Abstract
Considering the constraints of carbon trading policy, manufacturers have strengthened joint emission reduction with energy service company (ESCO). In view of the capital constraint of ESCO and the demand risk of the manufacturer, in order to promote better cooperation between the manufacturer and ESCO, the influence of manufacturer's risk aversion on supply chain performance is studied. In this paper, we use the mean-variance (MV) model to construct the two-echelon supply chain models of manufacturer's non-shareholding ESCO, manufacturer's shareholding ESCO and manufacturer's shareholding ESCO under risk aversion, respectively. This paper studies the risk aversion strategy of manufacturer's shareholding ESCO, discusses the influence of relevant parameters on decision variables, and analyses the influence of different shareholding proportion and risk aversion coefficient on profit through numerical analysis. The results show that the emission reduction of ESCO and the selling price of the manufacturer are increased when the manufacturer chooses the appropriate shareholding proportion, and interestingly, the manufacturer's shareholding in ESCO will also increase its emission reduction price. However, in order to avoid the risk of equity investment, manufacturers adopt the strategy of reducing the price of emission reduction and sales price, but this behavior will not only reduce their own profits, but also make the emission reduction lower.
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