Abstract: Taking the remanufacturing firms with capital constraints as the research object, the production decision problem in carbon quota repurchase financing is analyzed. The decision models of remanufacturing production with and without carbon quota repurchase financing under capital constraints are established respectively. The optimal solutions under different conditions are obtained by using the Kuhn-Tucker condition, and the optimal solutions of the two scenarios are compared. Then, the effects of initial production capital, consumer preference, and carbon quota repurchase amount on optimal output and profit are analyzed by utilizing numerical examples. The research shows that when the initial production capital is low, the carbon quota repurchase financing strategy will increase the new product output and total output. If consumers have a higher preference for remanufactured products, the carbon quota repurchase financing strategy can improve the profits of remanufacturing firms. With the increase of carbon quota repurchase amount, the profit of remanufacturing firms increases first and then decreases. In addition, there is a unique optimal carbon quota repurchase amount that maximizes the profit.

Key words: remanufacturing, financial constraints, carbon quota repurchase financing, production decision

摘要： 以资金约束的再制造企业为研究对象，分析了碳配额回购融资下的再制造生产决策问题。分别建立了资金约束下有无碳配额回购融资的再制造生产决策模型，利用Kuhn-Tucker条件得到了不同情形下的最优解，并对两种情形下的最优解进行了比较；通过算例分析初始生产资金、消费者偏好和碳配额回购量对最优产量和利润的影响。研究表明：当初始生产资金较低时，再制造企业选择碳配额回购融资会提高新品产量和总产量；若消费者对再制造品的偏好较高，采取碳配额回购融资提高再制造企业的利润；随着碳配额回购量的提高，再制造企业的利润先提高后降低。另外，存在唯一的最优碳配额回购量使得利润最大。

关键词: 再制造, 资金约束, 碳配额回购融资, 生产决策