Abstract: With the advancement of China’s “dual carbon” goals, environmental protection concepts are gradually integrated into consumers’ daily lives. Manufacturing enterprises are devoting themselves to the development and production of green and low-carbon products in order to fulfill their social responsibilities, as well as their own brands and economic interests. For example, BMW has partnered with companies such as Shougang and Hegang to create low-carbon automotive steel, vigorously promoting supply chain carbon reduction, and cooperation among supply chain enterprises to reduce emissions is becoming increasingly common. Enterprises engaging in green and low-carbon production will inevitably lead to the internalization of external costs of carbon emissions, and the financial constraints of upstream and downstream enterprises in the supply chain will continue to intensify. To address the financial constraints of low-carbon supply chains, especially bilateral financial constraints, forms such as green finance financing and commercial credit financing have become important approaches. Therefore, it is of great significance to explore low-carbon supply chain emission reduction cooperation decision-making and financing strategy selection methods under financial constraints, especially bilateral financial constraints.
This paper focuses on a low-carbon supply chain consisting of a supplier and a manufacturer, where the supplier engages in carbon reduction production of semi-finished products such as components, while the manufacturer further engages in carbon reduction production of finished products. Due to the large amount of emission reduction funds required for green emission reduction production, the supplier and manufacturer often face financial constraints. When considering supply chain cooperation to reduce emissions under bilateral financial constraints, the following combination financing model is adopted to solve the problem of insufficient funds for the enterprise: (1)the “bilateral bank loan” combination financing model, in which both the supplier and manufacturer solve their funding problems through bank loans; (2)the combination financing model of “manufacturer bank loan plus advance payment” means that the downstream manufacturer solves its financial constraints through bank loans, and solves the problem of insufficient funds for the upstream supplier by paying part of the goods in advance.
First of all, the paper solves the equilibrium solution of the game through the backwards-induction under the financing model without financial constraints and with bilateral financial constraints. Then, it analyzes the impact of consumer low-carbon preferences, and emission reduction cost factors on the decisions and profits of each member. Finally, it explores the preferences of various entities for different financing models under different market conditions. The research results show that: (1)Without financial constraints, the emission reduction levels of the supplier and manufacturer are the same. Under the “manufacturer bank loan plus advance payment” combination financing model, the emission reduction level of supplier is higher than that of the manufacturer. However, under the “bilateral bank loan” combination financing model, the carbon emission reduction levels of supplier and manufacturer are influenced by the bank loan interest rates. (2)The profits of the supplier and the supply chain under combination financing models are lower than those under no financial constraints, but the profits of the manufacturer may be higher than those under no financial constraints. (3)Under bilateral financial constraints, the manufacturer and the supply chain prefer to choose the “manufacturer bank loan plus advance payment” model. However, for the supplier, when the sensitivity coefficient of advance payment wholesale price is relatively low, it prefers to choose the “manufacturer bank loan plus advance payment” model. Otherwise, it prefers to choose the “bilateral bank loan” financing model.
Further research can be extended to the stochastic demand environments and the situation where enterprises have risk aversion, analyzing the impact of market demand fluctuations and risk aversion behaviors on emission reduction decisions and financing strategy choices of various entities in the supply chain.

Key words: bilateral financial constraints, low-carbon supply chain, collaborative carbon emission reduction, financing strategies

摘要： 针对一个供应商和一个制造商组成的低碳供应链,分别构建了无资金约束以及双边资金约束时“双边银行借贷”和“制造商银行借贷+预付款”组合融资模式下的供应链合作减排决策模型,分析了消费者低碳偏好、减排成本因子等对各成员决策及利润的影响,并探究不同市场条件下各主体对不同融资模式的选择偏好。研究发现,无资金约束下,供应商与制造商的碳减排水平相同,双边资金约束“制造商银行借贷+预付款”模式下,供应商碳减排水平高于制造商碳减排水平,而“双边银行借贷”模式下,供应商和制造商碳减排水平高低受其银行借贷利率高低的影响;双边资金约束组合融资下供应商以及整个供应链的利润低于无资金约束下其所得利润,但制造商利润可能高于无资金约束下其所得利润;双边资金约束下,制造商偏爱选择“制造商银行借贷+预付款”组合融资模式,而对供应商来说,当提前支付批发价敏感系数相对较小时,其也偏爱选择“制造商银行借贷+预付款”组合融资模式,否则,其更偏爱选择“双边银行借贷”组合融资模式。

关键词: 双边资金约束, 低碳供应链, 合作减排, 融资策略