关键词: 双边资金约束, 双渠道供应链, 政府补贴, 碳减排, 融资方法

Abstract: For a dual-channel supply chain where the upstream and downstream firms were both capital-constrained, three different financing portfolio strategies mode were constructed under government subsidies. Analyzed the impact of government subsidy ratios, consumer low-carbon preferences, initial capital scale on supply chains and social welfare. Research has shown that manufacturer has the same and maximum emission reduction level under the unconstrained funding model and the "government subsidies+trade credit" mode. Under bilateral financial constraints, the retailer's profit may be higher than its profit without financial constraints, while the manufacturer's profit is usually lower than its profit without financial constraints. For the retailer, the highest profit is obtained under the model of "government subsidies+trade credit", and the lowest profit is obtained under the model of "government subsidies+bilateral bank loans". For the manufacturer, when the sensitivity to delayed payment of wholesale prices is relatively low, they prefer to choose the "government subsidy+trade credit" model. Otherwise, they prefer to choose the "government subsidy+bilateral bank lending" model more. The government has the same and maximum social welfare level under the unconstrained funding model and the "government subsidies+trade credit" mode.

Key words: bilateral capital constraints, dual channel supply chain, government subsidy, carbon emission reduction, financing methods