针对供应链低碳产品高成本破解难题，引入零售商持股制造商减排投资战略，研究两级低碳供应链股权合作问题，比较分析了制造商减排与不减排、零售商对制造商减排投资持股与不持股两种情形下的供应链企业最优决策及利润变化。研究发现零售商按照合理比例持股，能够减少碳排放同时制造商和零售商的利润会实现帕累托改进，且主导者制造商能够分享更多剩余供应链价值，消除了持股前零售商对制造商碳减排投资“搭便车”现象。进一步发现，当消费者低碳偏好增加、价格敏感性降低或减排技术有较大改进且三者达到一定比例关系时，股权合作契约可以实现供应链协调。最后，通过数值分析对结论进行验证并探讨了持股比例对制造商和零售商利润的关系。

For reducing the high production cost of low-carbon products in supply chain system, a strategy with the retailer holding equity in the manufacturer’s carbon-reducing investment is introduced. The equity holding collaboration of the two-stage low-carbon supply chain is studied. The influence of the strategy on the emission reduction, the retail price, the order quantity and the profits are analyzed. The results indicate that the holding equity strategy is able to not only reduce carbon emissions, but also achieve the Pareto improvement within the supply chain members in a certain range of shareholding ratio. Meanwhile, the manufacturer acquires more surplus profits which eliminates the phenomenon that the retailer gains more profits from manufacturer’s carbon-reducing investment. Besides, the equity holding strategy can coordinate the supply chain under a certain condition. Finally, a numerical example is given to investigate the influence mechanism of supply chain operation decisions with the retailer holding the supplier’s equity.

F224

国家自然科学基金重点项目（71531003），重庆市教委人文社科基金重点项目（16SKGH067），重庆市教委科学技术研究项目（KJ1600506），重庆市科委基础与前沿研究项目（cstc2016jcyjA0023），教育部留学基金项目（201372）;国家自然科学基金项目（面上项目，重点项目，重大项目）