Considering that the manufacturer produces normal products (NPs) and low-carbon remanufactured products (LCRPs), this paper studied the production decisions under capital constraints and the Carbon Emission Permits Repurchase Strategy (CEPRS). The direct selling model and supply chain model are constructed respectively and optimal decisions are given. On this basis, the influences of CEPRS on optimal decisions and corporate performance are analyzed. This study shows that for the capital-constrained manufacturer, adopting the CEPRS is conducive to promoting the production of LCRPs. In the direct selling model, a higher end-of-period carbon price is not always beneficial for the environment. In the supply chain model, as the end-of-period carbon price increases, the low-cap manufacturer tends to lower the wholesale price of LCRPs, while the high-cap manufacturer tends to increase the wholesale price of NPs. A lower carbon cap is more effective in controlling carbon emissions, while a higher carbon cap generates a higher profit. Moreover, the manufacturer’s preference for operation mode is affected by the carbon cap. Specifically, the low-cap manufacturer prefers the direct selling model, while the high-cap manufacturer prefers the supply chain model.

考虑到制造商生产正常产品（NPs）和低碳再制造产品（LCRPs），本文研究了资本约束下的生产决策和碳排放许可回购策略（CEPRS）。分别构建直销模型和供应链模型，给出最优决策。在此基础上，分析了CEPRS对最优决策和企业绩效的影响。本研究表明，对于资金紧张的厂商，采用CEPRS有利于促进LCRP的生产。在直销模式中，较高的期末碳价格并不总是有利于环境。在供应链模型中，随着期末碳价格的上涨，低市值制造商倾向于降低 LCRP 的批发价格，而高市值制造商则倾向于提高NP的批发价格。较低的碳上限在控制碳排放方面更有效，而较高的碳上限会产生更高的利润。此外，制造商对操作模式的偏好受到碳上限的影响。具体而言，低市值制造商更喜欢直销模式，而高市值制造商则更喜欢供应链模式。