考虑消费者低碳偏好下竞争性企业碳减排融资策略——银行借贷VS内部股权  

Competitive Enterprises Considering Consumer Low-carbon Preferences Carbon Emission Reduction Financing Strategy:Bank Lending Vs.Internal Equity

作　　者：郭强[1] 黄麟媛 聂佳佳[1] GUO Qiang;HUANG Linyuan;NIE Jiajia

机构地区：[1]西南交通大学经济管理学院

出　　处：《中央财经大学学报》2025年第3期130-144,I0010-I0017,共23页Journal of Central University of Finance & Economics

基　　金：国家社科基金西部项目“‘双碳’目标下企业和消费者行为改变的激励措施研究”(项目编号:22XGL018);服务科学与创新四川省重点实验室资助项目“低碳供应链中企业和消费者行为研究”(项目编号:KL2307)。

摘　　要：“双碳”背景下,越来越多消费者接受低碳产品理念,企业需通过碳减排改造生产低碳产品以满足消费者低碳偏好,获取更大消费者市场。我国中小微企业居多,而碳减排改造所需资金量较大,需通过融资实现碳减排。笔者针对两对称竞争性制造商向内外部融资进行碳减排的不同情况,构建单一企业银行借贷融资、单一企业内部股权融资、两企业银行借贷融资、两企业内部股权融资四种模型,探究消费者低碳偏好、借贷利率、分红比例对各决策变量影响,以及通过对比分析四种情况得出供应链成员最优定价与融资决策。研究发现:(1)借贷利率增大并不总会损害企业利润,两企业银行借贷融资时,利率增加反而会为企业树立“保护屏障”,避免过度碳减排投入从而实现两企业利润增加。(2)对零售商而言,内部股权融资并不一定为优择,两企业碳减排融资时,单一的内部股权融资模式可能使供应链整体利润受损。(3)消费者低碳偏好与融资模式无关,与企业碳减排策略相关,单一企业碳减排融资易形成良性低碳循环经济,两企业碳减排融资会出现“碳减排失灵”现象。(4)内部股权融资较银行借贷模式更易激励企业碳减排,单一企业融资采取内部股权融资最优,两企业采取银行借贷融资最优。Under the background of“dual carbon”,more and more consumers are accepting the concept of low-carbon products.Enterprises need to produce low-carbon products through carbon reduction transformation to meet consumer low-carbon preferences and gain a larger consumer market.Most small and medium-sized enterprises in our country require a large amount of funds for carbon reduction transformation,which requires financing to achieve carbon reduction.In response to the different situations of two symmetric competitive manufacturers investing in carbon reduction through internal and external financing,four models were constructed:single enterprise bank lending financing,single enterprise internal equity financing,two enterprise bank lending financing,and two enterprise internal equity financing.The effects of consumer low-carbon preferences,lending interest rates,and dividend ratios on various decision variables were explored,and the optimal pricing and financing decisions of supply chain members were obtained through comparative analysis of the four situations.The research has found that:(1)an increase in lending rates does not always harm corporate profits.When two companies borrow and finance from banks,an increase in interest rates actually sets up a“protective barrier”for the company,avoiding excessive carbon reduction investment and achieving an increase in profits for both companies.(2)For retailers,internal equity financing is not necessarily the optimal choice.When two companies finance for carbon reduction,a single internal equity financing model may damage the overall profits of the supply chain.(3)Consumer low-carbon preferences are unrelated to financing models and are related to corporate carbon reduction investment strategies.A single enterprise s carbon reduction financing is easy to form a benign low-carbon circular economy,and the carbon reduction financing of two companies may experience“carbon reduction failure”.(4)Internal equity financing is more likely to motivate enterprises to reduce

关 键 词：碳减排投资 制造商竞争 内外部融资 消费者低碳偏好 

分 类 号：F274[经济管理—企业管理]