Research On Green Supply Chain Financing Strategies By Considering Manufacturer Competition

With the increasing prominence of environmental problems such as global warming and energy depletion,countries around the world have begun to explore green and low-carbon development models in order to achieve coordinated and sustainable economic development and environmental protection,and green supply chain management is an important measure to achieve sustainable development.Under the multiple effects of national policy guidance and market preferences,more and more enterprises have begun to carry out green supply chain management,and produce environment-friendly green products through technological innovation,updating energy-saving and environmental protection equipment,etc.However,the production of green products requires a large amount of capital investment in the early stage,which often makes manufacturing enterprises face the problem of financial constraints.At the same time,the R&D and innovation of green products or technologies may have the risk of failure,the intensification of market competition makes market demand unstable,and supply chain financing may bring commercial risks,which increases the uncertain risk factors faced by supply chain enterprises,resulting in enterprises having risk avoidance behaviors and making it difficult to make rational decisions.And this will also lead to a decrease in the willingness of supply chain enterprises to engage in green production operations,which in turn hinders the development of green supply chain management.Therefore,in view of the various problems and risks faced by enterprises in the green supply chain,as the leader in formulating and promoting the implementation of green sustainable development strategy,it is of great value to explore what measures the government should take to promote the development of green supply chain and encourage enterprises to carry out green production and operation.The main research contents and results are as follows:Firstly,Consider supply chain competitive financing strategies for green investments.In the homogeneous green product competition market,a two-level competitive green supply chain consisting of retailers and two green product manufacturers is constructed,in which the green manufacturer faces financial constraints and can meet the capital needs of technological innovation through debt financing(bank credit financing and trade credit financing)or equity financing.By constructing a Stackelberg game model dominated by two green manufacturers,the optimal equilibrium decision is obtained by using inverse induction.The analysis shows that:Whether it is bank credit or trade credit financing,the financing interest rate is positively correlated with the wholesale and sales prices of the two green products,negatively correlated with the cost reduction of technological innovation units,and the impact on product demand and the income of supply chain members is also affected by the spillover effect of technological innovation.Under the equity financing model,the impact of equity ratio on the decision-making and earnings of supply chain enterprises is not only affected by the technological spillover effect,but also affected by the efficiency of technological innovation investment.When the financing interest rate and equity ratio are equal,equity financing is most beneficial to both manufacturers,but not to retailers.Secondly,Consider risk-averse of green supply chain competitive financing strategies.On the basis of Chapter 3,we will further explore how financially constrained green product manufacturers can choose financing methods to obtain funding needs for green technology R&D in the competitive market of heterogeneous products(traditional ordinary products and green products).At the same time,when faced with the uncertainty of demand,the commercial risk brought by financing and the risk of failure of green technology research and development,supply chain members have risk aversion characteristics,and this paper uses CVa R criteria to measure the risk return of supply chain members.The results show that: The increase in the risk aversion degree of green product manufacturer M2 is not conducive to the long-term development of competitors and itself,which is beneficial to retailers,but will cause further "shock" in the market,while the increase in the risk aversion degree of retailers is only detrimental to themselves and beneficial to supply chain partners.When financing rates are equal,manufacturers of green products should prefer trade credit financing models,and rising interest rates are extremely detrimental to retailers,regardless of the financing method.Thirdly,Consider the green supply chain competitive financing strategy incentivized by government subsidies.On the basis of Chapter 4,green product manufacturers that consider financial constraints are risk averse and need to meet their funding needs through debt financing(bank credit or trade credit)or equity financing.At the same time,in order to promote the green development of the supply chain,the government will provide green technology research and development subsidies or green credit subsidies.The results showed that:Green technology R&D subsidies are better than green credit subsidies;In the equity financing model,the results of each optimal decision variable in the supply chain are higher than the results of other financing models.When the financing interest rates of bank credit or trade credit are equal,the rise of interest rates is extremely unfavorable to all parties in the supply chain,which is not conducive to the green development of the supply chain,and is easy to cause vicious competition between the two manufacturers.The increase in the risk aversion coefficient of green product manufacturers is not conducive to themselves and competitors,and is beneficial to retailers,but it will cause vicious price competition,which is not conducive to the long-term development of supply chain enterprises,especially the two manufacturing enterprises.