清洁发展机制(CDM)对中国企业经营绩效影响的实证检验
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摘要
CDM项目早期在国内的迅速发展主要依赖政策引导和扶持,但企业本身参与项目的主动性不高。因此,随着《京都议定书》到期,政策引导力减弱,CDM项目的参与度迅速回落。实际上,CDM项目的意义并不仅局限于环境绩效和减排额收入,其有相当一部分附加商业价值被忽略,比如CDM项目对发展企业出口业务和节约生产成本的潜在利好。综上所述,本文旨在通过揭示CDM项目的真实商业价值重塑企业和政府对CDM的认知,调动企业开发项目的积极性。实证结果显示,参与CDM项目对于企业出口比例有显著提升作用,但CDM项目对生产成本率的影响存在明显的行业分化,对于集中于主流项目、平均绩效指标(盈利水平、流动性、负债水平)良好的行业(如电力、水泥、环保等),CDM项目能够显著降低生产成本率,其余行业(包括钢铁、煤炭、造纸等)则无法受益。因此,本文建议有意图开拓海外市场的企业可以考虑借力CDM项目,而希望通过开发CDM项目降低生产成本率的企业则需要结合项目类型和自身实力谨慎决策。同时,政府部门应该引导不同类型项目平衡发展,并适时对亟待绿色转型的企业予以补贴。
Clean development mechanism(CDM)is currently the most essential mechanism that enables international cooperation in emissions reduction.The rapid growth of CDM projects earlier in China relied on policy support other than enterprises' motivation,resulting in a sharp decline in CDM participation at the expiration of Kyoto protocol.Actually,CDM's contribution is not confined to environmental modification or emissions trading revenue.A large portion of its real value,such as promoting overseas business and saving production cost,has long been neglected.Thus,the purpose of this research is to reveal and verify the potential value of CDM to encourage more domestic enterprises to participate in it.Using a sample of domestic companies engaged in CDM from 2006 to 2015,the specific impacts of CDM projects on corporate's export revenues and production cost ratio are explored.In testifying the influence of CDM projects on corporate's export proportion,an OLS regression model is primarily used to identify a significant increase in export proportion after 2012,a big year for CDM.A control group of corporates not engaged in CDM is later included for DID analysis of which the result suggests that the increase in export proportion for the treatment group is significantly larger than that of the control group.Inconsistent with our former assumption,reduction of production cost ratio at the operation of a CDM project is only witnessed in several particular industries.Further analysis suggests that the specific traits of such industries include higher profitability,better liquidity and lower leverage.Moreover,companies from those industries tend to develop mainstream types of CDM projects.Given above empirical evidence,it is concluded that the promotion of export proportion is valid for all companies involved in CDM while the reduction in production cost ratio only works for specific industries.This study has enriched research about CDM's influences on enterprises' operating performances,which provides clear guidance for corporate managers to make CDM-related decisions and for governments to formulate supporting policies.
Clean development mechanism(CDM)is currently the most essential mechanism that enables international cooperation in emissions reduction.The rapid growth of CDM projects earlier in China relied on policy support other than enterprises' motivation,resulting in a sharp decline in CDM participation at the expiration of Kyoto protocol.Actually,CDM's contribution is not confined to environmental modification or emissions trading revenue.A large portion of its real value,such as promoting overseas business and saving production cost,has long been neglected.Thus,the purpose of this research is to reveal and verify the potential value of CDM to encourage more domestic enterprises to participate in it.Using a sample of domestic companies engaged in CDM from 2006 to 2015,the specific impacts of CDM projects on corporate's export revenues and production cost ratio are explored.In testifying the influence of CDM projects on corporate's export proportion,an OLS regression model is primarily used to identify a significant increase in export proportion after 2012,a big year for CDM.A control group of corporates not engaged in CDM is later included for DID analysis of which the result suggests that the increase in export proportion for the treatment group is significantly larger than that of the control group.Inconsistent with our former assumption,reduction of production cost ratio at the operation of a CDM project is only witnessed in several particular industries.Further analysis suggests that the specific traits of such industries include higher profitability,better liquidity and lower leverage.Moreover,companies from those industries tend to develop mainstream types of CDM projects.Given above empirical evidence,it is concluded that the promotion of export proportion is valid for all companies involved in CDM while the reduction in production cost ratio only works for specific industries.This study has enriched research about CDM's influences on enterprises' operating performances,which provides clear guidance for corporate managers to make CDM-related decisions and for governments to formulate supporting policies.
引文
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[8]Zhao Zhenyu,Li Zhiwei,Xia Bo.The impact of the CDM(clean development mechanism)on the cost price of wind power electricity:A China study[J].Energy,2014,69(5):179-185.
[9]贺胜兵,周华蓉,田银华.碳交易对企业绩效的影响---以清洁发展机制为例[J].中南财经政法大学学报,2015,(3):3-10.
[10]Zhang Bin,Lai Keehung,Wang Bo,et al.Shareholder value effects of corporate carbon trading:Empirical evidence from market reaction towards Clean Development Mechanism in China[J].Energy Policy,2017,110:410-421.
[11]何华,马常松,吴忠和.碳限额与交易政策下考虑绿色技术投入的定价策略研究[J].中国管理科学,2016,24(5):74-84.
[12]柏庆国,徐贤浩.碳限额与交易政策下易变质产品的最优库存策略[J].中国管理科学,2017,25(7):28-37.
[13]程发新,邵世玲.基于阶段划分的企业主动碳减排创新策略实施研究[J].中国管理科学,2016,24(8):28-36.
[14]周正祥.TBT对我国出口影响的实证研究[J].中国软科学,2005,(4):70-78.
[15]Porter M E,Van der Linde C.Toward a new conception of the environment-competitiveness relationship[J].Journal of Economic Perspectives,1995,9(4):97-118.
[16]Chen Yushan,Chang Chinghsun.Enhance environmental commitments and green intangible assets toward green competitive advantages:An analysis of structural equation modeling(SEM)[J].Quality&Quantity,2013:1-15.
[17]Porter M E,Van der Linde C.Green and competitive:Ending the stalemate[J].Harvard Business Review,1995,73(5):120-134.
[2]李在卿.清洁发展机制:温室气体减排与第三方认证[M].北京:中国环境科学出版社,2009.
[3]Xie Huiming,Shen Manhong,Wang Rui.Determinants of clean development mechanism activity:Evidence from China[J].Energy Policy,2014,67(2):797-806.
[4]Koo Bonsang.Preparing hydropower projects for the post-Paris regime:An econometric analysis of the main drivers for registration in the Clean Development Mechanism[J].Renewable&Sustainable Energy Reviews,2017,73:868-877.
[5]崔连标,范英,朱磊,等.碳排放交易对实现我国“十二五”减排目标的成本节约效应研究[J].中国管理科学,2013,21(1):37-46.
[6]Huang Yongfu,Barker T.The Clean Development Mechanism and low carbon development:A panel data analysis[J].Energy Economics,2012,34(4):1033-1040.
[7]Zainuddin Z B,Zailani S,Govindan K,et al.Determinants and outcome of a Clean Development Mechanism in Malaysia[J].Journal of Cleaner Production,2017,142:1979-1986.
[8]Zhao Zhenyu,Li Zhiwei,Xia Bo.The impact of the CDM(clean development mechanism)on the cost price of wind power electricity:A China study[J].Energy,2014,69(5):179-185.
[9]贺胜兵,周华蓉,田银华.碳交易对企业绩效的影响---以清洁发展机制为例[J].中南财经政法大学学报,2015,(3):3-10.
[10]Zhang Bin,Lai Keehung,Wang Bo,et al.Shareholder value effects of corporate carbon trading:Empirical evidence from market reaction towards Clean Development Mechanism in China[J].Energy Policy,2017,110:410-421.
[11]何华,马常松,吴忠和.碳限额与交易政策下考虑绿色技术投入的定价策略研究[J].中国管理科学,2016,24(5):74-84.
[12]柏庆国,徐贤浩.碳限额与交易政策下易变质产品的最优库存策略[J].中国管理科学,2017,25(7):28-37.
[13]程发新,邵世玲.基于阶段划分的企业主动碳减排创新策略实施研究[J].中国管理科学,2016,24(8):28-36.
[14]周正祥.TBT对我国出口影响的实证研究[J].中国软科学,2005,(4):70-78.
[15]Porter M E,Van der Linde C.Toward a new conception of the environment-competitiveness relationship[J].Journal of Economic Perspectives,1995,9(4):97-118.
[16]Chen Yushan,Chang Chinghsun.Enhance environmental commitments and green intangible assets toward green competitive advantages:An analysis of structural equation modeling(SEM)[J].Quality&Quantity,2013:1-15.
[17]Porter M E,Van der Linde C.Green and competitive:Ending the stalemate[J].Harvard Business Review,1995,73(5):120-134.
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