Supply Chain Decision Under The E-CNY Trading And Financing Considering Risk Attitude

With the pilot promotion of digital yuan(e-CNY)and the exploration of multiple application scenarios,e-CNY,as the legal currency in digital form,has greatly improved the transaction efficiency and promoted the high-quality development of the digital economy with its high security,high traceability,and transaction convenience.The application of e-CNY at the retail end has had an important impact on expanding domestic demand,promoting consumption,and improving transaction efficiency.With its payment function,e-CNY is conducive to the integration of "information flow" and "capital flow" in supply chain finance and supply chain node transactions.At present,there are specific cases of commercial banks and supply chain platforms providing e-CNY financing for small and medium-sized enterprises(SMEs),helping SMEs to quickly obtain financial support,reduce capital costs and improve capital efficiency.As an emerging technology,the uncertainty of e-CNY in the development process is worthy of special attention.In this context,this paper focuses on the impact of supply chain decision makers’ risk attitude towards the application of e-CNY in the whole process of supply chain transactions on supply chain decision-making,in order to enrich the research on the application of e-CNY in supply chain.Through Stackelberg game and mean-variance theory,this paper establishes a supply chain transaction and financing decision-making model composed of a single supplier,a single retailer and a bank,considers the impact of the three parties’ risk attitude to the uncertainty of transaction costs brought by the e-CNY transaction on the supply chain decision,and compares it with the traditional transaction model without the use of e-CNY The best conditions for banks and consumers.Then consider the cost of banks’ promotion of e-CNY in the expansion model,and study when to choose e-CNY is a wise move.The research shows that when the bank promotion cost is not considered,the consumption increment brought by the e-CNY transaction is greater,and the use of the e-CNY transaction and financing is better than the traditional mode.Therefore,in order to better develop the application scenario of e-CNY,businesses should cooperate with banks to provide more benefits to consumers and stimulate consumers to use e-CNY for transactions;The greater the sum of risk attitudes of suppliers and retailers,the better the use of e-CNY for trading.When suppliers and retailers are in the risk-seeking type,they will reduce their expected profits due to the risk aversion attitude of the other party;The risk attitude of the bank will not affect the decision and income of the supply chain in the article,because its transaction costs are offset by the average of each income.The article believes that the bank,as the issuer of e-CNY,has a risk-neutral attitude towards the use of eCNY;Considering the input cost of the bank,the conclusion about the risk attitude of suppliers and retailers is consistent with the above conclusion.In addition,considering the input cost of the bank,the conditions for using e-CNY are more stringent,and it is difficult to reach a win-win situation for all parties.Based on the above conclusions and the reality,the article gives the following suggestions on the application of e-CNY in supply chain finance: increase the subsidy of e-CNY to stimulate consumers to use e-CNY for consumption;Supply chain participants have a positive attitude towards the use of e-CNY while ensuring their own profits.