不同碳排放限制政策下供应链的最优融资决策
湖南师范大学, 商学院, 湖南长沙 410081
| 摘 要： | 供应链金融具有信用增级、成本较低的特点，是解决中小企业“融资难、融资贵”的有效途径之一。为了尽早实现碳达峰、碳中和目标，深入贯彻可持续发展理念，在供应链金融的研究中，我们需要考虑碳排放对供应链融资方式的影响。现有的碳排放限制政策主要分为数量（碳限额与交易）和价格（碳税）政策。因此，为了考虑两项政策同时实施时的政策效果，本文将这两项政策同时纳入供应链视角。供应链由一个由资金短缺的制造商和资金充足的零售商构成。在银行融资、零息提前支付融资和内部保理融资方式下，本文运用Stackelberg博弈方法同时考察了碳税税率和碳交易价格对供应链决策变量和利润的影响。数值模拟结果表明：超排时供应链整体利润低于未超排时。在高碳税税率政策和高碳交易价格水平下，供应链最优融资方式是银行融资；在低碳税税率和低碳交易价格水平下，供应链最优融资方式是提前支付融资和内部保理融资。当消费者的绿色敏感度提高时，银行融资作为最优融资方式时，政策可调控范围缩小；而提前支付融资和内部保理融资作为最优融资方式时，政策可调控范围扩大。 |
| 关 键 词： | 碳税; 碳限额与交易; 供应链金融; 碳交易价格; 融资决策; 资金约束 |
| DOI： | 10.57237/j.wjeb.2022.01.002 |
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收稿日期: 2022-10-22
接受日期: 2022-11-11
在线出版日期: 2023-01-12
Optimal Financing Decision for Supply Chain under Different Carbon Emission Limitation Policies
School of Business, Hunan Normal University, Changsha 410081, China
| Abstract: | With the characteristics of credit enhancement and low cost, supply chain finance is one of the effective ways to solve the "difficult and expensive financing" of small and medium-sized enterprises. In order to achieve the goal of carbon peaking and carbon neutrality as early as possible and to deeply implement the concept of sustainable development, we need to consider the impact of carbon emissions on supply chain financing methods in the study of supply chain finance. The existing carbon emission limitation policies include quantity (carbon cap-and-trade) and price (carbon tax) policies. Therefore, this paper incorporates both policies into the supply chain to consider the policy effects of the two policies being implemented simultaneously. The supply chain consists of a manufacturer with limited capital and a retailer with sufficient capital. Under bank financing, zero-interest early payment financing and in-house factoring financing, this paper simultaneously studies the effects of carbon tax rates and carbon emission trading prices on the supply chain's decision variables and profits by applying the Stackelberg game approach. The numerical simulation results show that the supply chain's profits are lower when emissions exceed standards than its profits when emissions do not exceed standards. Under the high carbon tax rates and high carbon emission trading prices, the optimal financing method is bank financing. Under the low carbon tax rates and low carbon emission trading prices, zero-interest early payment financing and in-house factoring financing are the optimal financing methods. As consumers' green sensitivity of rises, the policy's regulation scope of optimal bank financing is restricted, however, the policy's regulation scope of the other two financing methods is expanded. |
| Keywords: | Carbon Tax; Carbon Emission Cap-and-Trade; Supply Chain Finance; Carbon Emission Trading Prices; Financing Decisions; Financial Constraints |
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