资源价值流转下火电企业环保投资决策研究

火电企业因其巨大的节能减排潜力,在绿色发展与可持续发展方面备受关注,而传统的成本核算方法已难以满足企业循环经济改造需求。引入资源价值流理论,通过识别企业内部废弃物成本和外部环境损害价值,寻找企业循环经济改造的关键节点,并建立“经济—环境”二维体系,结合层次分析法和灰色局势决策模型构建环保投资决策模型。在此基础上,以CS火电厂为例,实施资源价值流分析并针对“锅炉燃烧中心”和“燃煤运输中心”提出3个环保投资备选方案,利用环保投资决策模型优选最佳环保投资方案。基于资源价值流分析的环保投资决策,可为火电企业实现经济与环境效益双赢提供有效支持。     

企业环境保护投资规模优化的灰色关联分析

利用灰色系统理论,以环保投资外部效益内化为前提,对企业优化环保投资规模进行综合评价与决策,以提高企业的环保投资效率、激励企业的环保投资行为。认为,在相关环境标准和法律约束的框架下,应该使用经济杠杆赋予企业一定的污染治理选择权,促使其综合考虑、权衡利弊,开拓和寻找既切合实际又具有良好环境效益、社会效益与经济效益的污染治理方案,环保投资活动才有经济基础,才有可持续的动力。     

Business incentives for sustainability: a property rights approach

Public and private demands for sustainable development put pressure on firms to develop strategies that include environmental concerns. Environmental effects from products often appear as externalities, outside the legal boundary of the producing company. These companies often possess the best competence to optimise the total life cycle environmental performance of its products. They are, however, neither obliged nor stimulated enough by policy incentives to do so from a sustainable development perspective. The policy instruments used today are mostly of a control-and-demand type, i.e. they do not create sufficient incentives to go further than hedging over set requirements. Environmental concerns and tightened environmental policy parameters have mostly been associated with the notion of additional costs and thus a restriction on economic performance. However, since the mid 1990s, several papers have called for corporate win–win situations as well as instruments giving up-stream incentives for change, but not enough abatement of environmental impacts has emerged in reality. Perhaps this is due to the lack of proper connection between economic theory on the one hand, and incentive advocating articles and instruments on the other. We propose a concept for trading of product life cycle (PLC) emission rights, based on property rights and transaction cost theories considering the problem with asymmetric information over the value chain. The initial financial impacts from such PLC instruments are shown to be significant for the system provider, since emissions—and resource use—become production costs. This provides economic incentives to take an increased responsibility for information flow as well as initiatives for product innovations.     

异质性资源对企业生态创新的影响——以资源管理为中介

为获取长期竞争优势，企业应充分利用各种资源进行生态创新。基于资源基础理论(RBT)，以资源管理为中介，探讨异质性资源对企业生态创新的影响机理。以406家制造企业为样本，采用偏最小二乘结构方程模型(PLS-SEM)和模糊集定性比较分析方法（fsQCA）进行实证检验。结果发现，内部资源和外部资源均对企业生态创新具有正向影响，资源管理在异质性资源影响生态创新的过程中起部分中介作用。在生态创新二阶模型中，生态管理创新的作用明显优于生态产品创新和生态工艺创新。通过fsQCA进一步发现导致低生态创新的两种前因构型，拓展了资源基础理论在企业生态创新领域的运用，可为我国企业实施和评价生态创新行为提供参考。     

环保投资与经济增长实证研究——基于我国东中西部区域比较视角

本文在比较分析我国东、中、西部地区环保投资现状的基础上,运用面板单位根检验、协整检验及误差修正模型,就三大地区环保投资对经济增长的影响状况进行了实证研究.结果表明,三大地区的环保投资与GDP之间均存在着长期的协整关系,但不管是城市环境基础设施建设投资还是工业污染源治理投资,投资效益都很低.为使三大区域环保投资对经济增长的拉动作用最大化,实现环保与经济增长的共赢发展,应不断完善环保投资制度,加大资金投入,提高环保投资效率并优化环保投资结构.     

Jurisdictional Tax Competition and the Division of Nonrenewable Resource Rents

This paper presents a model of nonrenewable resource extraction across multiple jurisdictions which engage in strategic tax competition. The model incorporates rents due to both resource scarcity and capital scarcity as well as intra-region Ricardian rents. Regions set taxes on nonrenewable resource production strategically to balance tax revenues and local benefits from investment conditional on other regions’ tax rates. A representative extraction firm then allocates production capital across regions and time to maximize the present value of profits. Generally, we find that the division of resource rent between firms and regional governments ultimately depends on the relative scarcity of natural and production capital, relative costs across space, and the value regional governments place on economic activity. This theoretical result provides policymakers with information on the determinants of optimal tax rates and motivates future empirical research on the factors influencing the division of resource rent in practice.     

Eco-innovation and regulatory push/pull effect in the case of REACH regulation: empirical evidence based on survey data

Numerous theoretical and empirical studies provide evidence of a positive correlation between eco-innovation and environmental regulation. However, few analyses explain how environmental policies drive eco-innovation. This article studies eco-innovation-friendly mechanisms in the design of European REACH (Registration, Evaluation, Authorization of Chemicals) regulation. The aim of REACH, which became effective in 2007, is ‘to ensure a high level of protection of human health and the environment while improving competitiveness and innovation’ which makes it appropriate and original for analysing the relationship between environmental regulation and eco-innovation. The primary contribution of this article is to provide a new theoretical and empirical perspective on eco-innovation by showing how design regulation is able to push and pull the environment innovation, based on an original survey related to REACH regulation. The econometric model shows that (1) regulatory-push mechanisms seem to be more important drivers than regulatory-pull mechanisms; (2) the process of authorization and the obligation to transmit information throughout the supply chain play an important role in ‘pushing’ eco-innovation, suggesting that policymakers should promote new ‘green knowledge’ to encourage eco-innovation; (3) extending obligations has a significantly positive effect on ‘pulling’ eco-innovation and (4) only well-designed instruments, appropriate for the techno-industrial and institutional contexts in which they are to be applied, lead to innovation.     

我国绿色创新能力评价及其影响因素的实证分析——基于DEA-Malmquist生产率指数分析法

运用基于DEA的Malmquist生产率指数分析法,对2003—2009年我国30个省市的绿色创新能力进行了定量评价,并对R&D强度、人力资本素质、治理污染投资以及贸易开放度这4个影响因素进行面板数据分析。结果表明:我国大部分省市的绿色创新能力较强,R&D强度、人力资本素质的提升以及治理环境污染投入的增加能显著促进绿色创新能力的提升,高贸易开放度对绿色创新能力的提高具有不利影响,需引起足够重视。     

Democracy and capitalism: Are they compatible in the long-run?

Starting from a discussion of Schumpeter's analysis of the relationships of capitalism, socialism and democracy, it is shown that, in a complex society, democracy is only compatible with a decentralized market economy with safe property rights. But in time democracy shows a tendency to weaken the capitalist system by more and more regulations and an ever-increasing share of government (including the social security system) in GDP. This tendency is a consequence of political competition because of the development of interest groups and the presence of rationally uninformed voters. It leads to a weakening of efficiency, investment, innovation and thus to lower growth rates of GDP. But in time forces opposing this development arise. First, because of the negative consequences of growing government the welfare and regulatory state is bound to move into a crisis in the long run. Thus innovative politicians have a chance to win the support of a majority of voters for reform projects, who perceive finally the ever-increasing burden of higher taxes and regulations and realize that these burdens are not worth the benefits bestowed on them. In doing so, they may face, however, the competition of ideologies. Second, there are other states with lower taxes and less unnecessary regulations which show higher growth rates of GDP, and gain thus relative advantages in international political and military competition since they can command greater resources with the passage of time. To maintain their relative international power position, reforms are thus considered as necessary by rulers. This may be helped by pressure resulting from comparisons of the standards of living done by their citizens.     

风险投资中双重委托代理风险的博弈分析

风险投资体系中不同利益主体之间形成的双重委托代理关系能否顺利运作是决定风险投资成败的关键,然而该领域中的信息不对称问题远较一般行业严重,从而使其间形成的双重委托代理关系存在着巨大的风险性.不同利益主体之间可以达成一系列具有约束力的协议和制度安排,博弈各方都要严格遵守,这种合作博弈可以使各方均有持续、稳定的收益,达成不完全信息博弈的合作共赢,从而有效抑制双重委托代理风险.     

Eco-efficiency guiding micro-level actions towards sustainability: Ten basic steps for analysis

This paper looks at the compatibility between technological improvements at the micro-level and sustainability at the macro-level. The two main approaches to prevent environmental degradation are technological improvement and economic degrowth. How do we establish the sustainability of technological options? LCA-type analysis of the technology system, combined with economic cost analysis, offers a first integrated eco-efficiency score. However, such a technology analysis focuses on micro-level technology relations only, is usually too optimistic and ignores other constraints implied in a choice.Fitting more comprehensive knowledge into the sustainability evaluation of options requires a unifying systematic framework, which is worked out in the present paper as a ten-step procedure. The integrative framework for empirical analysis is ultimately a comparative-static systems analysis at macro-level, not in a deterministic dynamic mode, which is impossible, but as a knowledge-fed scenario analysis. The analysis shows the change in society's overall eco-efficiency, combining total value creation with total environmental impacts.Possible domains of application include not only technology choices like those in eco-innovation, including changed consumption styles and volumes, but also changes in policies regarding technologies and markets, whether direct policy shifts or indirect changes through institutional adaptations. Ultimately, such a framework also allows culturally framed questions about the type of society we would like to live in, to be analysed in terms of their economic and environmental consequences.     

企业绿色行为与价值关联性研究——以高科技行业上市公司为例

以高科技行业上市公司为对象,借助修正后的Ohlson评价模式进行定量研究发现,内部环境管理、外部绿色供应链管理、投资回收和环境化设计等绿色行为对企业股权价值增值均具有显著的解释能力,其中内部环境管理和外部绿色供应链管理影响最为强烈,因此企业应进行资源节约和环境友好的文化培育和制度安排,并以资源深度利用为导向进行跨边界的流程设计,目的在于同时提升企业的经济效益和环境效益。     

Business investment in euro area countries: the role of institutions and debt overhang

The recovery of business investment in the euro area has been sluggish, thereby hampering aggregate demand in the short term and potential growth in the long run. While we show that business investment can be associated to cost and supply of credit, cyclical demand conditions and economic uncertainty. But we also find evidence of additional factors. We suggest that there exists a link between excess leverage and weak economic institutions on the one hand and subdued investment growth on the other hand. Moreover, in euro area countries with both larger excess leverage and weaker economic institutions, the link with business investment is found to be stronger. The link between investment and weak institutions or excess leverage highlights the importance of structural reforms aimed at easing business regulations, reducing administrative burdens and increasing the efficiency of insolvency frameworks. These reforms are thus expected to reduce distortions in the allocation of resources and be supportive of a smoother deleveraging process, hence fostering business investment.     

企业资源配置战略与盈余价值相关性*

本文基于资源配置战略视角，以我国2007—2016年非金融类A股上市公司为样本，实证探究不同资源配置战略下的盈余价值相关性差异。研究发现：从整体看，经营主导型公司的净利润较投资主导型公司更具有价值相关性；从构成看，核心利润的价值相关性在经营主导型公司中更强、投资收益的价值相关性在投资主导型公司中更强。综上表明，资源配置战略是影响公司盈余价值相关性的重要因素。本文丰富和扩展了有关盈余价值相关性的研究，为投资者解读公司的盈余信息提供了一种新视角，对投资决策具有一定的借鉴意义。     

中国和平发展战略对全球应对气候变化行动的影响

2005年中国首次发布《中国的和平发展道路》白皮书,2011年9月6日中国再次发布《中国的和平发展》白皮书,向全世界公布中国和平发展的战略。中国采取什么样的发展战略,不仅对全球世界政治经济格局具有重要影响,同时也对全球应对气候变化的行动产生重要影响。重点分析了中国和平发展战略对全球应对气候变化行动的影响:(1)中国的和平发展,坚持以科学发展为指导,本身就是全球应对气候变化行动的重要组成部分;(2)中国的和平发展,推动了世界的和平与发展,有利于创造全球应对气候变化的良好政治经济环境;(3)中国的和平发展,推动了全球资源合理有效配置,有利于提高全球应对气候变化的实际成效;(4)中国的和平发展,提倡的是国际合作,有利于推动全球应对气候变化的国际协同。     

The Netherlands’ NAMEA; presentation,usage and future extensions

The national accounting matrix including environmental accounts (NAMEA) contains figures on environmental burdens in relation to economic developments as reflected in the national accounts. In the NAMEA, existing national accounts matrices have been extended with accounts in physical units. Since 1994, the NAMEA is a regular part of the annual Dutch national accounts. In this article, an aggregate NAMEA will be described. Next, the contribution of economic activities to economic indicators is compared with their contribution to environmental themes, both based on the information in the NAMEA. In addition, the cumulative contribution of economic activities to economic and environmental indicators are also given, thus taking into account the relations between the production activities. Finally, a number of recent applications and extensions of the NAMEA in the Netherlands are described.     

我国高耗能行业电力消费中长期发展潜力预测

利用1985—2009年的年度数据,对我国高耗能行业用电量与GDP、行业产值、行业投资、城市化水平、行业投资结构等之间的相关关系进行了实证研究,采用情景分析法对2011—2020年7个情景下的我国高耗能用电的发展潜力及行业发展前景进行了预测。结果表明:高耗能用电与宏、微观经济变量之间存在长期均衡和短期偏离关系;城市化水平、高耗能行业投资结构是影响高耗能用电的重要因素;高耗能用电对GDP的发展速度比较敏感,在高耗能行业的投资与产值保持目前增长速度的情景下,高耗能用电走势与基准情景比较接近;2011—2020年高耗能行业继续发挥对经济的拉动作用,但巨大的资源消耗与能源环境代价呼唤高耗能行业进行绿色转型。     

WORLD CUP 2010: SOUTH AFRICAN ECONOMIC PERSPECTIVES AND POLICY CHALLENGES INFORMED BY THE EXPERIENCE OF GERMANY 2006

The paper provides an ex post analysis of the financial burden and economic benefits of the World Cup (WC) in Germany 2006. Based on the usual cost-benefit measures, the experience of WC 2006 appears to be in line with existing empirical research on large sporting events and sports stadiums, which have rarely identified significant net economic benefits. The lessons from Germany 2006 provide a context for analyzing the potential risks and benefits for South Africa (SA), the WC hosts in 2010. For SA, a careful analysis might be even more urgent to assure the sustainability of investment in stadiums. The paper also argues that the "feel-good" and public image effects of sports events should no longer be neglected in cost-benefit studies of large sporting events, even though these effects have the character of experience goods, and their value are thus likely to be underestimated ex ante. ( JEL L83, R53, R58)     

Drivers of different types of eco-innovation in European SMEs

In this paper we explore the drivers of different types of eco-innovation in European SMEs. Drawing upon a database of 27 European countries, empirical evidence is found for the different roles of supply-side, demand-side and regulatory factors in encouraging the adoption of different types of eco-innovation. Our empirical strategy consists of the estimation of a trivariate probit model. Our results show that those entrepreneurs who give importance to collaboration with research institutes, agencies and universities, and to the increase of market demand for green products are more active in all types of eco-innovations. Supply-side factors seem to be a more important driver for environmental processes and organizational innovations than for environmental product innovations. The results also show that market share only has a significant positive influence on eco-product and eco-organizational innovations, while cost-savings are solely significant for eco-process innovations. Finally, prioritizing existing regulations shapes eco-product and eco-organizational innovations while expected regulations and access to subsidies and fiscal incentives do not have any significant effect on the decision to eco-innovate in Europe at the firm-level.     

基于客户价值的营销资源分配和关系管理研究

以客户价值和客户关系阶段二项指标为客户营销资源分配基准,结合客户关系管理的三项主要任务：新客户获取、高价值客户保持和危险客户赢回,提出了“以客户为中心”的资源分配整体框架,以及基于客户关系管理三项主要任务的资源投入最优比例模型。根据对不同客户关系阶段特点的分析,应该采取发展阶段、成熟阶段和衰退阶段关系管理策略。