双重资金约束下考虑碳配额交易的供应链融资决策  

Supply Chain Financing Decision Considering Carbon Cap-and-Trade Under Double Capital Constraints

作　　者：李丽君[1] 杨春雨 程富 LI Li-jun;YANG Chun-yu;CHENG Fu(School of Business Administration,Northeastern University,Shenyang 110169,China)

机构地区：[1]东北大学工商管理学院,辽宁沈阳110169

出　　处：《东北大学学报（自然科学版）》2024年第2期289-295,共7页Journal of Northeastern University(Natural Science)

基　　金：国家自然科学基金资助项目(71802044).

摘　　要：构建由生产和减排双重资金约束的制造商和零售商组成的低碳供应链系统,针对银行借贷和提前支付两种融资模式,探究碳配额交易下制造商的融资决策问题,并分析了碳减排成本系数和碳交易价格对融资决策和供应链成员利润的影响.研究发现:当提前支付利率等于银行借贷利率时,无论是否考虑碳配额交易,提前支付融资总会给制造商带来较大利润,因此,提前支付是制造商的最优融资选择.当融资利率不等时,制造商融资方式会受到碳配额交易和碳减排成本系数的影响.碳减排成本系数增大时,融资规模、供应链成员利润均降低,而碳交易价格提高时,融资规模、制造商利润均增加.另外,碳配额交易会增加制造商利润,但会损害零售商利润.A low-carbon supply chain system composed of manufacturers and retailers with both production and emission reduction financing constraints was built.Aiming at bank loaning and prepayment,manufacturers’financing decision under carbon cap-and-trade was explored,and the effect of carbon abatement cost coefficient and carbon trading price on supply chain members’financing decision and profit was analyzed.The results showed that when the prepayment interest rate is equal to the bank interest rate,whether carbon cap-and-trade is considered or not,prepayment will always bring greater profit to manufacturers.Therefore,prepayment is the best choice for manufacturers.When the financing rate is unequal,manufacturers’financing methods will be affected by carbon cap-and-trade and carbon abatement cost coefficient.When the carbon abatement cost coefficient increases,the financing scale and supply chain members’profit both decrease,while when the price of carbon increases,the financing scale and manufacturers’profit both increase.In addition,carbon cap-and-trade increases manufacturers’profit,but harms retailers’profit.

关 键 词：双重资金约束 银行借贷 提前支付 碳配额交易 融资决策 

分 类 号：F272.3[经济管理—企业管理]