This paper develops a low-carbon supply chain consisting of a capital-constrained manufacturer and a capital-abundant retailer where bank loans and early payment are investigated. Under each power structure, there always exists a financing equilibrium, i.e., early payment. Compared with bank loans, early payment could produce lower carbon emissions and higher social welfare in the retailer-led power structure; but it damages environment and social welfare, and leads to the conflict between profitability and environmental goals in the manufacturer-led case. Finally, impacts of power structure on financing mechanism, carbon emissions, and performance are analyzed to provide more managerial implications.

本文建立了一个低碳供应链，其中包括一个资本受限的制造商和一个资本充裕的零售商，其中研究了银行贷款和提前还款。在每个权力结构下，总会存在融资均衡，即提前付款。与银行贷款相比，提前付款可以在零售商主导的权力结构中减少碳排放并提高社会福利；但它损害了环境和社会福利，并在制造商领导的案例中导致了盈利能力与环境目标之间的冲突。最后，分析了权力结构对融资机制，碳排放和绩效的影响，以提供更多的管理意义。