碳交易机制下资金约束制造商替代产品的最优生产策略研究

碳交易机制和资金约束在很大程度上影响企业的生产决策,但很少有文献研究碳排放和资金双约束下企业对普通与低碳两种替代品生产决策问题。因此,本文在碳交易机制下讨论了资金约束下制造商两种产品的生产决策问题。本文采用基于有无碳交易和银行融资划分四种情形,基于报童模型构建优化模型分析制造商的最优决策。研究发现:(1)无融资情形下,如果制造商的初始资金很少,则制造商生产更多的普通产品;如果制造商的初始资金很多,则制造商生产更多的低碳产品;(2)在银行融资情形下,当利率较小时,制造商生产更多的低碳产品;当利率较大时,制造商生产更多的普通产品;(3)在银行融资情形下,如果碳排放配额较大,无碳交易机制时的融资量和融资成本高于有碳交易机制时的融资量和融资成本;如果碳排放配额较低则结论相反。

Manufacturer's Production Strategies for Two Substitutable Products under Capital Constraints and Cap-and-Trade Regulation of Carbon Emissions

The cap-and-trade regulation and capital constraints influence the firms' production strategies greatly. However, few studies have been focused on the manufacturer's production strategies for substitute products with ordinary and environment-friendly products under carbon emission constraints and capital constraints. Thus, this paper discusses a capital-constrained manufacturer's production decisions under a cap-and-trade regulation. This study discusses four cases consideringwithout/with cap-and-trade regulation of carbon emissions and without/with bank financing. This paper adopts the newsvendor model to analyze the manufacturer's optimal production decisions and profits. Also, this paper analyzes the influence of some key parameters on the manufacturer's optimal decisions. We find that: (1)Without bank financing, if the manufacturer's limited initial capital is lower, it will produce more ordinary products; if the manufacturer's limited initial capital is high, it will produce more environmental-friendly products. (2)With bank financing, when the loan interest rate is lower, the manufacturer will produce more environment-friendly products; otherwise, it will produce more ordinary products. (3)With bank financing, if the carbon emission cap is high, the financing amount and financing cost without a cap-and-trade regulation are higher than those with a cap-and-trade regulation; otherwise, the opposite conclusion is obtained.