多种低碳融资方式下供应链减排运作与契约协调机制研究

This project incorporates carbon finance into operational research studying the low-carbon operations and contracting coordination problems in multiple financing modes affected by cash flows, carbon emissions and product flows. Based on the establishment of carbon trading market in China and the carbon finance and supply chain finance development, the project studies carbon financial institute's and supply chain members' low-carbon investment and operations. Key factors of government’s regulations, carbon prices and demands effecting the game members’ low-carbon behaviors are discussed to depict the dynamic value of carbon credits and the relating low-carbon investment risks and profits. The game between investors, firms and supply chain are modelled based on low-carbon costs and profits sharing mechanism. Further, multi-firms’ cash-constraint, product competition and carbon preference factors are considered to explore the carbon finance distribution and optimization problems between multi-firms/supply chain members. The supply chain carbon financial modes selection and combination mechanism is explored. This project aims to launch the operational research in carbon trading mechanism on the financial institutions, firms and supply chain’s carbon related decision-makings and coordination, which would help firms and supply chain to make carbon concerned decisions and provide suggestions to the government’s carbon finance incentive mechanism design.

本项目将低碳投融资活动引入低碳运作领域，在供应链多种融资模式下围绕资金、碳排放和产品的运作及契约协调机制展开研究。基于全国碳交易市场建立背景和碳金融发展现状，考虑低碳金融机构和供应链成员间的低碳投资和减排运作，从政府政策、碳交易价格和市场需求等方面提炼出对企业、投资者和消费者低碳决策具有影响的关键因素，刻画具有时间动态性的碳权价值并讨论低碳投资风险和收益；建立投资方、企业和供应链基于“减排成本共担”、“低碳收益共享”的博弈模型；考虑多企业资金约束，产品竞争和低碳偏好等市场因素，研究低碳资金在多企业和供应链成员之间的配置和优化问题，并进一步对供应链多种融资渠道选择和组合机制进行研究。本项目在运作层面探讨碳交易机制下金融机构、企业和供应链的排放相关决策及协调，为促进企业和供应链减排，以及政府低碳金融激励机制设计提供一定的建议。

随着全球碳市场规模的不断发展，与减排相关的金融活动也日益增加。一方面企业低碳发展存在巨大的资金需求，中小企业资金短缺较为普遍；另一方面以金融机构为主的投资者把碳排放当作一个有价格的商品，进行现货、期货买卖。基于全国碳交易市场建立的背景和碳金融发展的现状，本项目将低碳金融机构融资、供应链内部融资引入供应链的低碳运作领域，围绕资金和碳排放的运作优化和供应链协调机制展开研究。本项目在定性分析基础上，以定量分析为主体，通过契约设计、博弈分析、数学建模等手段对研究问题分层次、多阶段展开研究，提炼出了对企业、投资者和消费者低碳决策具有影响的关键因素。通过研究，本项目丰富了已有低碳金融和低碳运作领域的研究，为面临低碳资金需求的企业、低碳投资者和政府设定低碳激励政策提供了一定的参考和决策依据。