Manufacturing/Remanufacturing Production Decisions Considering Capital Constraints And Carbon Quota Pledge Financing

Since the industrial revolution,the global warming problem caused by excessive greenhouse gas emissions has intensified,and the low-carbon economy development model has become one of the important methods for countries in the world to cope with climate change.As the country with the largest carbon emissions in the world,our government has taken many measures to develop low-carbon economy and achieve emission reduction targets such as energy-saving subsidy policies and the establishment of a carbon allowance trading mechanism and so on.Under the guidance of policies,enterprises can reduce carbon emissions and achieve low-carbon production by adjusting energy structure and developing low-carbon technologies and so on.With the increase of emission reduction pressure,capital has become an important factor that can not be ignored in enterprise's emission reduction and production,and the existence of capital constraints is an important reason that restricts the development of enterprises,therefore,many enterprises try to alleviate the problem through financing.Carbon quota pledge financing is a kind of financing method that takes the obtained carbon quota as pledge.Since at present China's carbon quota allocation is mainly free charge,and the financing flexibly sets the repayment period according to the emission reduction output,it has opened a low-cost financing channel for the enterprise.Meanwhile,for banks,the carbon quota that enterprises have acquired belong to the existing assets,so the pledge process is easy to supervise and the risk is small,so the financing model has received more and more attention.Many scholars at home and abroad have studied the production problem under carbon emission reduction,and some scholars have considered the impact of capital constraints on manufacturing/remanufacturing production decisions under different carbon emission policies.However,few scholars have explored the influence of capital constraints on different emission reduction methods,and few scholars have considered carbon quota pledge financing with the problems of production and emission reduction together.Therefore,under the mechanism of carbon quota trading,this paper consider the R&D investment reduction and carbon emissions purification,besides,the impact of capital constraints and carbon quota pledge financing on production,emission reduction and profits are studied.Firstly,the existing research is summarized from four aspects: manufacturing / remanufacturing production decision,manufacturing / remanufacturing production decision that considering carbon emission reduction,manufacturing / remanufacturing production decision that considering capital constraints and related research about Carbon Asset pledge financing.Then analyses the shortcomings in the researches and puts forward the research content of this paper.Secondly,under the carbon quota trading mechanism,there manufacturing / remanufacturing production decision models are established: non-carbon emission reduction,carbon emission purification and R&D investment reduction.The impact of carbon emission reduction on production are studied.It is found that adopting carbon emission reduction behavior is not only beneficial to reducing carbon emissions,but also to improve profits and achieve a win-win situation.Third,for the two emission reduction methods,the impact of financial constraints on production decisions and emission reduction effects is studied.It is found that under the scenario of carbon emission purification,the actual carbon emissions are smaller,and the expected profits are higher under the scenario of R&D investment emission reduction.Enterprises need to balance the two to make a choice.And raising the preference of consumers for remanufactured products under the constraints of funds is conducive to increasing profits.Then,the impact of carbon quota pledge financing on emission reduction and expected profit is studied.It is found that carbon quota pledge financing can improve emission reduction effect and increase profit when initial capital is insufficient,but it will also lead to the increase of actual carbon emissions.Finally,capital constraints and carbon quota pledge financing are extended to two-stage,the effects of initial capital and unit carbon quota trading price in the first stage on production decision-making in the two stages were studied.It is found that the R&D investment has cumulative effect on emission reduction.Under the same conditions,the second stage of emission reduction is more obvious than the first stage,sometimes the emission reduction and expected profit are both higher than the carbon emission purification scenario.