关键词: 资金约束, 碳限额交易, 低碳偏好, 产出不确定, 供应链契约

Abstract: In a supply chain consisting of a supplier and a capital-constrained manufacturer, this paper studies the financial and operational decisions of the supply chain in the presence of production uncertainty and consumers’ low-carbon preference. Under the carbon cap-and-trade mechanism, the optimal order quantity, the optimal wholesale price and optimal emission reduction level of supply chain members under the two financing strategies of deferred payment and loan payment are obtained.Theoptimal decisions and corresponding expected profit under the two financing strategies are respectively compared. Our results show that under the carbon cap-and-trade mechanism, the yield uncertainty is negatively correlated with the manufacturer’s order and carbon emission reduction; at the same interest rate level, the deferred paymentnot only simulates manufacturers to order more, but also induces carbon emission reduction level and the profits to supply chain members are also larger; the quantity discount contract can perfectly1 coordinate the supply chain under the financial constraint, but the revenue sharing contract cannot. We thendesign a new contract of revenue-sharing versus carbon emission reduction costs-sharing to coordinate the supply chain.Finally, numerical examples are used to verify the theoretical results.

Key words: capital constraint, cap-and-trade, low carbon, yield uncertainty, supply chain contract