电商平台供应链信用风险分析——以拼多多平台为例的微观视角
Analysis of Supply Chain Credit Risk in E-Commerce Platforms—A Micro Perspective Using Pinduoduo Platform as an Example

防止信用风险向金融体系扩散，本文分析了拼多多的成长路径与平台特点，发现以破坏性创新发展起来的该平台，在个人用户注册店铺的流程中，存在一定的逆向选择和道德风险问题。个人可能通过冒用他人身份信息，在平台注册店铺后，利用供应链体系中的账期付款方式，通过低价倾销或者其它引流方式扩大销量后，对供应商违约。由于拼多多平台的低门槛入驻和供应链与银行信贷的关联，可能导致个人的信用违约由供应链体系向金融体系扩散，造成系统性风险。本文梳理了该信用风险的产生过程与可能性，并从平台和供应链商家的视角提出针对性的对策。
To prevent the spread of credit risks to the financial system, this paper analyzes the growth path and platform characteristics of Pinduoduo, a well-known e-commerce platform. The analysis reveals that this platform, which has grown through disruptive innovation, faces certain adverse selection and moral hazard problems in its personal user registration process. Individuals may use others’ identity information to register shops on the platform and then take advantage of the accounts payable method in the supply chain system. They expand sales through low-price dumping or other traffic-driving methods and default on suppliers afterward. Due to Pinduoduo’s low-threshold entry and the connection between its supply chain and bank credit, individual credit defaults may spread from the supply chain system to the financial system, causing systemic risks. This paper outlines the process and possibilities of such credit risks and proposes targeted countermeasures from the perspectives of the platform and supply chain merchants.