Carbon emission reducing and financing strategies of capital-constrained supply chains using equity financing under different power structures
研究了资金受限的制造商和零售商在碳交易体系下，选择银行融资或混合融资（银行加股权融资）时的减排与融资策略，分析了纳什博弈和零售商主导的斯塔克伯格博弈两种权力结构的影响。
Abstract This study considers a low-carbon supply chain model comprised of a capital-constrained manufacturer and a retailer under a cap-and-trade system. These two parties can choose from two financing modes: bank financing or mixed financing, in which the latter combines bank financing with equity financing. Two decision-making power structures are formulated, namely the Nash game model and the retailer-led Stackelberg game model. Subsequently, a comparative analysis of equilibrium outcomes for both parties within these power structures is performed, yielding the following insights: (1) In the bank financing mode, retailers find greater profitability in adopting dominance. When emission reduction efficiency is high, manufacturers obtain more profit within a Nash game context. However, when emission reduction efficiency is low, manufacturers accrue more profit in a Stackelberg game context. In the mixed financing mode without cap-and-trade regulations, supply chain participants do not express a preference for any specific game structure. (2) Without cap-and-trade regulation, in both the Nash and Stackelberg game models, the supply chain participants find more profitability in mixed financing when carbon emission reduction efficiency is high. Meanwhile, bank financing proves more profitable when the carbon emission reduction is low. Moreover, this study investigates the impact of wholesale and retail prices of low-carbon products on the financing strategies of the supply chain participants under different power structures and financing modes. Additionally, extended models are considered, including the manufacturer-led Stackelberg game structure and the capital-constrained manufacturer with a certain amount of initial capital.