碳排放控制下的我国企业投资与管理研究
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摘要
全球性气候变暖和能源资源短缺已使我国工业化和城市化的快速推进面临着日趋强化的资源和环境“瓶颈”，2009年11月，中国政府正式提出了碳排放强度控制目标，昭示着在碳排放约束下，我国经济社会可持续发展的内在机制将呈现新的变化。但从文献资料看，已有研究较多的侧重于从宏观和中观层面考察碳排放与经济增长的定量关系及其影响机理，而从微观层面研究碳排放控制对企业投资行为的作用机制却没有予以足够的重视。事实上，企业作为能源资源消耗和碳排放的主体，企业行为的低碳化不仅关系到碳排放控制目标的实现，更攸关我国经济增长的质量和效益，并且只有深入探讨碳排放约束下的企业微观决策机制才有可能真正觅得我国碳减排的有效解决方案。鉴此，本文试图综合运用公司金融理论和动态最优控制方法来系统研究企业这一微观主体在碳排放约束下的投资决策行为，并在计量分析、博弈分析和经验研究的基础上针对性地提出促进我国企业碳排放控制下投资优化的管理措施。
论文共包括七章内容。第一章阐述本文的选题背景和研究意义，界定相关概念和研究对象，归纳研究思路、研究内容和研究方法，并指出本文的主要创新点；第二章对与选题相关的研究文献（包括碳排放与经济增长关系研究、碳减排的政策工具研究、企业行为模式及投资决策研究等）进行了回顾梳理，通过系统总结这些不同研究视角的研究成果为深入探讨碳排放控制和企业投资决策问题廓清了理论分析框架，并以此作为本文研究的理论基础。第三章在提出和论证碳排放强度控制是我国可持续发展的现实选择的基础上，分别考察了近十多年来我国不同地区和不同行业碳排放强度的变化趋势及分布特征，并探讨了其不均衡态势的成因。
第四章和第五章是论文研究的重点，在第四章中，笔者首先基于确定性环境，运用最优控制理论对碳排放不同控制手段下的企业投资决策进行了动态最优化分析，结果表明，在各控制手段下，仅当企业规模超出一定值时才需减排支出，且减排支出是企业规模的凹函数；另外，碳排放指令控制主要降低了大企业稳态时的投资规模，碳税能对包括小企业在内的各类企业产生直接影响，而碳排放权交易能使各类企业从中受益（大企业在该市场上受益更多）。第五章进一步考虑了不确定性条件，并结合运用公司金融理论和随机最优控制方法探讨了不确定性环境下碳排放控制对企业投资定价行为的影响，得出的企业最优投资策略和减排支出策略不仅再一次证实了第四章的结论，而且还显示：当考虑了投资导致的企业价值的随机变化时，碳排放控制各手段均有利于整体上促使企业维持一个适度规模；碳排放控制降低了企业的价值，且企业规模大时尤为显著。
第六章运用不完全信息博弈理论探讨了现实中碳排放权交易这一典型手段的有效运行模式，并系统审视了欧盟、美国和澳大利亚进行企业碳排放控制的实践经验。第七章在比较与借鉴的基础上，构建了我国企业碳排放控制的环境管理模式，提出了促进我国企业碳排放控制的若干政策措施。论文最后归纳了全文的主要研究结论，并展望了未来的研究方向。
本文的主要创新包括：构建了碳排放强度控制与企业投资决策的分析框架，通过对经典模型的改进和拓展，对碳排放不同控制手段时的企业投资行为进行了动态最优化分析；建立了不确定环境下和碳排放约束时的企业投资与定价模型，运用公司金融理论和随机最优控制方法得出了企业的最优投资策略和减排支出策略；利用博弈方法论证了排放权交易的有效实施模式，并在系统审视国外经验的基础上，构建了我国企业碳排放控制的管理模式。
Global warming and the shortage of energy resources have caused that the rapidadvance of China's industrialization and urbanization is facing an increasinglystrengthened "bottleneck" of resources and environment. In November of2009, theChinese government officially proposed the objectives of carbon intensity control,which means the internal mechanism of sustainable development of economic andsociety in China will present a new changes under carbon emission constraints.According to the literature we can see that it has been more focused on thequantitative relationship and influencing mechanism between carbon emissions andeconomic growth from the view of macro and medium level, while studying thecorporate investment behavior under carbon emission restrictions from themicro-level did not get sufficient attention. In fact, as the main part of energyconsumption and carbon emission, enterprises' low carbon behavior is not onlyrelated to the realization of the goal of carbon emission control, but also morerelevant to the quality and efficiency of economic growth in China. And only bydeeply exploring the firm’s micro-economic mechanism under carbon emissionconstraints will it be possible to find effective solutions to carbon reduction. Becauseof this, this article attempts to make comprehensive use of the theory of corporatefinance and the method of dynamic optimal control to systematacially study theinvestment decision-making behavior of a firm under carbon emissions constraints,and put forward some management measures which can promote the firm’s Investmentoptimization under carbon emissions control on the basis of quantitative analysis andexperiences reference.
The thesis consists of seven chapters. The first chapter expounds the backgroundand significance of studying the selected topic, defines the relevant concepts andresearch objects, summarizes research design，research contents and research methods,and points out the main innovations of this paper. Chapter II reviews and clears theresearch literature related to the topic (including research about the relationshipbetween carbon emissions and economic growth, policy tools of carbon emissionreduction, firm’s behavior motivation and investment decision-making). Bysystematacially summarizing the results of different research perspectives, we makeclear the theoretical analysis framework for deeply studying the carbon emission control and firm’s investment decision-making, which is also seen as a theoreticalbasis for this article. The third chapter firstly proposes and demonstrates that carbonintensity control is the realistic choice of sustainable development of China, theninspects the changing trend and distribution characteristics of carbon intensity indifferent regions and different industries over the past decades, and also discusses thecauses of uneven status.
Chapters IV and V is the focus of the thesis. In the fourth chapter, the authorfirstly, based on a deterministic environment, uses optimal control theory to analyzethe enterprise investment decisions under different means of carbon emissions control.The results show that under various means of control, only its scale is beyond acertain size does the enterprise need spending in carbon emission reduction, and theabatement expenditure is a concave function of enterprise scale. In addition, thecommand-control of carbon emissions mainly reduces the steady-state investmentscale of big enterprises (no influence on small firms), and carbon tax can have directinfluence on enterprises of all types including small firms, while carbon emissionstrading can make all kinds of enterprises get benefit from it (big firms will benefitmore). The fifth chapter further considers the uncertain conditions. It combines thetheory of corporate finance and the method of stochastic optimal control to discuss theeffect that carbon emissions control acts on enterprise behavior of investment andpricing under uncertainty environment. The derived optimal strategies of investmentand abatement expenditure once again confirm the conclusions of the fourth chapter,and also it shows that when considering the random changes in enterprise value whichis caused by investment, each means of carbon emissions control may help to promotethe enterprise to maintain a reasonable scale, and carbon emissions control reducesthe value of the enterprise, which is especially significant when the firm’s scale isvery large.
The sixth chapter, based on the game theory of incomplete information, exploresthe effective operation mode of carbon emissions trading which is a typical means inthe reality, and systematically surveys the experience of EU, American and Australianin controlling the firm’s carbon emission. The seventh chapter, based on thecomparison and reference, constructs the management mode of carbon emissioncontrol in China, and puts forward some policy recommendations to promote the firmsto control its carbon emissions. The last content is about the conclusion and prospect,which summarizing the main conclusions of the study, and proposing the researchdirection in the future.
The main innovation of this thesis includes the following aspects. Firstly, itconstructs an analysis framework about carbon intensity control and enterpriseinvestment decision. By means of improving and developing the classical model, theauthor makes a dynamic optimal analysis for firm’s investment behavior underdifferent means of carbon emissions control. Secondly, the article establishes aninvesting and pricing model for the firm which is under an uncertain environment andis restricted by carbon emissions. By using the theory of corporate finance and themethod of stochastic optimal control, the paper obtains the firm’s optimal strategies ofinvestment and abatement expenditure. Besides, it deduces the effectiveimplementation mode of carbon emissions trading by using game theory, and aftersystematically summarying the experiences of foreign countries, it comes up with themanagement mode in China to control the firm’s carbon emissions.
论文共包括七章内容。第一章阐述本文的选题背景和研究意义，界定相关概念和研究对象，归纳研究思路、研究内容和研究方法，并指出本文的主要创新点；第二章对与选题相关的研究文献（包括碳排放与经济增长关系研究、碳减排的政策工具研究、企业行为模式及投资决策研究等）进行了回顾梳理，通过系统总结这些不同研究视角的研究成果为深入探讨碳排放控制和企业投资决策问题廓清了理论分析框架，并以此作为本文研究的理论基础。第三章在提出和论证碳排放强度控制是我国可持续发展的现实选择的基础上，分别考察了近十多年来我国不同地区和不同行业碳排放强度的变化趋势及分布特征，并探讨了其不均衡态势的成因。
第四章和第五章是论文研究的重点，在第四章中，笔者首先基于确定性环境，运用最优控制理论对碳排放不同控制手段下的企业投资决策进行了动态最优化分析，结果表明，在各控制手段下，仅当企业规模超出一定值时才需减排支出，且减排支出是企业规模的凹函数；另外，碳排放指令控制主要降低了大企业稳态时的投资规模，碳税能对包括小企业在内的各类企业产生直接影响，而碳排放权交易能使各类企业从中受益（大企业在该市场上受益更多）。第五章进一步考虑了不确定性条件，并结合运用公司金融理论和随机最优控制方法探讨了不确定性环境下碳排放控制对企业投资定价行为的影响，得出的企业最优投资策略和减排支出策略不仅再一次证实了第四章的结论，而且还显示：当考虑了投资导致的企业价值的随机变化时，碳排放控制各手段均有利于整体上促使企业维持一个适度规模；碳排放控制降低了企业的价值，且企业规模大时尤为显著。
第六章运用不完全信息博弈理论探讨了现实中碳排放权交易这一典型手段的有效运行模式，并系统审视了欧盟、美国和澳大利亚进行企业碳排放控制的实践经验。第七章在比较与借鉴的基础上，构建了我国企业碳排放控制的环境管理模式，提出了促进我国企业碳排放控制的若干政策措施。论文最后归纳了全文的主要研究结论，并展望了未来的研究方向。
本文的主要创新包括：构建了碳排放强度控制与企业投资决策的分析框架，通过对经典模型的改进和拓展，对碳排放不同控制手段时的企业投资行为进行了动态最优化分析；建立了不确定环境下和碳排放约束时的企业投资与定价模型，运用公司金融理论和随机最优控制方法得出了企业的最优投资策略和减排支出策略；利用博弈方法论证了排放权交易的有效实施模式，并在系统审视国外经验的基础上，构建了我国企业碳排放控制的管理模式。
Global warming and the shortage of energy resources have caused that the rapidadvance of China's industrialization and urbanization is facing an increasinglystrengthened "bottleneck" of resources and environment. In November of2009, theChinese government officially proposed the objectives of carbon intensity control,which means the internal mechanism of sustainable development of economic andsociety in China will present a new changes under carbon emission constraints.According to the literature we can see that it has been more focused on thequantitative relationship and influencing mechanism between carbon emissions andeconomic growth from the view of macro and medium level, while studying thecorporate investment behavior under carbon emission restrictions from themicro-level did not get sufficient attention. In fact, as the main part of energyconsumption and carbon emission, enterprises' low carbon behavior is not onlyrelated to the realization of the goal of carbon emission control, but also morerelevant to the quality and efficiency of economic growth in China. And only bydeeply exploring the firm’s micro-economic mechanism under carbon emissionconstraints will it be possible to find effective solutions to carbon reduction. Becauseof this, this article attempts to make comprehensive use of the theory of corporatefinance and the method of dynamic optimal control to systematacially study theinvestment decision-making behavior of a firm under carbon emissions constraints,and put forward some management measures which can promote the firm’s Investmentoptimization under carbon emissions control on the basis of quantitative analysis andexperiences reference.
The thesis consists of seven chapters. The first chapter expounds the backgroundand significance of studying the selected topic, defines the relevant concepts andresearch objects, summarizes research design，research contents and research methods,and points out the main innovations of this paper. Chapter II reviews and clears theresearch literature related to the topic (including research about the relationshipbetween carbon emissions and economic growth, policy tools of carbon emissionreduction, firm’s behavior motivation and investment decision-making). Bysystematacially summarizing the results of different research perspectives, we makeclear the theoretical analysis framework for deeply studying the carbon emission control and firm’s investment decision-making, which is also seen as a theoreticalbasis for this article. The third chapter firstly proposes and demonstrates that carbonintensity control is the realistic choice of sustainable development of China, theninspects the changing trend and distribution characteristics of carbon intensity indifferent regions and different industries over the past decades, and also discusses thecauses of uneven status.
Chapters IV and V is the focus of the thesis. In the fourth chapter, the authorfirstly, based on a deterministic environment, uses optimal control theory to analyzethe enterprise investment decisions under different means of carbon emissions control.The results show that under various means of control, only its scale is beyond acertain size does the enterprise need spending in carbon emission reduction, and theabatement expenditure is a concave function of enterprise scale. In addition, thecommand-control of carbon emissions mainly reduces the steady-state investmentscale of big enterprises (no influence on small firms), and carbon tax can have directinfluence on enterprises of all types including small firms, while carbon emissionstrading can make all kinds of enterprises get benefit from it (big firms will benefitmore). The fifth chapter further considers the uncertain conditions. It combines thetheory of corporate finance and the method of stochastic optimal control to discuss theeffect that carbon emissions control acts on enterprise behavior of investment andpricing under uncertainty environment. The derived optimal strategies of investmentand abatement expenditure once again confirm the conclusions of the fourth chapter,and also it shows that when considering the random changes in enterprise value whichis caused by investment, each means of carbon emissions control may help to promotethe enterprise to maintain a reasonable scale, and carbon emissions control reducesthe value of the enterprise, which is especially significant when the firm’s scale isvery large.
The sixth chapter, based on the game theory of incomplete information, exploresthe effective operation mode of carbon emissions trading which is a typical means inthe reality, and systematically surveys the experience of EU, American and Australianin controlling the firm’s carbon emission. The seventh chapter, based on thecomparison and reference, constructs the management mode of carbon emissioncontrol in China, and puts forward some policy recommendations to promote the firmsto control its carbon emissions. The last content is about the conclusion and prospect,which summarizing the main conclusions of the study, and proposing the researchdirection in the future.
The main innovation of this thesis includes the following aspects. Firstly, itconstructs an analysis framework about carbon intensity control and enterpriseinvestment decision. By means of improving and developing the classical model, theauthor makes a dynamic optimal analysis for firm’s investment behavior underdifferent means of carbon emissions control. Secondly, the article establishes aninvesting and pricing model for the firm which is under an uncertain environment andis restricted by carbon emissions. By using the theory of corporate finance and themethod of stochastic optimal control, the paper obtains the firm’s optimal strategies ofinvestment and abatement expenditure. Besides, it deduces the effectiveimplementation mode of carbon emissions trading by using game theory, and aftersystematically summarying the experiences of foreign countries, it comes up with themanagement mode in China to control the firm’s carbon emissions.
引文
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