考虑环保风险和资金约束的低碳供应链决策研究

Operational Decisions of Low Carbon Supply Chain Considering Environmental Risks and Financial Constraints

针对企业面临环保风险和资金短缺的双重困境,在碳税政策下,考虑市场需求对价格和环保力度的双敏感性,构建融资决策博弈模型,提出债权融资和股权融资两种方案,探索不同融资机制选择的可行范围,讨论碳税政策和环保成本系数对企业定价和环保决策的作用机理,以及对融资选择的影响。研究表明,碳税政策和低环保成本系数可以激励供应商的环保行为,但碳税税率不可过高。当两种融资机制均可行时,对于环保成本系数较低的供应链,债权融资是唯一均衡。随着环保成本系数的增加,合理协商分红比例是达成融资共识的关键。另外,碳税政策的加码会增加债权融资的优势,同时助力环保成本系数较低的企业发展,对高环保成本系数的企业具有负面影响。

Aiming at the dual dilemma of environmental protection risks and capital constraints of enterprises,financing decision game models with the carbon tax policy were constructs,considering the dual sensitivity of market demand to price and environmental protection levels.Two financing strategies were proposed:debt financing and equity financing.The feasible range for each financing strategy was explored,and the mechanism of carbon tax policy and the environmental protection cost parameter on price and environmental protection decisions,as well as the impact on financing choice,were discussed.Research shows that the carbon tax policy or low environmental protection cost parameter can incentivize the supplier's environmental protection.However,the carbon tax rate should not be too high.When both financing strategies are feasible,debt financing is the only equilibrium for the supply chain with a relatively low environmental protection cost parameter.As the environmental protection cost parameter increases,reasonable negotiation of the dividend ratio is the key to reaching a financing consensus.Besides,the strengthening of carbon tax policy can increase the advantage of debt financing,promote the development of enterprises with a low environmental protection cost parameter,and have a negative impact on enterprises with a high environmental protection cost parameter.