政府补贴下绿色产品供应商的融资策略——绿色信贷VS预付款

Financing Strategies for Green Product Suppliers Under Government Subsidies:Green Credit Versus Prepayment

考虑资金约束且具有研发失败风险的供应商进行绿色产品研发,分别分析绿色信贷和预付款融资下供应链双方的最优决策与利润。在此基础上,考虑政府对研发成本的补贴,探讨社会福利最大化时最优补贴系数及其对供应链融资模式选择的影响。结果发现:当绿色产品研发成本较大时,预付款融资下可以获得更多的社会福利,但是供应商没有接受预付款融资的动机。政府补贴后,供应商的研发努力和买方企业的利润都会增加,但供应商的利润先增加后减少。因此,政府应该设置合适的补贴系数,引导供应链选择合适的融资模式,以实现社会福利和资金利用效率最大化。

In this paper,the optimal decisions and profits of the supply chain under green credit financing and prepayment financing are analyzed respectively,in which the supplier has capital constraints and research and development(R&D)failure risk.On this basis,considering the subsidy of the government to the R&D cost of the supplier,the optimal subsidy and its impact on the choice of supply chain financing modes when the social welfare is maximized are explored.The results show that when the R&D cost of green products is high,more social welfare can be obtained under prepayment financing,but the supplier has no incentive to accept prepayment financing.After government subsidy,both the R&D effort of the supplier and the profit of the buyer increase,but the profit of the supplier first increases and then decreases.Therefore,the government should set the optimal subsidy and make the supply chain choose appropriate financing mode to maximize social welfare and capital utilization efficiency.