"订单融资"模式下供应链低碳运作决策研究

Research on Operational Decisions of Low-Carbon Supply Chain Under“Order Financing”

"双碳"目标下,"订单融资"有望发挥"中小企业融资"和"绿色金融"双重属性.构建了由一个主导型零售商和一个受资金约束供应商构成的二级供应链,零售商通过"订单融资"的模式帮助供应商从银行获取流动资金,以完成生产、碳减排、碳交易等活动.基于"订单融资"实务运作情况,在银行"信贷额度限制"约束下对供应商的集成生产和碳减排决策进行分析,进而研究了零售商最低采购承诺量的决策问题,并得出供应链低碳决策的均衡策略.结果表明,"订单融资"下供应链均衡策略取决于零售商毛利率最低时的期望收益情况,若此时"高承诺量"能为零售商带来更多收益,其将始终选择"高承诺量";若此时"高承诺量"无法为零售商带来更多收益,其将仅在毛利率超过某一阈值时选择"高承诺量",否则选择"低承诺量".此外,两种均衡策略下供应商的最优碳减排量相等,表明零售商采取"高承诺量"所对应策略下单位产品碳减排量会降低.

"Order financing"is anticipated to perform the dual roles of"SEMs financing"and"green finance"under the"carbon peaking and carbon neutrality goals".We investigate a low-carbon supply chain consisting of one dominant retailer and one capital-constrained supplier,where the retailer assists suppliers in obtaining liquidity from banks via the"order financing"in order to complete production,carbon abatement investment,and insuficient permits purchase,etc.Based on the practice of order financing,this paper analyzes supplier's integrated production and carbon abatement decision with the consideration of the credit limit,and then solves the decision-making of the dominant retailer on minimum commitment amount,as well as the low-carbon equilibrium strategy of the supply chain.The results show that the supply chain equilibrium under order financing depends on the expected revenue of the retailer when the gross margin is the lowest.If high commitment can lead to a higher profit,the retailer will always choose high commitment strategy;Otherwise,it will only select high commitment when the gross margin exceeds a certain threshold and low commitment when it is lower than the threshold.In addition,the optimal carbon abatement level of the supplier under the two equilibrium strategies are equal,which means that the carbon abatement per unit product shrinks under the scenario corresponding to the retailer's high commitment strategy.