报告题目 | Invoice Tokenization for Deep-Tier Payables Finance |
报告人（单位） | 许发胜 (University of Connecticut，School of Business) |
主持人（单位） | 李四杰、蔡亚君（东南大学） |
时间地点 | 2023年12月 21日（周四）10:00 经管楼B201 |
报告摘要和内容： Invoices from tier-1 suppliers to the downstream anchor manufacturer can be tokenized onto a blockchain. The tier-1 suppliers are then able to split and transfer the tokens to their own (tier-2) suppliers, enabling deep-tier suppliers to sell tokens and access financing at more affordable rates based on the anchor manufacturer’s credit rating. This paper investigates how invoice tokenization impacts the multitier supply chain’s decisions and profits under different supply network configurations and contractual forms. Our research yields the following main insights. First, invoice tokenization always benefits the downstream manufacturer and the reliable tier-2 supplier, but can hurt the profits of other participants. The tier-1 supplier can also be hurt because tier-1’s leverage over the manufacturer is indirectly weakened. Second, when the market potential is relatively small, the manufacturer is more likely to initiate invoice tokenization in the V-shaped supply chain. The result, however, is reversed if the market potential is relatively high. Third, direct control over the wholesale price may hinder the value of invoice tokenization for a supply chain tier. For instance, the tier-1 pricing might allow the manufacturer to extract more value from invoice tokenization in the V-shaped supply chain because of the intensified price competition among tier-1. Finally, a higher credit risk of the manufacturer can increase the value of invoice tokenization, not only for the manufacturer but also for the whole system. | |
Fasheng Xu is an Assistant Professor of Operations and Information Management at School of Business, University of Connecticut (UConn). Fasheng received his Ph.D. in Operations Management from Olin Business School, Washington University in St. Louis and B.S. in Industrial Engineering and Operations Research from Shanghai Jiao Tong University. Fasheng’s general research interests lie in the interface of operations, finance, and economics. In particular, he is interested in studying the economic and social implications of emerging technologies and identifying effective designs and policies for innovative markets and platforms. His recent research has been focused on the following areas: Blockchain/Crypto, FinTech, Supply Chain Finance, Data Privacy, Economics of AI and Foundation Models. His research has been published in leading academic journals such as Management Science and Manufacturing & Service Operations Management. | |
