Recently, the National Natural Science Foundation of China announced the results of the 2025 centralized project review. Jin Yannan’s research project“A Study on the Impact of Revenue-Sharing Contract Financing Models on Enterprises: From the Perspective of Operational Decision-Making”, has been successfully awarded funding for a General Program of the National Natural Science Foundation of China (NSFC)!

Revenue-Based Financing (RBF) is an innovative financing model that is neither equity nor debt-based. By linking financing returns directly to a company’s operating revenue, it effectively alleviates the financing difficulties faced by small and micro enterprises. However, several scientific questions remain unresolved, including the design of key contract parameters, the mechanisms by which this model affects corporate profits and risk, and its differences from traditional financing models. This project approaches the issue from the perspective of operational decision-making to explore the impact of this model on enterprises and aims to address three key scientific questions:

1. Develop a theoretical framework for revenue-sharing contracts applicable to financing.

2. Optimize contract terms and operational decisions under conditions of information asymmetry and market uncertainty.

3. Identify the differentiated effects and applicable conditions of revenue-based financing compared to traditional financing models.

The project will employ a combination of game theory modeling, stochastic dynamic optimization, and numerical simulation methods to thoroughly analyze the dynamic interaction mechanisms between financing and operational decisions. It aims to offer theoretical and practical guidance for optimizing financing model choices. This project will provide new insights into revenue-based contract theory and the intersection of finance and operations, offering important theoretical and practical support for financing decisions, operational optimization, and financial regulation for small and micro enterprises.