持股策略下随机需求低碳供应链融资决策均衡

随机市场需求且受制造商减排水平影响,考虑碳限额与交易机制,研究制造商进行单纯银行借贷和供应商投资持股的组合融资时的最优决策和利润情况,分析消费者低碳偏好、碳交易价格和供应商的投资持股比例对供应链的最优决策变量和利润的影响。研究发现:无资金约束、单纯银行借贷和组合融资下,消费者低碳偏好、碳交易价格和持股比例与制造商的减排水平和利润以及供应链系统的利润正相关,而供应商的批发价格和制造商的生产量与消费者低碳偏好正相关,与碳交易价格负相关,而持股比例与供应商的批发价格负相关,与制造商的生产量和减排水平正相关;持股策略下制造商的减排水平和生产量最大,无资金约束时次之,单纯银行借贷时最小;而无资金约束时供应商的批发价格最高,单纯银行借贷时次之,持股策略时最低;在持股比例满足一定条件下,供应商和制造商的利润优于单纯银行借贷时的利润,并且可以优于无资金约束时的利润,提高了供应链的竞争力和效率。

Equilibrium of Low Carbon Supply Chain Finance Decision with Stochastic Demand under Shareholding Strategy

When the demand is stochastic and affected by emissions level of manufacturer, under the influence of cap-and-trade, the paper researches the optimal decision and profit of manufacturer pure bank loan and portfolio financing of supplier shareholding, and analyses consumer preference, carbon low carbon trading and supplier's investment holdings to the influence of the optimal decision and profits of supply chain. The research shows that, without funding constraints, simple bank loan and portfolio financing, consumers' low carbon preference, carbon trading price and shareholding ratio are positively correlated with manufacturers' emission reduction level and profit as well as the profit of supply chain system. and supplier's wholesale price and manufacturer's production are positively correlated with consumers' low-carbon preference, and negatively correlated with carbon trading price, while shareholding ratio is negatively correlated with supplier's wholesale price, and positively correlated with manufacturers' production and emission reduction level. Under the shareholding strategy, the emission reduction level and production capacity of the manufacturer are the highest, followed by that of the manufacturer without capital constraints, and the lowest when the bank simply borrows money. When there is no capital constraint, the wholesale price of supplier is the highest, followed by pure bank loan, and the shareholding strategy is the lowest. When the shareholding ratio meets certain conditions, the profit of supplier and manufacturer is better than that of bank loan alone, and can be better than that without capital constraints, which improves the competitiveness and efficiency of the supply chain.