Low-carbon supply chain management: manufacturer capital constraints and bankruptcy risk
低炭素サプライチェーン管理：メーカーの資本制約と破産リスク (AI 翻訳)
Jiawen Li, Xiaomin Xu, Shengzhong Huang, Wensheng Wang
🤖 gxceed AI 要約
日本語
本論文は、資本制約と破産リスクのあるメーカーを含む低炭素サプライチェーンを対象に、カーボン資産融資の下での最適決定を分析する。Stackelbergゲームモデルを用い、中国のセメント産業の実データで検証。プライッジ融資は安定的な利益成長をもたらす一方、売買融資はリスクを伴うが最大収益の可能性がある。炭素価格変動の影響は融資方式によって異なる。
English
This paper develops a Stackelberg game model for supply chains with capital-constrained manufacturers facing bankruptcy risk under different carbon asset financing schemes. Using real data from China's cement industry, it finds that pledge financing provides steady revenue growth, while sell-buyback financing offers profit potential with risk. Carbon price volatility affects manufacturers differently across schemes.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本の企業でも、サプライチェーン全体でのカーボン資産融資の活用が検討されており、本論文のモデルは特に資本制約のある中小企業への示唆となる。炭素価格変動が融資リスクに与える影響は、日本のカーボンプライシング政策にも関連する。
In the global GX context
This paper contributes to the global discourse on low-carbon supply chain finance by incorporating bankruptcy risk and capital constraints, which are often overlooked. It offers insights for firms and policymakers on how carbon price volatility interacts with different financing mechanisms, relevant to jurisdictions implementing carbon pricing.
👥 読者別の含意
🔬研究者:This study provides a formal model for low-carbon supply chain financing under volatility, advancing theoretical understanding of carbon asset financing choices.
🏢実務担当者:Supply chain managers can use these insights to evaluate carbon asset financing options, especially when balancing capital constraints and bankruptcy risk.
🏛政策担当者:Policymakers can learn how carbon price fluctuations affect firm-level financing decisions and bankruptcy risk, informing the design of carbon markets and support mechanisms.
📄 Abstract（原文）
Purpose This paper builds a decision-making model for supply chains under manufacturer capital constraint and bankruptcy risk, to investigate the supply chain members' optimal decisions under different carbon asset financing schemes, providing insights for capital-constrained enterprises. Design/methodology/approach A supplier-dominated Stackelberg game model, based on the newsvendor framework, is developed to analyze different carbon asset financing schemes and optimal decisions of supply chain participants. Furthermore, numerical simulations using real data from the cement industry are conducted in MATLAB R2024a to validate the analytical findings of the model. Findings The bankruptcy risk is not always detrimental to the capital-constrained manufacturer in the supply chain. An aggressive product quantity strategy with limited bankruptcy responsibility may enable the manufacturer to obtain higher profits. Higher financing costs do not necessarily mean increased bankruptcy risk, as it depends on the manufacturer's initial capital. Pledge financing always provides steady revenue growth for the capital-constrained manufacturer, while sell-buyback financing offers the potential for maximizing revenue with associated risks. The impact of carbon price volatility on the manufacturer varies across different financing schemes. An increase in carbon price will reduce the bankruptcy risk under pledge financing, but can contribute to lower profits under sell-buyback financing. Originality/value The contributions of this paper are as follows: Firstly, this paper addresses the capital constraints faced by the manufacturer in the low-carbon supply chain context by introducing carbon asset financing. Secondly, we conduct a comparative analysis of different carbon asset financing schemes, examining the relationship of optimal decisions and profits. Finally, carbon price volatility, market demand uncertainty and bankruptcy risk are incorporated into our model.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1108/md-05-2025-1478first seen 2026-05-17 05:40:19
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