Emission Reduction And Financing Of Supply Chain With Yield Uncertainty Under Carbon Cap-and-trading Mechanism

In order to cope with environmental pollution and global climate deterioration,governments and regions around the world have launched low-carbon policies to promote enterprises to reduce carbon emissions.At the same time,the consumers’ low-carbon preference is constantly improving,and they are willing to buy low-carbon products.Under the dual pressure of government regulation and market low-carbon preference,more and more enterprises make independent investment in emission reduction.In actual operation,due to the high cost and long time-consuming of low-carbon investment,which will occupy a lot of working capital,leading to capital constraint.Under the regulation of carbon emission,how to choose appropriate financing strategies and take scientific operation decisions to achieve a win-win situation of economic and environmental benefits is a practical problem worthy of study.Studying this problem can not only enrich the theoretical research of supply chain management,but also provide decision-making reference for the realization of the development goal of "clear waters and green mountains are as valuable as mountains of gold and silver".Based on this,this paper conducts the emission reduction,financing and pricing under carbon cap-and-trade mechanism,and summarizes the management enlightenment.Firstly,in a two-echelon supply chain composed of a capital-sufficient supplier and a capital-constrained manufacturer,through the Stackelberg dynamic game model,the optimal decisions of supply chain with yield uncertainty and the optimal profits of the members of the supply chain when the manufacturer chooses the trade credit and bank loan financing modes are obtained respectively,and the optimal financing choice is obtained through comparative analysis,and the coordination of supply chain contract is discussed.It is found that yield uncertainty is negatively correlated with manufacturers’ orders and carbon emission reduction,while consumers’ low-carbon preference has a positively impact;at the same interest rate,the carbon emission reduction and the expected profits of manufacturers,suppliers and supply chain system under the trade credit mode are greater than those of bank loan mode,and trade credit is the optimal financing when considering both economic and environmental benefits.Under certain conditions,quantity discount contract,revenue-sharing versus carbon emission reduction costs-sharing contract can perfectly coordinate the supply chain,but revenue sharing contract cannot.Then,the fairness concerns of decision-makers are introduced into supply chain research,and the emission reduction,pricing and financing decisions of supply chain with yield uncertainty are considered.The results show that when the interest rates of the two financing modes are equal,manufacturer should choose trade credit financing,and then obtain better economic and environmental benefits;fairness concerns affect the profits of supply chain system and members,and also have a negative impact on emission reduction;yield uncertainty has a negative impact on carbon emission reduction,order quantity and profit of the whole supply chain,while consumers’ lowcarbon preference has a positive impact.The impact of carbon trading price on the optimal decisions of manufacturer,system-wide profit and member’s profit of supply chain is related to its value range.