Funding and Operational Decisions for Low-Carbon Supply Chains of Capital-Constrained Manufacturers under Carbon Trading Policies

从供应链管理工程视角出发，本文建立由一个资金约束的制造商和一个资金宽裕的零售商构成的低碳供应链融资决策模型，运用Stackelberg博弈方法，针对提前支付、股权融资及银行融资三种融资方式，考虑碳交易价格和碳减排成本系数，探究低碳产品市场需求量、单位碳减排量和供应链成员利润最优时，制造商该选择何种融资策略。结果表明：(1) 不论选择何种融资模式，低碳产品市场需求量与碳交易价格之间呈现“U”型曲线关系，单位碳减排量、制造商利润与碳交易价格正相关；碳减排成本系数的提高将会降低低碳产品市场需求量、单位碳减排量和供应链成员利润。(2) 低碳产品市场需求量、单位碳减排量最优时，制造商应选择股权融资模式，且供应链成员的利润与各自股权占比正相关；(3) 制造商利润同时受融资利率和碳交易价格的影响，当提前支付利率不高于银行利率时，制造商应采用提前支付模式；否则，若碳交易价格较低，制造商应采用提前支付模式，若碳交易价格较高，制造商应采用银行融资模式。该研究为资金约束下的低碳供应链运作与融资协同管理提供了工程决策支持。From the perspective of supply chain management engineering, this study establishes a low-carbon supply chain financing decision model consisting of a capital-constrained manufacturer and a well-capitalized retailer. Using the Stackelberg game approach, it examines three financing methods—advance payment, equity financing, and bank financing—considering carbon trading prices and carbon reduction cost coefficients, to determine which financing strategy the manufacturer should adopt to optimize low-carbon product market demand, unit carbon reduction, and supply chain members’ profits. The results show: (1) Regardless of the financing mode chosen, the relationship between low-carbon product market demand and carbon trading price follows a “U”-shaped curve; unit carbon reduction and manufacturer profit are positively correlated with carbon trading price; however, an increase in the carbon reduction cost coefficient reduces low-carbon product market demand, unit carbon reduction, and supply chain members’ profits. (2) When low-carbon product market demand and unit carbon reduction are maximized, the manufacturer should choose equity financing, and each member’s profit is positively related to their respective equity share. (3) Manufacturer profit is influenced by both financing interest rates and carbon trading prices. If the advance payment rate does not exceed the bank interest rate, the manufacturer should opt for advance payment; otherwise, if carbon trading prices are low, advance payment is preferable, whereas if carbon trading prices are high, bank financing is more favorable. This research provides engineering decision support for integrated operations and financing management in capital-constrained low-carbon supply chains.