浅析排污权交易制度对我国排污管理体制的启示

随着社会经济的发展,我国的排污管理体制已经不能适应环境保护的要求。排污权交易制度作为污染防治的经济手段,以其在降低治污成本、调动治污积极性方面不可替代的优势,越来越受到重视。本文对排污权交易制度的优越性及其发挥途径加以论述,并就排污权交易制度在我国的完善提出了建议。     

基于排污权交易的浙江省绿色金融创新

排污权有偿使用和交易,是运用市场经济手段解决环境问题的有益探索,不仅能提高企业节能减排的积极性,也能有效降低环境污染治理成本,改变以往通过行政强制手段治理环境污染的困局,实现经济和社会效益最大化.目前,浙江省排污权交易市场方兴未艾,绍兴、嘉兴、湖州等市地已陆续启动了排污权有偿使用和交易试点,与此同时,浙江省内的金融机构探索开展了排污权交易领域的金融创新,成为低碳经济领域的一大金融创新产品.     

浅析排污权交易制度——以经济学为视角

排污权交易制度是通过赋予污染排放者合法的污染物排放权利,并允许交易来实现对污染物排放控制的制度。推行排污权交易制度,对于规范总量控制目标,改善环境质量起到了积极作用。本文以经济学为视角,从理论基础、可行性等几个方面分析排污权交易制度。     

排污权交易制度的国际比较与借鉴

目前环境问题已成为制约我国经济发展的瓶颈.环境的治理主要有政府和市场两种手段.由政府征收排污费是一种非市场化的配额交易制度;而借助市场机制实施排污权交易制度,激励企业超量减排形成排污权剩余,再通过出售剩余排污权获得经济回报,这是市场对企业环保行为的补偿.当前,如何遵循经济规律,将环境问题引入市场交易,建立排污权交易制度,在政府指导下利用市场机制进行排污权交易,依靠政府和市场的双重力量解决环境污染,是我国亟待解决的问题.美国等发达国家在这些方面取得了很多成功经验,值得我国借鉴.     

关于我国排污权交易会计处理的思考

可持续发展和节能减排呼唤排污权交易制度。实践证明,排污权交易是一种有效改善环境、降低污染治理费用的途径,为世界各国所欢迎和普遍采用。排污权交易的会计处理也成为理论界和实务界关注的焦点,目前来说,各国对排污权的确认、计量和披露都有不尽相同的规定。我国排污权交易实行时间还不长,还没有对其会计处理作出一个详尽的规定。本文拟在借鉴他国经验的基础上,对我国排污权交易的会计处理问题做一个粗浅探讨。     

关于我国排污权交易会计处理的思考

可持续发展和节能减排呼唤排污权交易制度。实践证明,排污权交易是一种有效改善环境、降低污染治理费用的途径,为世界各国所欢迎和普遍采用。排污权交易的会计处理也成为理论界和实务界关注的焦点,目前来说,各国对排污权的确认、计量和披露都有不尽相同的规定。我国排污权交易实行时间还不长,还没有对其会计处理作出一个详尽的规定。本文拟在借鉴他国经验的基础上,对我国排污权交易的会计处理问题做一个粗浅探讨。     

排污权与碳交易市场的发展

（一）排污权交易概述 排污权交易是当前各国关注的环境经济政策之一,是实现污染物排放总量控制的重要经济手段。所谓排污权是指排污者在环境保护监督部门分配的额度内。并在确保该权力的行使不会损害其他公众环境权益的情况下．依法享有的向环境排放污染物的权力。而排污权交易则是将排污权像商品一样交易。排污权交易体现了一种新的环境管理思想。     

浙江省排污权抵押贷款现状与对策

背景和现状当前,浙江省环境资源容量与经济社会发展的矛盾不断凸显,环境保护的形势日益严峻,经济杠杆在环境保护的作用也日趋重要。排污权交易是运用市场化手段解决环境问题的有效途径,不仅能充分提高企业节能减排积极性,也能有效降低环境污染治理成本,改变以往通过行政强制手段治理环境污染的困局,实现经济和社会效益最大化。同时,国际上碳交易和碳金融的实践经验也充分表明,金融在排污权交易中具有十分重要的资源配置和资金融通功能,排污权交易是绿色金融发展的重要载体和突破口。目前浙江省排污权有偿使用和交     

我省进一步完善排污权交易政策

省财政为解决困难企业购买政府储备排污权大宗交易款项问题,近日,省财政厅进一步明确了完善排污权交易政策。一是企业购买政府储备排污权原则上应按照省物价局、省财政厅、省环保厅《关于我省排污权交易基准价及有关事项的通知》(晋价费字[2011]261号)规定的排污权交易基准价一次性缴清购买政府储备排污权交易资金(以下简称排污权交易资金)。二是企业一次性缴纳排污权交易资金确有困难的,经申     

银行绿色信贷之排污权抵押机制建立研究

本文分析了排污权可转让机制—排污权交易制度、排污权价值评估—排污权交易基准价、排污权抵押融资工具及排污权抵押风险,并对银行环境信用风险控制排污权抵押机制的建立提出了相应建议.     

The effects of environmental regulation on the stock market: the French experience

The impact of environmental regulation on the French stock market is investigated by using event study methodology and asset pricing models. The impact of environmental regulation on the stock prices of environmentally friendly businesses and polluters is assessed. Additionally, we estimate the change in systematic risk following the introduction of new regulations. According to the results, the French stock market is particularly sensitive to the environmental regulation embodied in the European Union Emissions Trading System and less so to the regulation on water, soil and air. The chemicals, oil and gas industries exhibit negative reactions, whereas other polluters (such as construction and materials, and industrial transportation) produce positive abnormal returns.     

投资者关注与市场反应——来自中国证券交易所交易公开信息的自然实验

涨停的股票能否被交易公开信息披露取决于收益率排名中的随机因素,与股票的基本面特征无关。本文利用这一机制设计自然实验检验了投资者关注对股价的影响。实证结果显示交易公开信息披露使股票受到投资者更多的关注,增加了小额资金的净流入,减少了大额资金的净流入和股价的短期收益率,抑制了股价短期波动率,同时降低了股价在长期发生反转的可能性。频繁登上交易公开信息的知名营业部买入的股票受到更多关注,相应的市场反应也更加显著。进一步的研究表明监管性信息披露引发的投资者关注通过降低市场信息不对称抑制了股价反转。     

Emission rights: From costless activity to market operations

This paper examines the issues surrounding the aborted attempt by the International Accounting Standards Board in early 2005 to regulate the accounting for the European Union’s new Emissions Trading Scheme under the Kyoto Protocol. The paper argues that the features that made the trading scheme attractive to governments were precisely the ones that created difficulties for accountants to capture under existing standards. After showing why the challenge has to be faced, the paper suggests a possible way forward that the IASB might consider when it revisits the subject, as it is expected to do in the near future.     

Green M&A,legitimacy and risk-taking: evidence from China’s heavy polluters

Green merger and acquisition (M&A) activities may improve heavy polluters’ regulatory and organisational legitimacy, allowing greater access to resources and enhancing risk-taking capacity. Adopting a proprietary 2008–2013 dataset, we examine outcomes from green M&A for China’s heavy-polluting firms. We find that heavy polluters’ green M&A is associated with greater risk-taking. Greater access to resources, and reduced financing constraints and tax liabilities suggest improved legitimacy. These effects are positively related to state ownership and government intervention in the M&A process. Our findings support the Porter hypothesis and have policy implications for green management of heavy polluters in emerging markets.     

The Effect of Trading Halts on the Speed of Price Discovery

Trading halts are aimed at reducing information asymmetry by granting investors the opportunity to reassess trades upon arrival of new, substantial information. This study is the first to address the efficiency of the price discovery process with respect to time, i.e., the speed of adjustment to new information. A unique database allow us to conduct an event study analysis and measure the impact of trading halts on price discovery while controlling for content, operational and value effects. We find that information dissemination following trading halts is over 40% faster and that abnormal trading activity is positively related to the speed of price adjustment.     

Communities as informal regulators: new arrangements in industrial pollution control in Viet Nam

A number of studies in developing countries show that in the absence of strict environmental regulation and strong enforcement, communities have emerged as a new informal regulators. In Viet Nam local communities in some cases are successful in forcing industrial polluters to reduce pollution or to change production processes into more environmentally sound directions. New subpolitical arrangements are formed, involving innovative relations between communities, industrial polluters and state authorities. However, people living in the neighbourhood of industrial firms are often dependent on firms and local authorities in terms of economic and social benefits, potentially inhibiting these processes of informal regulation by communities. This paper analyses if and to what extent economic and social dependencies of communities from industrial firms in their vicinity play a role in hampering community involvement in environmental regulation.     

Do aggressive orders affect liquidity? An evidence from an emerging market

This paper investigates how aggressive orders affect spreads and trading activity measures on the stock market. Based on a sample of stocks listed on the Warsaw Stock Exchange this study finds that spreads and trading activity measures increase significantly when aggressive orders are executed, but quickly revert to initial levels. The reaction to these orders on the bid and ask side of the market is similar. The effect of aggressive orders differ depending on the size of the firms. Trading activity measures such as volumes or number of transactions increase stronger for bigger than for smaller stocks, while spreads increase more for smaller firms than for bigger ones. These findings enrich the understanding of liquidity dynamics especially on the emerging markets where liquidity is an important price formation factor.     

The evolution of emissions trading in the European Union – The role of policy networks,knowledge and policy entrepreneurs

This paper starts with a recapitulation of how emissions trading became a cornerstone of the European Union’s climate policy. While a whole bouquet of reasons can be identified the major reasons why the EU Commission decided to pursue the establishment of an emissions trading scheme within the EU are: (1) the integration of international emissions trading into the Kyoto Protocol; (2) the failure of the 6th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) and the withdrawal of the United States from the Kyoto Protocol negotiations; and (3) the unsuccessful attempt to introduce an EU-wide CO₂-tax. Other reasons were the fact that emissions trading did not need unanimity in the European Council like the CO₂-tax; the economic efficiency of emissions trading which appealed not only to the Commission but also to industry and Member States; the danger of a fragmented carbon market as the United Kingdom and Denmark had already set up domestic emissions trading schemes that were incompatible; the incentive a European emissions trading scheme would be for the formation of a global carbon market; and the possibility to influence investment strategies of power companies towards a sustainable modernisation of the EU’s power generation infrastructure.Drawing upon these preconditions, this paper analyses the development of the European Union Emissions Trading Scheme (EU ETS). Based on the fact that the EU is embedded in a multi-level policy-making architecture which encourages the emergence of policy networks it is argued that the EU ETS has been shaped by an (informal) issue-specific policy network established by some staff members from DG Environment, including individuals knowledgeable on emissions trading – such as experts from consultancies, environmental NGOs and the business sector. It is argued that within this European policy network on emissions trading the European Emissions Trading Directive – as adopted on 13 October 2003 – has been negotiated and developed. It is concluded that the sharing of knowledge about this relatively new and largely unknown regulatory instrument and about design options for a potential European emissions trading scheme was the key momentum for the establishment and continuity of this policy network and that the ability of managing knowledge generation processes was the main factor to allow for a few staff members from DG Environment to play a dominant role as policy entrepreneurs in developing the European Emissions Trading Directive, even beyond their formal role of proposing the scheme as representatives from the EU Commission.     

Smoke and mirrors: Corporate social responsibility and tax avoidance

The bourgeoning corporate social responsibility literature has paid little attention to organised tax avoidance by companies even though it has real consequences for the life chances of millions of people. Companies legitimise their social credentials by making promises of responsible and ethical conduct, but organisational culture and practices have not necessarily been aligned with publicly espoused claims. This paper draws attention to the gaps between corporate talk, decisions and action, or what may be characterised as organised hypocrisy. Its persistence can become a liability and threaten the welfare of the company, its employees and its executives. The paper provides examples to show how companies, including major accountancy firms, make promises of responsible conduct, but indulge in tax avoidance and evasion. It also shows that the exposure of contradictions between talk and action has yielded negative outcomes.     

Dutch Auction Repurchases: An Analysis of Shareholder Heterogeneity

This paper documents that firms face upward-sloping supply curves when they repurchase shares in a Dutch auction, and it analyzes the market reaction to these offers. The announcement price increase is highly correlated with the ultimate repurchase premium. Prices decline at expiration only for pro-rated offers. The cumulative return is positive and highly correlated with the repurchase premium, excepting pro-rated offers. Much of this price increase is consistent with movement along an upward-sloping supply curve. Trading volume around the Dutch auction parallels fixed-price repurchases. Supply elasticity is larger for firms with large trading volume, firms included in the S&P 500 Index, and takeover targets.