| More and more attention has been paid to the low-carbon supply chain that incorporates the concept of "low carbon and environmental protection" in the traditional supply chain,and many enterprises have thus gained sustained competitiveness.Low-carbon development needs to consume a high amount of carbon emission reduction research and development costs.At this time,in order to protect the overall social welfare,the government will subsidize manufacturers' carbon emission reduction actions.In recent years,for newly established or small and medium-sized enterprises,supply chain financing has successfully solved their funding problems.Considering that the downstream retailers in the low-carbon supply chain,as SMEs,have insufficient procurement funds during the transaction process,and supply chain financing has evolved into internal and external financing in actual development,these two forms have been refined into different models again.At this time,the retailer's financing strategy is not only critical to its own development,but also affects the decision-making behavior of other supply chain members,which in turn affects the overall interests of the lowcarbon supply chain.Based on the above background,this paper raises the following research questions: How should the government quantify the target and work out the optimal carbon emission reduction subsidy rate? Which financing method should retailer choose based on the overall performance of the low-carbon supply chain? How many financing methods can manufacturer provide in internal financing? And how to formulate an appropriate financing rate to ensure that the channel supply and demand are consistent with the retailer? Retailer in external financing face greater risks.How will their own risk aversion characteristics affect supply chain financing and operating decisions?Assuming that retailer can receive assistance through internal financing or external financing,this paper has established five game models for different financing methods: deferred payment financing model,holding financing model,portfolio financing model,bank loan financing model and equity financing model.The optimal decision behavior of each decision maker is calculated,and the profit value of members and the overall social welfare are further obtained.By analyzing the solution results and numerical simulation results of each model,we can obtain:(1)Manufacturer's carbon emission reduction is of great significance to the improvement of member performance and social welfare.(2)In internal financing,no matter how the upstream manufacturer provides financial assistance to retailers,they are very effective and can promote the normal operation of the low-carbon supply chain.In the single mode,retailer tends to defer payment financing,but manufacturer prefers to provide holding financing,which leads to the contradiction between supply and demand of channels and proves the optimality of combination financing(when the proportion of holding financing mode is equal to the proportion of equity dividend).When members of a low-carbon supply chain conduct financing transactions,they should base on the feasibility of financing transactions and comprehensively consider the interests of each member.(3)The retailer's attitude to risks will not change its choice of financing channels,but it will cause changes in the value of system decision variables.Bank borrowing financing in external financing can benefit retailers,and the government as a regulator can also promote the development of a low-carbon economy.(4)When both internal and external financing are optional,the choice of retailer is related to the allocation ratio of the model in portfolio financing and the value of bank lending rates.When the two interest rates are less than a certain value,the combined financing model is conducive to the improvement of overall income and social welfare.With the increase of the two interest rate values,retailer turns to banks for help. |
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