碳基金融资下考虑成本分担的低碳供应链决策研究
Research on Low-Carbon Supply Chain Decision-Making with Cost-Sharing under Carbon Fund Financing
容轶妍 1马树建2
作者信息
- 1. 南京工业大学经济与管理学院，南京 211816
- 2. 南京工业大学数理科学学院，南京 211816;南京工业大学经济与管理学院，南京 211816
- 折叠
摘要
在双碳目标背景下，资金约束制造商如何通过绿色金融工具实现减排成为亟待解决的现实问题。本文以制造商和零售商构成的低碳供应链为研究对象，在碳限额与交易政策框架下，考虑碳基金股权融资模式，分别建立采用与不采用成本分担契约的两种Stackelberg博弈模型，采用逆向推理方法求解均衡决策，并通过数值仿真方法验证结果。研究表明：碳基金要求的减排投资比例对制造商减排量、订货量及供应链双方利润均有正向驱动效应，最优融资额随之呈先增后减的非单调变化；消费者低碳偏好系数对供应链所有均衡变量具有显著促进效应，且与成本分担契约之间存在正向协同效应，消费者低碳偏好较高的市场环境下实施成本分担契约的减排绩效与利润提升效益更为显著；成本分担比例的增大可以有效促进制造商加大减排投入，制造商利润单调递增，零售商利润先升后降，供应链总利润在φ=0.54处达到最大值，可作为实现整体绩效最优的参考分担比例。研究结论为资金约束制造商的融资决策与低碳供应链的协调运营提供了理论参考和决策依据。
Abstract
Under the dual-carbon target framework, how capital-constrained manufacturers can achieve emission reduction through green finance instruments has become a pressing practical issue. Taking a low-carbon supply chain composed of a manufacturer and a retailer as the research subject, this paper develops two Stackelberg game models - one incorporating a cost-sharing contract and one without - within the carbon cap-and-trade policy framework, considering a carbon fund equity financing model. Backward induction is employed to solve for equilibrium decisions, and numerical simulation is conducted to validate the results.The findings reveal the following: First, the emission reduction investment ratio mandated by the carbon fund exerts a positive driving effect on the manufacturer\'s emission reduction level, order quantity, and the profits of both supply chain parties, while the optimal financing amount follows a non-monotonic pattern, first increasing then decreasing. Second, consumers\' low-carbon preference coefficient significantly promotes all equilibrium variables across the supply chain, and exhibits a positive synergistic interaction with the cost-sharing contract - the emission reduction performance gains and profit improvements from adopting a cost-sharing contract are more pronounced in markets with higher low-carbon consumer preferences. Third, an increase in the cost-sharing ratio effectively incentivizes the manufacturer to expand emission reduction investment; the manufacturer\'s profit increases monotonically, the retailer\'s profit first rises then falls, and total supply chain profit is maximized at φ = 0.54, which may serve as a benchmark cost-sharing ratio for achieving optimal overall performance.These conclusions offer theoretical insights and decision-support implications for the financing decisions of capital-constrained manufacturers and the coordinated operation of low-carbon supply chains.关键词
碳基金/低碳供应链/碳限额与交易/成本分担契约Key words
Carbon fund/Low-carbon supply chain/Carbon cap-and-trade/Cost-sharing contract引用本文复制引用
容轶妍,马树建.碳基金融资下考虑成本分担的低碳供应链决策研究[EB/OL].(2026-04-27)[2026-04-28].http://www.paper.edu.cn/releasepaper/content/202604-199.学科分类
财政、金融/经济计划、经济管理/环境管理/环境保护宣传、环境保护教育
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