Study On The Choice Of Supply Chain Credit Guarantee Financing Mode Under Cap-and-trade System

Greenhouse gases such as carbon dioxide are air pollutants that are harmful to human health.The increase of carbon dioxide brings great negative effects on climate and ecosystem.In order to control carbon dioxide emissions,the Chinese government actively promotes the carbon emission cap-and-trade mechanism.Under the background of low carbon economy,enterprises bear the responsibility and obligation to control carbon dioxide emissions.Based on the perspective of corporate social responsibility,this paper first explores the issue of carbon emission reduction in the supply chain with corporate social responsibility,and analyzes the optimal decision of supply chain when different channel agents bear social responsibility.The results show that both manufacturer and retailer show their social responsibility by reducing carbon emission reduction;whether manufacturer bears social responsibility or retailer bears social responsibility,the profits of the supply chain increase;when making independent decisions,retailer should take more social responsibility and improves the environment.On the basis of cap-and-trade mechanism,this paper studies the optimal selection of supply chain finance,the choice of financing mode is a hot issue in supply chain finance research.The quality of financing is crucial to the sustainable development of supply chain.This paper considers the decision optimization problem of a supply chain consisting of a carbon resource supplier and a carbon emissions-dependent manufacturer short of capital.Under the cap-and-trade mechanism,the conditions for the existence of equilibrium financing mode are described by comparing the performance of each member of the supply chain under the financing mode of partial credit guarantee(PCG)and deferred payment credit guarantee(TPCG).The results show that the supplier guarantee coefficient affects the optimal financing for a financially constrained low-carbon supply chain,and TPCG financing is the optimal financing equilibrium for a low-carbon supply chain when the guarantee coefficient is higher than a certain threshold.Under the two financing mechanisms,manufacturers’ profits increase with the increase of carbon allowances,while suppliers’ profits first increase and then decrease with the increase of carbon allowances.In addition,numerical analysis is also used to verify and compare the model conclusions in this paper,so as to provide theoretical support for the management of low-carbon supply chain.