摘 要

互联网供应链金融作为互联网金融创新的重要创新成果之一，逐步展露出巨大的发展潜力，其独特封闭式资金运作模式既保证了信贷资金有效注入产业链条上有融资需求的节点企业，又可防止资金流“脱实向虚”投向高利贷等投机类行业，其与大数据分析相结合，更有利于实现批量授信。互联网供应链金融加速了链条上信息的共享共治，为整个链条上各参与方提供了更丰富、更有效、更有个性化的供应链金融服务，从而有助于缓解节点企业面临的融资困境。但是，互联网供应链金融信任机制建设远远落后于互联网供应链金融的发展。

基于互联网供应链金融理论、信任和信任机制相关理论，分别从融资平台对核心企业的信任机制、融资平台对节点企业的信任机制和核心企业对节点企业的信任机制三个方面进行展开，构建互联网供应链金融信任机制；从融资平台对核心企业的初始信任和经验信任、融资平台对节点企业的初始信任和经验信任、核心企业对节点企业的初始信任和经验信任三个角度对互联网供应链金融信任机制的现状进行分析；并从政府层面、融资平台层面和供应链企业三个层面提出了关于建立我国互联网供应链金融的相关政策与建议。

本文研究发现：（1）互联网供应链金融不再依赖供应链核心企业的信用作为融资依托，但这并不意味着不需要核心企业。综合性服务平台在运行初期还是以核心企业的信用作为初始信任的重要组成部分，平稳运行后以融资平台上积累的交易数据、信用数据和建立的诚信体系作为经验信任。（2）依据信任机制理论将信任机制分为基于制度的信任机制、基于特征的信任机制和基于声誉的信任机制。具体而言，就是基于制度和特征的融资平台对核心企业的初始信任机制、基于声誉的融资平台对核心企业的经验信任机制；基于制度和特征的融资平台对节点企业的初始信任机制、基于声誉的融资平台对节点企业的经验信任机制；基于制度和特征的核心企业对节点的初始信任机制、基于声誉的核心企业对节点企业的经验信任机制。

本文特色：（1）将互联网供应链金融的信任关系分为融资平台对核心企业的信任、融资平台对节点企业的信任和核心企业对节点企业的信任。（2）构建了基于制度、特征的初始信任机制和基于声誉的经验信任机制，这构成了我国互联网供应链金融信任机制理论框架。（3）分析互联网供应链金融三大信任关系的初始信任机制和经验信任机制的现状。（4）针对融资平台平台、供应链核心企业、节点企业提出了相关建议。

关键词：互联网供应链金融；信任机制；初始信任；经验信任

Abstract

As one of the important innovations in Internet financial innovation, Internet supply chain finance has gradually revealed huge development potential, and its unique closed-end capital operation model has ensured that credit funds are effectively injected into node enterprises with financing needs on the industrial chain. It can also prevent the capital flow from being "out of reality" and investing in speculative industries such as usury, which is combined with large data analysis and is more conducive to the realization of bulk credit. Internet supply chain finance has accelerated the sharing of information on the chain, and provided richer, more effective and more personalized supply chain financial services for all participants in the chain, thus helping to ease the financing difficulties faced by node enterprises. However, the construction of financial trust mechanism of Internet supply chain lags far behind the development of Internet supply chain finance.

Based on the financial theory of the Internet supply chain and the related theories of trust and trust mechanism, the three aspects of trust mechanism of the financing platform to the core enterprise, trust mechanism of the financing platform to the node enterprise, and trust mechanism of the core enterprise to the node enterprise are carried out. Construction of financial trust mechanism for Internet supply chain; The present situation of financial trust mechanism of Internet supply chain is analyzed from three aspects: initial trust and experience trust of the financing platform to the core enterprise, initial trust and experience trust of the core enterprise to the node enterprise, initial trust and experience trust of the core enterprise to the node enterprise. And put forward the relevant policies and suggestions on the establishment of Internet supply chain finance in China from the government level, the financing platform level and the supply chain enterprise level.

This study found:(1) Internet supply chain finance no longer relies on the credit of the core companies of the supply chain as a source of financing, but this does not mean that core companies are not needed. The comprehensive service platform is still an important part of the initial trust in the initial stage of operation. After smooth operation, the trading data, credit data and established credit system on the financing platform are used as empirical trust. (2) According to the theory of trust mechanism, the trust mechanism is divided into system-based trust mechanism, character-based trust mechanism, and credit-based trust mechanism. Specifically, it is the initial trust mechanism of the financing platform based on the system and characteristics to the core enterprise, and the empirical trust mechanism of the reputation-based financing platform to the core enterprise; The initial trust mechanism of the financing platform based on system and characteristics, and the experience trust mechanism of the financing platform based on reputation; The initial trust mechanism of the core enterprise to the node based on the system and characteristics, and the empirical trust mechanism of the core enterprise to the node enterprise based on reputation.

Features: (1) The trust relationship of Internet supply chain finance is divided into the trust of the financing platform to the core enterprise, the trust of the financing platform to the node enterprise, and the trust of the core enterprise to the node enterprise. (2) The initial trust mechanism based on the system and characteristics and the empirical trust mechanism based on reputation are constructed, which constitutes the theoretical framework of the financial trust mechanism of the Internet supply chain in China. (3) Analyze the status of the initial trust mechanism and the empirical trust mechanism of the three major trust relationships in Internet supply chain finance. (4) Relevant suggestions are put forward for financing platform, supply chain core enterprises and node enterprises.

Keywords: Internet supply chain finance; Trust mechanism; Initial trust; Experience trust