因果每日调度下的原子日常发票清算：路径启用与有界周期策略
Atomic Common-Day Invoice Clearing under Causal Daily Scheduling: Path-Enabled and Bounded-Cycle Policies
AI总结：
该研究针对企业作为债权债务人的迟付款压力，开发原子记录时间发票图的路径启用清算方法，经749952张发票实证，其应付账款减少幅度优于长度8的周期净额结算，为异步代理间清算提供策略依据。
AI中文摘要：
迟付款项通过供应网络传播营运资金压力，因为企业同时是债权人和债务人。我们开发了一种用于路径启用清算的原子记录时间发票图方法，并将其与因果每日贪心策略下的完整候选有界周期净额结算进行比较。发票是带有发行日期、到期日期、金额和标识符的剩余记录。候选对象可在一个共同日期通过每个支撑边上的源容量执行。非双边两边缘路径减少两条发票分支，在端点之间创建直接结算指令，并在发票加指令的组合状态下保留所有参与者的净头寸；应付账款减少与发票压缩不同。实证序列包含2012年至2023年发行的749,952张发票，总额达997.05亿欧元，且在年度边界间维持一个滚动状态，因此桥接发票仅引入一次，剩余余额持续存在。路径清算减少了48.202%的发行批次规模，而长度为8的周期净额结算减少了43.347%，优势为48.41亿欧元和4.855个百分点。它在10个批次中表现显著领先，在2013年几乎持平，在2012年落后。该结果在替代排序、混合路径-周期策略、周期长度敏感性、组件重采样、加速约束和片段中仍然成立。在2022年的互惠案例中，几乎所有局部路径都位于周期核心，路径清算仍……全信息线性规划显示路径优势和路径-周期……研究结果确立了策略层面的优势，而非全局最优或福利主导，并为未来基于确定性日常验证、私人委托、保留、明确同意和原子提交的异步代理间清算提供了动机。
英文摘要：
Late payment propagates working-capital pressure through supply networks because firms are simultaneously creditors and debtors. We develop an atomic-record temporal invoice-graph method for path-enabled clearing and compares it with complete-candidate bounded-cycle netting under a causal daily greedy schedule. Each invoice remains a residual record with its issue date, due date, amount, and identifier. A candidate is executable through source capacity active on every supporting edge on one common day. A non-bilateral two-edge path reduces two invoice legs, creates a direct settlement instruction between the endpoints, and preserves net positions for all participants on the combined invoice-plus-instruction state; payable-mass reduction is distinguished from invoice compression. The empirical sequence contains 749,952 invoices issued from 2012 through 2023, totalling EUR99.7 billion, and maintains one rolling state across annual boundaries so bridge invoices are introduced once and residual balances continue. Path clearing reduces 48.2% of issue-cohort mass, compared with 43.3% for length-eight cycle netting, an advantage of EUR4.841 billion and 4.855 percentage points. It leads materially in ten cohorts, is practically tied in 2013, and trails in 2012. The result survives alternative ordering, mixed path-cycle policies, cycle-length sensitivity, component resampling, acceleration constraints, and fragment replay. In reciprocal 2022, where almost all local paths lie in the cyclic core, path clearing still leads. Tractable full-information linear programs show path advantage and path-cycle complementarity. The findings establish a policy-level benefit, not global optimality or welfare dominance,and motivate future asynchronous agent-to-agent clearing built around deterministic common-day verification,private mandates,reservations, explicit consent,and atomic commit.
