Abstract: Carbon fund is a green finance tool set up for emission reduction projects or carbon market investment. Equity investment based carbon fund is a fund that invests in energy conservation and emission reduction. As one of the high-energy consuming industries, the construction machinery industry can significantly save resources and reduce carbon emissions by implementing remanufacturing strategies. Moreover, they are prone to funding shortages due to the unique nature of their products, resulting in a demand for financing and emission reduction. Thus,the fund can provide them with a new financing method. At the theoretical level, this paper can enrich the relevant theoretical researches of carbon funds and production decisions. At the practical application level, not only does this help enterprises reduce carbon emissions, but also alleviates financial pressure, achieving a win-win situation of environmental and economic benefits.
Under the carbon quota and trading policies, this paper establishes the optimization models of capital constrained construction machinery remanufacturing enterprises that do not finance and do not reduce emissions and that finance and reduce emissions through equity investment based carbon funds, and uses Kuhn Tucker conditions to solve them. Through numerical simulation, this paper explores the impact of equity investment/emission reduction rate, initial capital, diseconomies of scale coefficient and consumer acceptance on their production decisions. The simulation data refers to the actual situation of construction machinery remanufacturing enterprises,carbon trading markets and settings of other related researches. The results show that compared with the situation of no financing, the production of new products and total production increase, while the production of remanufactured products decreases. Profits do not always increase, but there is a single optimal emission reduction rate that maximizes the profits. An appropriate equity investment amount/emission reduction rate is conducive to financing emission reduction. Different emission reduction rates can lead to changes in the production structure. In addition, the increase of the diseconomies of scale coefficient of construction machinery will reduce the total output of enterprises and consumer surplus, but will not always reduce profits.
There are still some limitations to this article. Thus, this study can be further extended to situations involving multiple cycles or emission reduction rates that are supposed to use as decision variables. Additionally, it can analyze the impact of different types of carbon funds, such as loan based carbon funds on the production decisions of construction machinery remanufacturing enterprises.

Key words: equity investment based carbon fund, construction machinery remanufacturing, carbon cap-and-trade, production decisions, carbon emission reduction

摘要： 股权投资型碳基金是一种投资节能减排方向的股权类投资基金。在碳限额与交易政策下,分别建立了资金约束的工程机械再制造企业不融资不减排和通过股权投资型碳基金融资减排的优化模型,利用Kuhn-Tucker条件进行求解,并通过数值仿真探究了股权投资额/减排率、初始资金、规模不经济系数及消费者对工程机械再制造接受程度等对其生产决策的影响。结果表明,与不融资减排情形相比,通过股权投资型碳基金融资减排后企业新品产量和总产量都提高,再制造品产量降低;利润并不总提高,但存在唯一最优的减排率使得企业利润最大,并且减排率不同会导致企业生产结构改变;此外工程机械规模不经济系数升高会降低企业总产量和消费者剩余,但并不总降低利润。

关键词: 股权投资型碳基金, 工程机械再制造, 碳限额与交易, 生产决策, 碳减排