在产业与金融跨界融合背景下，现有单一信用融资可能无法满足供应链成员企业的融资需求，尤其当融资企业数量增多或融资风险源增加时，这种融资不足问题更加突出。本项目将供应链的外部银行信用和内部交易信用相混合，以博弈论、优化理论、风险定价理论为主要工具，结合市场竞争环境，构建以外部融资内部化为特征的混合融资模型。主要内容包括：（1）从银行角度出发，剖析混合融资中外部风险与内部风险间的相关性，设计多重风险约束下面向整个供应链的外部风险定价机制；（2）在此基础上，从核心企业角度出发，研究基于交易关系的内部风险定价与运营决策，揭示资金成本、交易成本及风险相关性等因素对最优决策的影响；（3）进一步，将无竞争环境下的混合融资拓展到竞争环境，并借鉴组合投资的理念，决策面向中小成员企业的均衡风险定价。本项目提出的内外两部风险定价机制，能够为我国商业银行和传统核心企业开展新业务并实施金融创新提供理论依据和实践指导。

Under the background of the integration of industry and finance, the existing single credit financing may be unable to satisfy the need of supply chain parties, and such an insufficient financing problem may be more severe when the firms with financing need increase or the sources of financing risk grow. This research intends to combine the external bank credit and internal trade credit within a supply chain, and then builds a hybrid financing model characterized by the internalization of external financing. In the analysis of the hybrid financing, game theory, optimization and risk pricing theories are adopted，and market competition factor is considered. This research mainly includes three parts: (1) From the perspective of the bank, we analyze the interaction between external risk and internal risk in the hybrid financing, and then design an external risk pricing mechanism target for the whole supply chain; (2) After that, from the internal core firm, we study the joint decisions of internal risk pricing and operations based on the trade relation between supply chain parties, and reveal the impacts of factors, such as capital cost, transaction cost and risk relevance, etc., on the optimal decisions; (3) Furthermore, we extend the hybrid financing without competition by allowing the parties to compete, and decide the equilibrium risk pricing target for competing firms. The two-part risk pricing mechanism (i.e., internal and external risk pricing mechanism) proposed in this research is able to provide theoretical foundation and practices guidance for commercial banks and traditional core firms to carry out new business and initiate finance innovation.