Voluntary corporate environmental initiatives and shareholder wealth

Researchers debate whether environmental investments reduce firm value or actually improve financial performance. We provide some compelling evidence on shareholder wealth effects of membership in voluntary environmental programs (VEPs). Companies announcing membership in EPA's Climate Leaders, a program targeting reductions in greenhouse gas emissions, experience significantly negative abnormal stock returns. The price decline is larger in firms with poor corporate governance structures, and for high market-to-book (i.e., high growth) firms. However, firms joining Ceres, a program involving more general environmental commitments, have insignificant announcement returns, as do portfolios of industry rivals. Overall, corporate commitments to reduce greenhouse gas emissions appear to conflict with firm value maximization. This has important implications for policies that rely on voluntary initiatives to address climate change. Further, we find that firms facing climate-related shareholder resolutions or firms with weak corporate governance standards – giving managers the discretion to make such voluntary environmentally responsible investment decisions – are more likely to join Climate Leaders; decisions that may result in lower firm value.     

中国绿色发展和外商直接投资政策选择

随着全球各国对环境问题认识的不断加深,我国政府对绿色发展日益重视,并将其设定为实现未来经济发展终极目标的必然过程.然而对我国经济发展一直起到重要作用的外商直接投资(FDI)在拉动经济增长的同时,也带来了较为严重的环境污染问题.从上世纪90年代初至今,随着我国经济和FDI的快速增长,主要污染物排放指标包括工业废水、工业废气以及工业SO2等却基本上呈逐年增加的态势.这一关联的背后是否隐藏着发达国家对我国的污染转移问题,引发人们对于“污染天堂”假说在中国是否存在的担忧.尽管公认跨国公司的环境业绩一般会比本土企业做得更好,但是我国外商直接投资长期和总量的增长是否会对我国环境产生影响,是否会带来更多的污染避难所现象?就这个问题,目前研究都以实证或案例分析为主,尚缺乏贸易理论角度的分析.本文创新的将FDI理论与贸易污染转移理论模型相结合,推导出FDI污染转移模型,得到结论认为以降低成本为目的的垂直型FDI的确会集中于污染密集型行业.为了验证该理论模型,本文使用我国第三次工业普查数据进行实证检验,实证研究结果与理论分析相一致.相比内资企业,外资企业的确集中于污染密集型行业,尤其是制革与毛皮鞣制业、造纸业等重度污染行业,这与我国的绿色发展路径是相悖的.因此,我们建议我国需要从环境保护角度出发调整外商直接投资的行业政策,在行业层次设定环境准入门槛,从源头上有效控制污染企业的进入.     

灾害演化网络时序性风险评估模型

为探究灾害演化过程中风险的时变特征和时序性风险评估的可行性,采用灾害演化理论和方法,综合考虑灾害链式效应、灾害后果时变性和政府干预等因素,首先,建立由灾害损失度、灾害发生概率、灾害直接风险和灾害综合风险共4个子模型构成的灾害演化网络时序性风险评估模型;然后,通过数值算例验证该模型的可行性;最后,分析所提模型的优越性.研...     

制作多媒体课件提高电机拖动基础课程的教学效果

通过制作多媒体课件,探讨提高《电机拖动基础》课程教学效果的尝试及现代化教学手段对教学影响的重要性、必要性和实际运用中需要注意的问题。     

Transfer and transport of aluminum in filtration unit

Aluminum salt coagulants were used prevalently in various water works.In this article,the effects of filtration on residual aluminum concentration and species distribution were researched by determining the concentration of diiferent aluminum species before and after single layer filter,double layer filter,and membrane filtration units.In the research,size exclusion chromatography(SEC)was used to separate colloidal and soluble aluminum,ion exchange chromatography(IEC)was used to separate organic and inorganic aluminum, and inductivity coupled plasma-atomic emission spectrometry(ICP-AES)was used to determine the aluminum concentration.The results showed that the rapid filtration process had the ability of removing residual aluminum from coagulant effluent water,and that double layer filtration was more effective in residual aluminum removal than single layer filtration,while nano filtration was more effective than micro filtration.It was found that when the residual aluminum concentration was below 1mg/L in sediment effluent,the residual aluminum concentration in treated water was above 0.2 mg/L.The direct rapid filtration process mainly removed the suspended aluminum.The removal of soluble and colloidal aluminum was always less than 10% and the natural small particles that adsorbed the amount of soluble or small particles aluminum on their surface were difficult to be removed in this process.Micro filtration and nano filtration were good technologies for removing aluminum;the residual aluminum concentration in the effluent was less than 0.05 mg/L.     

A review： Advances in microbial remediation of trichloroethylene （TCE）

Research works in the recent past have revealed three major biodegradation processes leading to the degradation of trichloroethylene. Reductive dechlorination is an anaerobic process in which chlorinated ethenes are used as electron acceptors. On the other hand, cometabolism requires oxygen for enzymatic degradation of chlorinated ethenes, which however yields no benefit for the bacteria involved. The third process is direct oxidation under aerobic conditions whereby chlorinated ethenes are directly used as...     

长期定位有机物料还田对关中平原冬小麦-玉米轮作土壤N2O排放的影响

为定量研究有机物料还田对农田土壤N2O排放的影响,采用静态暗箱-气相色谱法对关中平原冬小麦-玉米轮作24 a长期定位施肥试验地土壤N2O排放速率和相关环境因子进行了周年观测,试验处理为对照(CK,0 kg·hm~(-2))、氮磷钾(NPK,353kg·hm~(-2))、氮磷钾加秸秆还田[NPKS,(353+40)kg·hm~(-2)]和氮磷钾加牛粪[NPKM,(238+115)kg·hm~(-2)]4个处理.结果表明观测期内,CK处理N2O排放速率较小[2.9 g·(hm~2·d)~(-1)];施肥处理在冬小麦季施肥和玉米季灌溉后均出现排放峰,最高值分别为NPKS[113.4 g·(hm~2·d)~(-1)]和NPKM[495.0 g·(hm~2·d)~(-1)]处理.各处理N2O排放通量与土壤湿度均呈显著正相关关系(r0.28,P0.05).CK、NPK、NPKS和NPKM处理N2O年排放总量分别为(0.1±0.0)、(2.6±0.1)、(3.4±0.7)和(2.9±0.3)kg·hm~(-2),施肥处理排放总量显著高于CK处理(P0.05),但施肥处理之间差异不显著(P=0.06),说明施肥促进了N2O排放,但有机物料还田未能显著增加N2O排放.各施肥处理N2O直接排放系数分别为0.72%、0.83%和0.80%,均低于IPCC缺省值1%.施肥处理中,NPKM处理的单位产量N2O排放量最低.     

浑河底泥反硝化厌氧甲烷氧化菌群落多样性的时空分布特征及其与环境因子关系分析

为了解浑河底泥中反硝化厌氧甲烷氧化菌——Candidatus Methylomirabilis oxyfera(M.oxyfera)群落多样性的时空分布特征,通过克隆文库技术考察M.oxyfera的16S rRNA和pmo A功能基因的多样性时空分布特征,并结合多元直接梯度分析来研究环境因子(水样和底泥的理化性质)与其之间的关系.9月浑河上、中、下游底泥样品中M.oxyfera的16S rRNA基因的OTU数在2~5之间,Shannon-Wiener多样性指数变化范围为0.21~1.4,呈现出中游上游下游的分布特征.pmo A功能基因上游的OTU数和Shannon-Wiener多样性指数明显高于中游和下游,上游的Shannon-Wiener多样性指数分别是中游和下游的3.5倍和2.3倍,因此M.oxyfera的群落多样性呈现出明显的地域性分布特征.3号采样点处3月采集样品中M.oxyfera的16S rRNA和pmo A的OTU数目分别是6和5,明显高于9月对应的OTU数目,Shannon-Wiener指数也明显比9月高(1.40.68;1.570.00),因此M.oxyfera的群落多样性呈现出明显的季节分布特征.多元直接梯度分析结果表明底泥中DOC浓度、底泥电导率、水体中TOC含量和水体中亚硝酸氮浓度是影响M.oxyfera群落多样性的主要环境因子.     

外商投资与国际贸易对中国沿海地区资源环境的影响

论文从定性描述和定量描述的角度,分别对外商投资和国际贸易对沿海地区的资源环境影响进行分析。通过研究发现,尽管在产值总量上,外商投资和国际贸易对沿海地区的资源压力和环境污染做出“贡献”,但是从弹性系数角度,外商投资和国际贸易对地区资源压力和环境污染的影响在逐渐减缓,表明外商投资和国际贸易并不是导致我国沿海地区资源环境压力加大的“罪魁祸首”,反而是减缓这种压力的主要贡献力量。但是,不可否认,在我国接受经济全球化影响的早期阶段,由于部分地区急于吸引外资,以及我国环境管理体系的不完善,的确在某些方面,外资和外贸对沿海地区的资源和环境造成了负面影响。     

中国硫酸盐气溶胶直接辐射效应性质与地表反射率的关系

地表反射率是影响硫酸盐气溶胶直接辐射效应的重要参数.本研究在MODIS地表反射率数据和中国二氧化硫排放清单数据的基础上,应用CanMETOP模型和SBDART模型,模拟地表反射率、纬度和直接辐射效应之间的关系,并对中国硫酸盐气溶胶直接辐射效应性质进行分析.结果表明,部分冬季积雪或终年冰雪覆盖的地区,其硫酸盐气溶胶直接辐射效应为正.该研究结果对硫酸盐气溶胶及其气候效应研究具有重要意义.