Emission trading gives rise to a new financial tool, namely the emission right-based lending, under which a firm could pledge its emission right to borrow from the bank. Early practices show that this emerging financing mode can benefit both the emission right-holding companies and the banks. The firm gets more money for further investment or more green production, and the bank increases its interest income. To promote the application of emission right-based lending and enrich the research field of green finance, this research theoretically investigates its operational mechanisms, benefits and limitations through the construction of the firm’s decision model under this green financing mode. Our model goes deeper into the complicated interactions between variables and parameters and innovatively captures a key property of this financing mode. The numerical solution is not hard to obtain though it is infeasible to solve the model analytically. In addition, we conduct a group of numerical experiments on the theoretical model to explore how the emission right-based lending brings profit to the firm and the bank, and how it enhances sustainability. Results from the numerical analysis show that the new financial tool enjoys significant advantages in meeting the two goals. And several interesting effects of factors on the advantages are revealed, providing managerial insights regarding environment protection and sustainable development.

排放权交易产生了一种新的金融工具，即基于排放权的贷款，企业可以在此工具中将其排放权抵押给银行。早期的实践表明，这种新兴的融资模式既可以使排放权持有公司也可以使银行受益。该公司获得更多的资金用于进一步的投资或更多的绿色生产，并且银行增加了其利息收入。为了促进基于排放权的贷款的应用并丰富绿色金融的研究领域，本研究从理论上通过构建绿色融资模式下的企业决策模型来研究其运行机制，收益和局限性。我们的模型更深入地研究了变量和参数之间的复杂相互作用，并创新地捕捉了这种融资模式的关键特性。尽管无法解析地求解模型，但并不难获得数值解。此外，我们对理论模型进行了一组数值实验，以探索基于排放权的贷款如何为企业和银行带来利润，以及如何提高可持续性。数值分析结果表明，新的金融工具在实现这两个目标方面具有明显的优势。并揭示了因素对优势的一些有趣影响，从而提供了有关环境保护和可持续发展的管理见解。我们在理论模型上进行了一组数值实验，以探索基于排放权的贷款如何为企业和银行带来利润，以及如何提高可持续性。数值分析结果表明，新的金融工具在实现这两个目标方面具有明显的优势。并揭示了因素对优势的一些有趣影响，从而提供了有关环境保护和可持续发展的管理见解。我们在理论模型上进行了一组数值实验，以探索基于排放权的贷款如何为企业和银行带来利润，以及如何提高可持续性。数值分析结果表明，新的金融工具在实现这两个目标方面具有明显的优势。并揭示了因素对优势的一些有趣影响，从而提供了有关环境保护和可持续发展的管理见解。