Abstract: To solve the challenges of production-side funding shortages and consumption-side food safety concerns in the development of green agricultural supply chains, this study incorporates factors such as consumer sensitivity to agricultural product quality and information search cost into financing on-chain decision-making in agricultural supply chains. Game models of four different situations are established: e-commerce with and without blockchain technology, and internal and external financing for farmers within a supply chain. Through theoretical derivation and empirical simulation analysis, the impact of parameters, such as the sensitivity coefficients of agricultural product quality and information search cost, and the cost associated with blockchain and financing, on farmer choices of financing mode and e-commerce on-chain decisions, is explored. It is found that: with different on-chain decisions of e-commerce, when the external financing rate of farmers is greater than the opportunity cost of e-commerce funds, internal financing is better than external financing, otherwise, external financing is better than internal financing; under different financing modes of farmers, when the on-chain benefit of e-commerce is positive, adopting on-chain is the optimal decision for e-commerce; when the on-chain benefit is negative, and the financing cost saved by on-chain is not enough to offset this negative benefit, not adopting on-chain is the best decision.

Key words: blockchain, financing mode, supply chain financing, agricultural supply chain