系统管理学报2025，Vol.34Issue(5)：651-663,13.DOI:10.3969/j.issn2097-4558.2025.03.004
碳税环境下融资模式对可再生能源投资决策的影响
Financing Mode on Renewable Energy Investment Based on Carbon Tax Environment
摘要
Abstract
In the context of carbon tax policy,this paper examines the construction of a secondary power supply chain consisting of a power generator(as the leader)and a power retailer(as the follower).It incorporates key factors such as renewable energy preference coefficient,the proportion of third-party financing institution,and the interest rate associated with debt financing,and establishes an equity financing model and a debt financing model.Using backward induction,the main researches are summarized as follows.First,under the equity financing model,the renewable energy investment,consumer demand,electricity price,consumer surplus,and retailer profit are all higher,while total carbon emissions are lower compared to in the debt financing model.Next,the profit of the supply chain member profit under the two financing models depends on either the proportion of third-party financing institution or the potential market demand.Finally,while an increase in the unit carbon tax can increase investment in renewable energy and leads to a reduction in total carbon emissions,it has a negative impact on demand and reduces the profits of both the power generator and the retailer.关键词
碳税/股权融资/债权融资/可再生能源投资Key words
carbon tax/equity financing/debt financing/renewable energy investment分类
经济学引用本文复制引用
张业霞,陈威,马永开,白春光..碳税环境下融资模式对可再生能源投资决策的影响[J].系统管理学报,2025,34(5):651-663,13.基金项目
国家自然科学基金面上项目(72072021) （72072021）
国家社科后期资助项目(23FGLB078) （23FGLB078）
博士后面上项目(2023M740532) （2023M740532）
四川省自然科学基金资助项目(23NSFSC4657) （23NSFSC4657）
成都市社科联项目(2023BS130) （2023BS130）
中央高校基本科研业务费(ZYGX2020FTJH010,ZYGX2021FRJH005) （ZYGX2020FTJH010,ZYGX2021FRJH005）
