中国企业社会责任财务绩效评价模型研究

2003年,英国政府出台了<我们能源的未来-创建低碳经济>能源白皮书,其中首次引入了"低碳经济"的概念,随后越来越多的学者开始探讨这种经济发展模式及其技术和政策的可行性,并展开了一系列实证研究.而在这种新的经济发展趋势下,作为经济主体的企业所要承担的社会责任也就被赋予了新的内窖.那么在向低碳经济转型的过程中,如何对企业的社会责任进行客观、有效的评价将对于企业更好履行其社会责任起到重要作用.基于我国国情,本文通过对低碳经济发展模式下中国企业社会责任财务绩效进行模型研究,提出了在传统指标分析模型基础上进行数据包络分析(DEA)和可持续计量的双重模型修正,以期弥补传统财务绩效模型在企业有效投入分析和动态性评价方面的缺陷和不足.     

财政分权对环保投资效率的影响研究——基于DEA-Tobit模型的分析

延续财政分权对环境质量影响的研究,讨论财政分权对环保投资效率的影响.基于中国2004~2014年30个省份的面板数据,在DEA-Tobit模型的研究框架下,测度了各个省份多种类型的环保投资效率,并进一步讨论了财政分权对环保投资效率的影响.实证结果发现,财政分权不利于环保投资效率的改进,特别是不利于建设项目"三同时"环保投资效率、工业污染源治理环保投资效率,以及企业来源环保投资效率的改进.进一步考虑到地区异质性因素,以各地区环保投资额作为门槛变量的分析同样支持上述结论.     

中欧节能减排政策比较

欧盟国家开展节能减排较早,并积累了丰富的经验。比较了在金融危机影响下欧盟与中国在节能减排法律框架、管理方式、经济政策、产业政策和技术创新方面的异同,提出中国应该借鉴欧盟国家的先进经验,完善现有的节能减排政策体系,实现经济和社会的可持续发展。     

滇池流域水污染防治财政投资政策绩效评估

滇池流域水污染防治巨额的治理投资尚未带来根本性的水质改善,因此,开展滇池流域水污染防治财政投资政策绩效评估研究,对提高投资资金的效益和效率具有重要意义.为此,本文利用数据包络分析(DEA)的方法,应用数据包络C2R模型和BC2模型,对2001—2012年滇池流域水污染防治财政投资政策绩效进行了评估.结果表明,2001—2012年滇池流域水污染防治投资综合效率值均值为0.708,总体效率水平不是很高,且只有2001年、2006年和2010年DEA有效,DEA无效年份中2011年效率值最低为0.441;影响滇池流域水污染防治投资综合效率的主要因素为城镇污水处理率和滇池综合营养状态指数(外海),同时,工程治理投资和面源污染治理投资存在较多冗余.因此,未来滇池治理可适当调整工程治理和面源污染投资金额,进一步提高城市污水的收集和处理率,以减少污水的排放和降低入湖污染负荷.     

Does the stock market value the inclusion in a sustainability stock index? An event study analysis for German firms

This paper empirically analyzes the effect of the inclusion of German corporations in the Dow Jones STOXX Sustainability Index (DJSI STOXX) and the Dow Jones Sustainability World Index (DJSI World) on stock performance. In order to receive robust estimation results, we apply an (short-term) event study approach that is based on both a modern asset pricing model, namely the three-factor model according to Fama and French [24], and additionally a t-GARCH(1,1) model. Our empirical results suggest that stock markets may penalize the inclusion of a firm in sustainability stock indexes. This finding is mainly driven by a strongly negative effect of the inclusion in the DJSI World. In contrast, we do not find significant average cumulative abnormal returns for the inclusion in the DJSI STOXX. This suggests that the inclusion in a more visible sustainability stock index may have larger negative impacts.     

Multi-level screening of a proposed hazardous waste treatment and disposal facility site--a case study

A comprehensive environmental assessment (EA) is a pre-requisite before the site for developing a hazardous waste treatment and disposal facility (HWTDF) is selected. However, the resource limitations, especially for developing countries, often dictatethat the detailed EA be restricted to those sites, which are constraint free and have low hazard potentials. Thus, a preliminary screening exercise for assessing the suitability ofsite for developing the HWTDF needs to be carried out to avoid huge costs involved in detailed EA. While screening a HWTDF site,various factors such as present land use, ecologically sensitiveareas, geology and hydrogeology of the area, the quality and quantity of wastes, engineered safeguards, and the operationalprocedures that need to be adopted, are required to be addressed. In this paper, a multi-level screening criteria employing RemoteSensing, Constraint Mapping, Groundwater Pollution Potential Index (DRASTIC Index), and the Site Ranking was used to assess the suitability of a proposed site for the development of HWTDF.The study helped to identify various constraints at the proposedsite and their significance on the development of the HWTDF.     

浅析小城镇建筑项目中水回用系统设置的必要性和制约因素

通过例证分析了小城镇建筑项目中水回用系统设置的必要性和现存的制约因素,提出了解决矛盾的建议。     

金融深化对绿色发展的门槛效应分析

在绿色发展的过程中,金融作为现代经济体系中必不可少的一环正扮演着越来越重要的角色。从一般的理论认知和实践而言,可从金融的深化和广化两个角度来看待金融发展。相对金融广化而言,金融深化更能体现金融对于资本的配置功能和金融体系不断完善的过程,它通过引导投资边际收益率促进绿色发展的效率,进而影响整个绿色经济系统的全要素生产率。本文通过构建一个经济内生增长模型来检验金融深化对绿色发展的影响效应,以2003—2014年中国280个地级单元的面板数据为样本,采用面板门槛模型分析其内在作用的非对称性。结果表明:(1)模型推导发现,金融深化作用在不同生产部门所占份额的配置未达到最优时,金融深化对绿色发展存在门槛效应,即金融深化对绿色发展作用存在可能的非对称性;否则,二者以近似对数函数的关系相互作用。(2)实证发现,金融深化对绿色发展在中国地级层面存在一重门槛效应,似然比检验结果表明该门槛效应在1%的临界值下显著,并且其门槛值大小为0.635 5,门限回归结果显示金融深化对绿色发展在门限值前后的偏效应系数分别为-0.056 8和0.129 9,说明中国金融深化与绿色发展的关系呈现库兹涅茨曲线的倒U形形状。(3)稳健性检验发现,控制变量对金融深化导致的绿色发展门槛效应的扰动仅体现在P值的变化范围之内且变化幅度较小,门限值的大小及置信区间不会发生明显变化,反映中国金融深化与绿色发展的关系结构依然稳健。显然,应当大力推进金融深化过程,突破"门槛效应"的制约,充分发挥金融深化对资本的配置效应,从而推动中国绿色发展进程。     

A Question of Boundaries: The Importance of “Revenuesheds” for Watershed Protection1

Patterson, Lauren A., Jeffrey Hughes, Glenn Barnes, and Stacey I. Berahzer, 2012. A Question of Boundaries: The Importance of “Revenuesheds” for Watershed Protection. Journal of the American Water Resources Association (JAWRA) 48(4): 838‐848. DOI: 10.1111/j.1752‐1688.2012.00655.x Abstract: Watersheds transcend jurisdictional boundaries; raising important questions of who should pay for watershed protection, and how can watershed governance be funded? The responsibility and cost for watershed protection has progressively devolved to local governments, resulting in additional negative externalities and financing challenges. Watershed governance structures have formed at the scale of the watershed, but they often lack the financing mechanisms needed to achieve policy goals. Financing mechanisms via local governments provide a reliable source of revenue and the flexibility to address watershed specific issues. We develop a “revenueshed” approach to access the initial challenges local governments face when seeking to finance trans‐jurisdictional watershed governance. The revenueshed approach engages local governments into discussion and implementation of financial strategies for collaborative watershed governance. Legislation places water quality regulations primarily on local governments inside the watershed. The revenueshed approach extends the financial and stewardship discussion to include local governments outside the watershed that benefit from the watershed. We applied the revenueshed approach to the Mills River and Upper Neuse watersheds in North Carolina. Mills River had a partnership governance seeking revenue for specific projects, whereas the Upper Neuse sought long‐term financial stability to meet new water quality legislation.     

建立和完善环保产业资金助动系统

没有一个有序高效的环保资本市场,缺乏强有力的资金支持系统是阻碍环保产业快速发展的根本问题。本文在调查研究和探索实践的基础上,建议在资金筹划、分配及使用上引进市场机制,发挥市场在资金运作方面的调节作用,引导资金向环保产业流动,促进环保产业快速发展。