition and model of logistics finance,theories concerning evolutionary game and the principal-agent theory,(2)Analysis of trustee-beneficiary relationship among participants in the logistics finance business and the risk identification of the services.(3)Modeling through the introduction of the bounded rationality hypothesis and evolutionary game theory as well as proposal for credit risk management.(4)An empirical study.Based on the above research,this paper holds that the emergence and development of logistics finance business solve the difficulty of seeking loans for the small and medium-sized enterprises and help the three participants in the business win.Therefore,it is of realistic significance to managing credit risks of logistics finance by introducing evolutionary game theory model.