JOURNAL OF SHANDONG UNIVERSITY(NATURAL SCIENCE) ›› 2024, Vol. 59 ›› Issue (9): 64-78.doi: 10.6040/j.issn.1671-9352.0.2023.102

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Financing models of low-carbon supply chain under capital constraints and cross-shareholding

Yuyan WANG1(),Yulin SUN2,Fei LIN3   

  1. 1. School of Management Science and Engineering, Shandong University of Finance and Economics, Jinan 250014, Shandong, China
    2. Faculty of Engineering, The University of Sydney, Sydney 2006, New South Wales, Australia
    3. School of Public Finance and Taxation, Shandong University of Finance and Economics, Jinan 250014, Shandong, China
  • Received:2023-03-22 Online:2024-09-20 Published:2024-10-10

Abstract:

This paper explores the issue of supplier-led supply chain financing decisions in a low-carbon and cross-holding environment. Considering cross-shareholding, this paper studies the supply chain composed of a well-funded supplier and a capital-constrained manufacturer. Three models of non-financing, bank financing, and trade credit financing are constructed respectively. On this basis, the financing models that the manufacturer preferred and the supplier preferred are given. Also, the impacts of the cross-shareholding ratio and consumers' environmental awareness on the economic performance and emission-reduction level are discussed. The conclusions are as follows. Trade credit financing can achieve a win-win situation of reducing emissions and easing capital constraints. However, the capital-constrained manufacturer will always choose bank financing for a higher profit, and the manufacturer increasing shareholdings in the supplier enhances its preference for bank financing. The supplier prefers the manufacturer to choose trade credit financing and is always willing to provide trade credits. Under the trade credit financing model, the manufacturer will not gain more decision power even if it has more shareholdings in the supplier. Under the bank financing model, the manufacturer increasing shareholdings in the supplier can narrow the profit gap and alleviate the unfair profit distribution. The supplier increasing shareholdings in the manufacturer will increase the supplier's profit, but will not always increase the manufacturer's profit.

Key words: low-carbon supply chain, cross-shareholding, bank financing, trade credit financing, capital constraint

CLC Number: 

  • F406.7

Fig.1

Two-stage supply chain model structure"

Table 1

Model symbols"

符号 含义
α 潜在市场需求
β 产品需求价格敏感系数, β>0
? 产品需求低碳敏感系数, ?>0
B 制造商初始资金
ci 供应链成员i的单位零部件生产成本
k 制造商减排成本系数, k>0
rb 银行利率, 0<rb<1
rt 延迟付款利率, 0<rt<1
wj 零部件批发价格, 供应商决策变量
ej 碳减排水平, 制造商决策变量
qj 零部件订购量, 制造商决策变量
pj 制成品零售价格
μs 供应商持有制造商的股份比例, 0<μs<0.5
μm 制造商持有供应商的股份比例, 0<μm<0.5
πij 供应链成员利润
Δπj 供应商与制造商利润差距, 其中Δπj=πjs-πjm

Fig.2

Timing of events for supply chain members"

Fig.3

Boundary diagram for manufacturers choosing different financing models"

Fig.4

Trend of optimal decision with μs"

Fig.5

Trend of optimal decision with μm"

Fig.6

Trend of optimal profit with μs"

Fig.7

Trend of optimal profit with μm"

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