关键词: 绿色供应链, 风险规避, 公平偏好, 绿色金融

Abstract: Based on the financing issues of the green supply chain under the condition of stochastic demand, this paper uses the Conditional Value-at-Risk (CVaR) method to study the financing problems considering the risk aversion and fairness preference of the core enterprise in the supply chain. Unlike previous studies that only used the mean-variance method to focus on the impact of the core enterprise's risk aversion on the green supply chain financing, this article employs the Conditional Value-at-Risk method. On the basis of overcoming the shortcomings of the mean-variance method, it simultaneously studies the impacts of the core enterprise's risk aversion and fairness preference on the green supply chain financing.The research findings are as follows: When suppliers increase their green investment in the supply chain and face capital constraint problems, compared with bank green credit, the financing method of advance payment by retailers is more beneficial to all entities in the supply chain. When considering both the risk aversion and fairness preference of retailers, the more risk-averse the retailers are, that is, the smaller the risk aversion coefficient is, the lower the profit level of the suppliers will be. The profit level of the retailers first increases and then decreases, and the impact of the suppliers' fairness preference on the retailers' profits will also be affected by the degree of the retailers' risk aversion.The research results enrich and expand the relevant studies on the financing strategies and influencing factors of the green supply chain, and provide a decision-making reference for alleviating the financing difficulties of small and medium-sized enterprises in the supply chain.

Key words: green supply chain, risk avoidance, fairness preference, green Finance