考虑碳限额与销售努力的低碳供应链融资决策

将零售商销售努力内化，构建制造商碳减排资金约束的决策模型，研究制造商分别通过银行借贷、股权融资和组合融资的运营决策和融资策略。研究发现：碳减排资金较为短缺时，银行借贷并不总能使制造商获益，只有银行借贷带来的边际收益高于资金的影子价格，即减排资金严重不足时，银行借贷才能为制造商带来收益。政府碳配额的取值不会影响制造商的低碳融资渠道选择，股权融资下的减排量和销售努力水平最高，社会效益最大，组合融资次之，银行借贷最低。分红比例小于一定值时，股权融资对制造商更有利，否则银行借贷才是最佳低碳融资渠道。

Financing Decision of Low Carbon Supply Chain Considering Carbon Limit and Sales Effort

By internalizing the retailer’s sales efforts, the decision-making model of the manufacturer’s financial constraint on carbon emission reduction is constructed, and the operational decisions and financing strategies of the manufacturer through bank lending, equity financing and portfolio financing are studied. The study shows that bank lending does not always benefit manufacturers when there is a shortage of carbon emission reduction funds. Only when the marginal revenue brought by bank lending is higher than the shadow price of capital, that is, when the capital for emission reduction is seriously insufficient, bank lending can bring benefits to manufacturers. The value of government carbon quota will not affect the choice of low carbon financing channels for manufacturers. The emission reduction and sales efforts under equity financing are the highest, that is, the greatest social benefits, followed by portfolio financing and the lowest bank lending. When the dividend ratio is less than a certain value, equity financing is more beneficial to manufacturers, otherwise bank lending is the best financing channel.