Study On The Manufacturer’s Financing And Carbon Reduction Decisions Considering The Capital Constraints Under Different Low Carbon Policies

Faced with the crisis of climate change and the need for economic development,countries all over the world have successively introduced carbon subsidies,carbon quotas,carbon taxes,carbon labels,and other relevant policies.However,the purchase of abatement equipment and investment in abatement technology research further exacerbated the financial burden on enterprises in terms of small and medium-sized manufacturing enterprises in the post-epidemic era.Therefore,it is of practical importance to explore how a capital-constrained manufacturer chooses a financing model under different low-carbon policies and the supply chain’s emission reduction and pricing strategies under different financing models.In this context,this paper constructs a two-level supply chain consisting of a single manufacturer and a single retailer,where the initial capital of the manufacturer is zero.To solve the manufacturer’s capital shortage problem,we construct three financing models for the manufacturer: an external financing model of borrowing from the bank,an internal financing model of borrowing from the retailer,and a trade credit financing model of requiring the retailer to pay in advance.The main research components and results are as follows.(1)The manufacturer’s financing and carbon emission reduction decision under the carbon tax policy with the capital constraint.In the context of carbon tax policy,we construct a Stackelberg game model with the manufacturer as the leader and the retailer as the follower,use the inverse induction method to solve the optimal carbon emission reduction per unit product,the optimal market demand and the optimal profit of supply chain members under different financing modes,analyze the impact of carbon tax rate changes on the optimal solution.Finally,we compare the advantages and disadvantages of different financing models and design a revenue sharing contract to coordinate the profits of supply chain members under the optimal financing model.It is found that the impact of carbon tax rate on the manufacturer’s carbon emission reduction,low carbon product market demand and supply chain members’ profit under different financing models is related to the manufacturer’s initial carbon emission.The trade credit financing model is the optimal choice for the manufacturer in terms of economic and environmental benefits,but a coordination contract needs to be designed under the trade credit financing model to ensure that retailers’ profits are not compromised.(2)The manufacturer’s financing and carbon emission reduction decision under the carbon quota policy with the capital constraint.In the context of carbon quota policy,we construct a Stackelberg game model with the manufacturer as the leader and the retailer as the follower,use the inverse induction method to solve the optimal carbon emission reduction per unit product,the optimal market demand and the optimal profit of supply chain members under different financing modes,analyze the impact of carbon trading price changes on the optimal solution,finally compare the advantages and disadvantages of different financing modes,and design a revenue sharing contract to coordinate the profit of supply chain members under the optimal financing mode.It is found that the increase of carbon trading price can effectively increase the unit emission reduction of the clean manufacturer,but it will lead to the decrease of the manufacturer’s profit and product market demand of the polluting manufacturer.In addition,the trade credit financing model is the optimal choice for the manufacturer,and the manufacturer can still attract the retailer to participate in trade credits through revenue sharing contracts.(3)The manufacturer’s financing and carbon emission reduction decision under the carbon tax + carbon subsidy policy with the capital constraint.Based on a single carbon tax policy,low-carbon subsidies from the government to the manufacturer are considered.We construct a Stackelberg game model with the manufacturer as the leader and the retailer as the follower,use the inverse induction method to solve the optimal carbon emission reduction per unit product,the optimal market demand and the optimal profit of supply chain members under different financing modes,analyze the impact of carbon trading price changes on the optimal solution,finally compare the advantages and disadvantages of different financing modes.The results shown that the effect of tax rate on the optimal solution is still related to the initial carbon emission,and the increase of carbon emission reduction subsidy coefficient can effectively promote the increase of emission reduction,market demand and the manufacturer’s profits.However,in the trade credit financing model,the effect of the change of carbon emission reduction subsidy coefficient on the retailer’s profits is related to the savings interest rate.Trade credit financing mode is still the best choice for the manufacturer.