关键词: 资金约束, 碳交易机制, 低碳产品, 生产决策

Abstract: The cap-and-trade regulation and capital constraints influence the firms' production strategies greatly. However, few studies have been focused on the manufacturer's production strategies for substitute products with ordinary and environment-friendly products under carbon emission constraints and capital constraints. Thus, this paper discusses a capital-constrained manufacturer's production decisions under a cap-and-trade regulation. This study discusses four cases consideringwithout/with cap-and-trade regulation of carbon emissions and without/with bank financing. This paper adopts the newsvendor model to analyze the manufacturer's optimal production decisions and profits. Also, this paper analyzes the influence of some key parameters on the manufacturer's optimal decisions. We find that: (1)Without bank financing, if the manufacturer's limited initial capital is lower, it will produce more ordinary products; if the manufacturer's limited initial capital is high, it will produce more environmental-friendly products. (2)With bank financing, when the loan interest rate is lower, the manufacturer will produce more environment-friendly products; otherwise, it will produce more ordinary products. (3)With bank financing, if the carbon emission cap is high, the financing amount and financing cost without a cap-and-trade regulation are higher than those with a cap-and-trade regulation; otherwise, the opposite conclusion is obtained.

Key words: capital constraints, cap-and-trade regulation, environment-friendly product, production strategies