双低碳努力下供应链的融资选择策略研究

Research on Supply Chain Financing Selection Strategy under Double Low-carbon Efforts

在碳限额交易政策下,考虑到市场需求受到消费者偏好和零售商销售努力的影响,利用Stackelberg博弈理论,构建了制造商碳减排资金约束的决策模型,研究制造商分别通过银行融资和持股融资的运营决策和融资选择策略,并借助算例分析了银行利率和股权比例对资金约束供应链均衡决策的影响。结果表明:股权比例存在一个阈值,当股权比例小于该阈值时,持股融资模式下的利润大于银行融资模式下的利润,达到供应链最优效益。

Considering that the market demand is influenced by both consumer preference and retailer sales effort, a decision model for manufacturers’ carbon emission reduction financial constraints is constructed by Stackelberg game, study the operation decision and financing strategy of the manufacturer through bank financing and equity financing respectively. The profit of manufacturer and retailer under two financing modes is compared and analyzed, and the influence of bank interest rate and equity ratio on the balance decision of capital constrained supply chain is analyzed with examples. The results show that there is a threshold of equity ratio. When the equity ratio is less than the threshold, the profit under the shareholding financing mode is greater than that under the bank financing mode to achieve the optimal benefit of the supply chain.