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Supplementary file 1_Carbon quota pledge or bank credit: which financing mode better drives emission abatement in remanufacturing?.docx

炭素割当て担保融資か銀行融資か:どの資金調達方式が再製造業の排出削減をより促進するか? (AI 翻訳)

Dandan Wang (286632), Yu Zhang (12946)

Figshareジャーナル2026-07-06#トランジション・ファイナンスOrigin: CN経営インパクト: 資金調達対象セクター: manufacturing
DOI: 10.3389/fenvs.2026.1845058.s001
原典: https://figshare.com/articles/dataset/Supplementary_file_1_Carbon_quota_pledge_or_bank_credit_which_financing_mode_better_drives_emission_abatement_in_remanufacturing_docx/32905976

🤖 gxceed AI 要約

日本語

本研究は、資金制約のある再製造サプライチェーンを対象に、銀行融資と炭素割当て担保融資(CQPF)を比較するスタッケルベルグゲームモデルを構築した。分析の結果、炭素割当て担保率が閾値未満であればCQPFは銀行融資より低価格を実現し、サプライチェーン全体の利益も向上することを示した。さらに、排出削減投資は価格を下げるが、再製造市場参入の決定には影響せず、完全再製造の採用閾値を引き上げることを明らかにした。

English

This study develops a Stackelberg game model comparing bank financing (BF) and carbon quota pledge financing (CQPF) for a capital-constrained remanufacturing supply chain. CQPF yields lower wholesale and retail prices than BF when the pledge rate is below a threshold, and consistently higher supply chain profits. Emission reduction investment lowers prices but does not affect market entry; it raises the threshold for full remanufacturing. Higher carbon trading prices incentivize complete remanufacturing adoption.

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

日本は循環経済政策で再製造を推進しており、炭素関連の担保融資は新たなGX金融手法として参考になる。ただし日本の炭素価格制度は発展途上で、国内企業が活用するには制度整備が必要。

In the global GX context

This paper contributes to the growing literature on green supply chain finance and carbon pricing mechanisms. Its findings on carbon quota pledge financing offer insights for banks and policymakers designing low-carbon financing instruments under emissions trading systems, relevant to EU ETS and other carbon markets.

👥 読者別の含意

🔬研究者:再製造サプライチェーンと炭素金融を結ぶモデル分析の参考になる。

🏢実務担当者:資金制約のある再製造企業や銀行が、炭素担保融資の条件設定に活かせる。

🏛政策担当者:炭素価格や担保率の設定が再製造市場への参入に与える影響を示唆。

📄 Abstract(原文)

Remanufacturing plays a vital role in sustainable manufacturing but is often hampered by significant capital requirements. Although traditional bank financing (BF) is commonly used, carbon quota pledge financing (CQPF) has emerged as a promising low-carbon alternative. However, whether and how CQPF outperforms BF in remanufacturing supply chain operations remains unclear. This study develops a Stackelberg game-theoretic model involving one capital-constrained manufacturer and one retailer. Four models are formulated to analyze equilibrium strategies under BF and CQPF, both with and without carbon emission reduction (CER). The effects of key parameters on pricing, environmental impact, and profitability are examined through analytical derivations and numerical simulations. Our analysis reveals three key findings. First, when the carbon quota pledge rate remains below a certain threshold, CQPF leads to lower wholesale and retail prices compared to BF, regardless of whether CER is implemented. Second, while implementing CER lowers product prices under both financing modes, it does not affect the supply chain’s decision to enter the remanufacturing market but raises the threshold for adopting complete remanufacturing. Third, CQPF consistently yields higher supply chain profits than BF; however, its effectiveness in enabling remanufacturing operations is subject to a specific threshold in the carbon trading price. These findings suggest that CQPF offers a viable and often superior financing alternative for capital-constrained remanufacturing firms, provided that the carbon quota pledge rate is appropriately set. For managers, prioritizing CQPF under low pledge rates enhances both market competitiveness and profitability. For policymakers, higher carbon trading prices can incentivize complete remanufacturing adoption. Banks should set pledge rates below the critical threshold to stimulate green manufacturing. The study also highlights that CER investment, while beneficial for demand, may increase overall environmental impact if it disproportionately expands new product production.

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