Abstract: In the context of carbon tax policy, this paper examines the construction of a secondary power supply chain consisting of a power generator (as the leader) and a power retailer (as the follower). It incorporates key factors such as renewable energy preference coefficient, the proportion of third-party financing institution, and the interest rate associated with debt financing, and establishes an equity financing model and a debt financing model. Using backward induction, the main researches are summarized as follows. First, under the equity financing model, the renewable energy investment, consumer demand, electricity price, consumer surplus, and retailer profit are all higher, while total carbon emissions are lower compared to in the debt financing model. Next, the profit of the supply chain member profit under the two financing models depends on either the proportion of third-party financing institution or the potential market demand. Finally, while an increase in the unit carbon tax can increase investment in renewable energy and leads to a reduction in total carbon emissions, it has a negative impact on demand and reduces the profits of both the power generator and the retailer.

Key words: carbon tax, equity financing, debt financing, renewable energy investment

摘要： 在碳税政策背景下，构建由发电企业（领导者）和售电企业（追随者）组成的二级电力供应链模型。通过引入可再生能源偏好系数、第三方融资机构持股比例以及债权融资利率等参数，分别建立股权融资与债权融资模型，并运用逆向归纳法求解均衡解。主要研究结论如下：① 相较于债权融资模式,股权融资模式下的可再生能源投资规模、电力需求量、电价水平、消费者剩余及售电企业利润均显著提升，同时总碳排放量明显降低；② 在不同融资模式下，供应链成员利润水平主要取决于机构持股比例或潜在市场需求规模；③ 提高单位碳税税率虽能有效促进可再生能源投资并减少总碳排放量，但会抑制电力需求量增长并降低发售企业利润水平。

关键词: 碳税, 股权融资, 债权融资, 可再生能源投资