关键词: 碳限额政策, 销售努力, 银行借贷, 股权融资, 组合融资

Abstract:

By internalizing the retailer’s sales efforts, the decision-making model of the manufacturer’s financial constraint on carbon emission reduction is constructed, and the operational decisions and financing strategies of the manufacturer through bank lending, equity financing and portfolio financing are studied. The study shows that bank lending does not always benefit manufacturers when there is a shortage of carbon emission reduction funds. Only when the marginal revenue brought by bank lending is higher than the shadow price of capital, that is, when the capital for emission reduction is seriously insufficient, bank lending can bring benefits to manufacturers. The value of government carbon quota will not affect the choice of low carbon financing channels for manufacturers. The emission reduction and sales efforts under equity financing are the highest, that is, the greatest social benefits, followed by portfolio financing and the lowest bank lending. When the dividend ratio is less than a certain value, equity financing is more beneficial to manufacturers, otherwise bank lending is the best financing channel.

Key words: carbon limit policy, sales effort, bank lending, equity financing, portfolio financing