GUO Qiang, HUANG Linyuan, NIE Jiajia
2025, 0(3): 130-144.
Under the background of“dual carbon”,more and more consumers are accepting the concept of low-carbon products.Enterprises need to produce low-carbon products through carbon reduction transformation to meet consumer low-carbon preferences and gain a larger consumer market.Most small and medium-sized enterprises in our country require a large amount of funds for carbon reduction transformation,which requires financing to achieve carbon reduction.In response to the different situations of two symmetric competitive manufacturers investing in carbon reduction through internal and external financing,four models were constructed: single enterprise bank lending financing,single enterprise internal equity financing,two enterprise bank lending financing,and two enterprise internal equity financing.The effects of consumer low-carbon preferences,lending interest rates,and dividend ratios on various decision variables were explored,and the optimal pricing and financing decisions of supply chain members were obtained through comparative analysis of the four situations.The research has found that:(1)an increase in lending rates does not always harm corporate profits.When two companies borrow and finance from banks,an increase in interest rates actually sets up a“protective barrier”for the company,avoiding excessive carbon reduction investment and achieving an increase in profits for both companies.(2)For retailers,internal equity financing is not necessarily the optimal choice.When two companies finance for carbon reduction,a single internal equity financing model may damage the overall profits of the supply chain.(3)Consumer low-carbon preferences are unrelated to financing models and are related to corporate carbon reduction investment strategies.A single enterprise's carbon reduction financing is easy to form a benign low-carbon circular economy,and the carbon reduction financing of two companies may experience“carbon reduction failure”.(4)Internal equity financing is more likely to motivate enterprises to reduce carbon emissions than bank lending models,and single enterprise financing is more likely to stimulate carbon reduction.Adopting internal equity financing is optimal,the two companies adopt bank lending financing as the optimal approach.
