零售商采购资金约束下的低碳供应链融资决策研究

Research on Low Carbon Supply Chain Financing Decision under the Purchase Capital Constraint of the Retailer

在政府补贴低碳供应链中,研究采购资金不足零售商的融资决策问题。链内融资模型分为制造商融资、制造商投资和组合融资;链外融资模型分为银行借贷和股权融资。研究表明制造商提供链内融资时,组合融资效果最优,但只有制造商投资模式比例与制造商投资利率相等时才存在最优组合比例,促使双方均接受组合融资模式。制造商不提供链内融资时,零售商的风险规避特性不影响其链外融资渠道选择,银行借贷对零售商更有利。随着制造商投资模式比例和银行借贷利率的增加,零售商的最优融资决策从组合融资变为银行借贷。

In the government subsidized low-carbon supply chain,the issue of financing decisions for retailer with insufficient procurement funds is studied.The internal financing model is divided into manufacturer financing,manufacturer investment and portfolio financing,and the external financing model is divided into bank lending and equity financing.The results show that the portfolio financing effect is the best when the manufacturer provides internal financing.But only when the ratio of the manufacturer’s investment model is equal to the manufacturer’s investment rate,the optimal combination ratio exists,which means that both parties accept the combined financing model.When manufacturers do not provide internal financing,the retailer’s risk aversion characteristics will not affect the choice of external financing channels,and the bank lending will be more beneficial to the retailer than equity financing.As the proportion of manufacturer’s investment model and the bank lending rate increase,the retailer’s optimal financing decision changes from portfolio financing to bank lending.