Risk allocation of intellectual property pledge financing based on blockchain technology: An evolutionary strategy study
Ruoshu Wang, Baiqing Sun · 2023
The purpose of intellectual property pledge financing is to address the funding shortage of small and medium enterprises. However, information asymmetry between financial institutions and enterprises increases credit risk and often results in government intervention as a guarantee provider, leading to an unreasonable risk allocation among stakeholders. The distribution essence of blockchain technology is suitable to enable a long-term operation mechanism. In this study, we employ an evolutionary game model between banks and guarantee agencies to investigate the effects of repayment ratio and other key parameters on the equilibrium. Model and numerical simulation results indicate that risk allocation ratios within a certain range are beneficial with the adoption of blockchain technology. Furthermore, we suggest that governments should subsidize banks' technology costs for the construction of blockchain platforms rather than directly financing their business operations.