{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,2,10]],"date-time":"2026-02-10T12:21:06Z","timestamp":1770726066733,"version":"3.49.0"},"reference-count":74,"publisher":"MDPI AG","issue":"7","license":[{"start":{"date-parts":[[2025,7,1]],"date-time":"2025-07-01T00:00:00Z","timestamp":1751328000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100012456","name":"National Social Science Fund of China","doi-asserted-by":"publisher","award":["23CGL040"],"award-info":[{"award-number":["23CGL040"]}],"id":[{"id":"10.13039\/501100012456","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>Amidst escalating concerns about climate change, manufacturers are increasingly pressured to adopt a low-carbon supply chain (LCSC). Financial constraints deter numerous companies from embracing low-carbon initiatives in a competitive landscape. Inclusive internal financing (IIF) provides operational funds from capital-abundant members to capital-constrained members, resolving funding shortages internally within the system. However, when dominant members cannot support all such enterprises, selective internal financing (SIF) or hybrid financing (HF) becomes necessary. This paper studies the operation and financing strategies of a competitive LCSC. Within the framework of an LCSC where two capital-constrained retailers compete, using Stackelberg game theory and the backward induction method, three game-theoretical models are developed under IIF, SIF, and HF. The results indicate that increased competition intensity reduces product sales price, the manufacturer\u2019s carbon emission reduction level, and profit. When competition intensity is high, SIF more effectively enhances carbon emission reduction level, product sales quantity, and profit acquisition. HF reduces profits for the allied retailer and diminishes its competitiveness, yet enhances the competitive strength of the rival retailer. Numerical analysis demonstrates that when equity financing in HF exceeds 0.546, the allied retailer becomes unprofitable and is driven out of the market. This study complements LCSC finance research and provides references for supply chain operations and financing strategy formulation.<\/jats:p>","DOI":"10.3390\/systems13070531","type":"journal-article","created":{"date-parts":[[2025,7,1]],"date-time":"2025-07-01T06:56:54Z","timestamp":1751353014000},"page":"531","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":1,"title":["Inclusive Internal Financing, Selective Internal Financing, or Hybrid Financing? A Competitive Low-Carbon Supply Chain Operational and Financing Strategies"],"prefix":"10.3390","volume":"13","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-7632-9978","authenticated-orcid":false,"given":"Xiaoli","family":"Zhang","sequence":"first","affiliation":[{"name":"Postdoctoral Research Workstation of Northeast Asia Service Outsourcing Research Center, Harbin University of Commerce, Harbin 150028, China"},{"name":"School of Accounting, Harbin Finance University, Harbin 150030, China"}]},{"given":"Lin","family":"Zhang","sequence":"additional","affiliation":[{"name":"Postdoctoral Research Workstation of Northeast Asia Service Outsourcing Research Center, Harbin University of Commerce, Harbin 150028, China"},{"name":"School of Accounting, Harbin Finance University, Harbin 150030, China"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-4607-3219","authenticated-orcid":false,"given":"Caiquan","family":"Duan","sequence":"additional","affiliation":[{"name":"School of Accounting, Harbin Finance University, Harbin 150030, China"},{"name":"College of Engineering, Northeast Agricultural University, Harbin 150030, China"}]}],"member":"1968","published-online":{"date-parts":[[2025,7,1]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"666","DOI":"10.1002\/mde.4394","article-title":"Optimal financing strategies for low-carbon supply chains: A Stackelberg game perspective","volume":"46","author":"Wang","year":"2025","journal-title":"Manag. 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