Does Implementing Hybrid Carbon Asset Pledge Financing Benefit Production and Emission Reduction for Emission-Dependent Engineering Machinery Remanufacturing?
针对资金受限且依赖排放的工程机械再制造商，提出混合碳资产质押融资模型，研究其生产和减排决策，发现高质押率有助于减排和增产，但减排效果和利润受多种因素影响。
With the development of carbon finance, carbon asset pledge financing (CAPF) not only revitalizes the carbon assets of enterprises, but also conducive to reduce the financial pressure on enterprises. For the capital-constrained and emission-dependent engineering machinery remanufacturer, since both remanufacturing and carbon emission reduction (CER) require huge investment, the situation exists where CAPF cannot completely solve the enterprise's shortage of funds. Therefore, this article proposes a hybrid carbon asset pledge financing (HCAPF) model that combines CAPF and bank loan financing, and introduces the HCAPF into production operations of remanufacturing, investigating the emission-dependent remanufacturer's production and CER decisions under HCAPF. The results show that: 1) A higher carbon asset pledge rate will help reduce the environmental impact and improve the output and profits of remanufacturers under HCAPF. However, whether the emission price volatility is conducive to production and reducing environmental impact depend on the threshold of the CER rate. 2) Under HCAPF, implementing CER under different remanufacturing strategies has different influences on the quantity of products. Besides, the CER is not always beneficial for the environment and whether an increasing CER rate can increase the remanufacturer's profit is determined by the emission advantage of remanufactured products. 3) The remanufacturing strategy has different impacts on the operation of remanufacturers under HCAPF. For the remanufacturer with/without CER, the complete remanufacturing strategy is more beneficial for increasing profits.