双重资金约束下考虑碳配额交易的供应链融资决策

doi:10.12068/j.issn.1005-3026.2024.02.018

摘要/Abstract

摘要：

构建由生产和减排双重资金约束的制造商和零售商组成的低碳供应链系统，针对银行借贷和提前支付两种融资模式，探究碳配额交易下制造商的融资决策问题，并分析了碳减排成本系数和碳交易价格对融资决策和供应链成员利润的影响.研究发现：当提前支付利率等于银行借贷利率时，无论是否考虑碳配额交易，提前支付融资总会给制造商带来较大利润，因此，提前支付是制造商的最优融资选择.当融资利率不等时，制造商融资方式会受到碳配额交易和碳减排成本系数的影响.碳减排成本系数增大时，融资规模、供应链成员利润均降低，而碳交易价格提高时，融资规模、制造商利润均增加.另外，碳配额交易会增加制造商利润，但会损害零售商利润.

关键词: 双重资金约束, 银行借贷, 提前支付, 碳配额交易, 融资决策

Abstract:

A low-carbon supply chain system composed of manufacturers and retailers with both production and emission reduction financing constraints was built. Aiming at bank loaning and prepayment， manufacturers’ financing decision under carbon cap-and-trade was explored， and the effect of carbon abatement cost coefficient and carbon trading price on supply chain members’ financing decision and profit was analyzed. The results showed that when the prepayment interest rate is equal to the bank interest rate， whether carbon cap-and-trade is considered or not， prepayment will always bring greater profit to manufacturers. Therefore， prepayment is the best choice for manufacturers. When the financing rate is unequal， manufacturers’ financing methods will be affected by carbon cap-and-trade and carbon abatement cost coefficient. When the carbon abatement cost coefficient increases， the financing scale and supply chain members’ profit both decrease， while when the price of carbon increases， the financing scale and manufacturers’ profit both increase. In addition， carbon cap-and-trade increases manufacturers’ profit， but harms retailers’ profit.

Key words: double capital constraint, bank loaning, prepayment, carbon cap-and-trade, financing decision

中图分类号:

F 272.3

李丽君, 杨春雨, 程富. 双重资金约束下考虑碳配额交易的供应链融资决策[J]. 东北大学学报（自然科学版）, 2024, 45(2): 289-295.

Li-jun LI, Chun-yu YANG, Fu CHENG. Supply Chain Financing Decision Considering Carbon Cap-and-Trade Under Double Capital Constraints[J]. Journal of Northeastern University(Natural Science), 2024, 45(2): 289-295.

图/表 9

表1 符号说明

Table 1 Symbol instructions

符号	说明
d	基本市场需求
$λ$	价格敏感系数
$α$	消费者的低碳偏好
k	碳减排成本系数
$θ$	单位减排量
$θ 0$	单位初始碳排量
G	政府碳配额
$μ$	碳交易价格
c	制造商的单位生产成本
p	销售价格
w	批发价格
r	提前支付利率
$r b$	银行借贷利率
$π i j$	供应链成员的利润

表1 符号说明

Table 1 Symbol instructions

符号	说明
d	基本市场需求
$λ$	价格敏感系数
$α$	消费者的低碳偏好
k	碳减排成本系数
$θ$	单位减排量
$θ 0$	单位初始碳排量
G	政府碳配额
$μ$	碳交易价格
c	制造商的单位生产成本
p	销售价格
w	批发价格
r	提前支付利率
$r b$	银行借贷利率
$π i j$	供应链成员的利润

图1 提前支付和银行借贷下制造商利润对比(r =0.03，rb=0.1)

Fig. 1 Comparison of manufacturers’ profit under prepayment and bank loaning (r =0.03，rb=0.1)

图2 提前支付和银行借贷下制造商利润对比(r =0.1，rb=0.03)

Fig. 2 Comparison of manufacturers’ profit under prepayment and bank loaning (r =0.1，rb=0.03)

图3 碳减排成本系数对零售商利润的影响(r =0.03，rb=0.1)

Fig. 3 Effect of carbon abatement cost coefficient on retailers’ profit (r=0.03，rb=0.1)

图4 碳减排成本系数对零售商利润的影响(r =0.1，rb=0.03)

Fig. 4 Effect of carbon abatement cost coefficient on retailers’ profit (r =0.1，rb=0.03)

图5 碳减排成本系数对融资规模的影响

Fig. 5 Effect of carbon abatement cost coefficient on financing scale

图6 碳交易价格对制造商利润的影响

Fig. 6 Effect of carbon trading price on manufacturers’ profit

图7 碳交易价格对零售商利润的影响

Fig. 7 Effect of carbon trading price on retailers’ profit

图8 碳交易价格对融资规模的影响

Fig.8 Effect of carbon trading price on financing scale

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