Abstract:

The traditional ship mortgage financing is of high cost and risk while the continuous downturn of shipping market aggravates the problem of “financing difficulty” of shipping enterprises. To prevent the credit risk of ship mortgage financing, this paper proposes the introduction of block chain technology. Relevant papers of the combination of blockchain and financing from both theoretical and practical aspects are combed. Then the credit risk of ship mortgage financing is measured with the VaR-GARCH（1，1） model, and the control of credit risk is done under the smart contract and PoS consensus mechanism. Themodeis applied to a shipping enterprise and compared with the traditional model. Some suggestions are put forward for the existing problems of ship mortgage financing risk control based on blockchain technology.

Key words: blockchain, smart contract, ship mortgage financing, credit risk control

摘要：

传统船舶抵押融资模式具有高成本、高风险的特征，航运市场的持续低迷更是加重了航运企业“融资难”的问题，而区块链的去中心化及不可篡改等特点契合了现有的船舶抵押融资业务的场景，为此提出在船舶抵押融资中引入区块链技术以实现其信用风险的测度和控制。从理论和实践两方面梳理区块链与融资结合的相关文献并总结船舶抵押融资的信用风险及区块链在其中的控制作用，然后根据VaR-GARCH（1，1）模型对船舶抵押融资的信用风险进行测度，接着通过区块链的智能合约和PoS共识机制实现船舶抵押融资信用风险的控制，再将其实际应用于某航运企业并与传统模式对比，对区块链技术在船舶抵押融资风险控制方面的问题提出一些建议。

关键词: 区块链, 智能合约, 船舶抵押融资, 信用风险控制