As low-carbon products increasingly become popular among consumers, the manufacturers have begun to advocate low-carbon supply chain to meet consumers’ low-carbon preferences. However, low-carbon investments inevitably bring financing constraints to the supply chain. To provide a potential solution to relieve the financial constrain, we established a two-echelon supply chain consisting of a low-carbon product manufacturer and a retailer. Supply chain members can effectively solve their financing constraints by utilizing portfolio financing consisting of the bank loan (BL), trade credit (TC), and asset-based securitization (ABS). We found that under the financial mode of BL and DC (Dual credit refers to the combination of bank loan and trade credit), only when consumers are highly price-sensitive to low-carbon products can tax preference incentivize the manufacturer to reduce carbon emissions. Under DC mode, consumer’s strong low-carbon preference will push up the retail price level of low-cost products; Under portfolio financing with ABS & DC, consumers’ strong low-carbon preference will force up the retail price level of low-carbon products with low price sensitivity. Compared with pure BL and DC, the cash flow under portfolio financing is the tightest. Besides, we took capital demand of the multi-stage scenario into consideration. Moreover, we found that the tax rate and tax deduction ratio of carbon emissions reduction will affect the retail price, wholesale price, and financing decision in the three financial modes when satisfying certain conditions.

随着低碳产品在消费者中越来越受欢迎，制造商已开始倡导低碳供应链，以满足消费者对低碳的喜好。但是，低碳投资不可避免地给供应链带来了融资限制。为了提供潜在的解决方案来缓解财务困难，我们建立了由低碳产品制造商和零售商组成的两级供应链。供应链成员可以利用包括银行贷款（BL），贸易信贷（TC）和基于资产的证券化（ABS）在内的证券投资来有效地解决其融资约束。我们发现在BL和DC的财务模式下（双重信用是指银行贷款和贸易信用的组合），只有当消费者对低碳产品高度价格敏感时，税收优惠才能激励制造商减少碳排放。在DC模式下，消费者对低碳的强烈偏好将推高低成本产品的零售价格水平。在通过ABS＆DC进行的组合融资下，消费者对低碳的强烈偏好将迫使价格敏感性较低的低碳产品的零售价格上涨。与纯BL和DC相比，组合融资下的现金流最紧。此外，我们考虑了多阶段方案的资本需求。此外，我们发现碳减排的税率和减税率在满足一定条件时会影响三种财务模式的零售价格，批发价格和融资决策。