Decomposition analysis of corporate carbon dioxide and greenhouse gas emissions in Japan: Integrating corporate environmental and financial performances
Decomposition analysis of corporate carbon dioxide and greenhouse gas emissions in Japan: Integrating corporate environmental and financial performances
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DOI：
10.1002/bse.2206
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发表时间：
2018-07
影响因子：
13.4
通讯作者：
Michiyuki Yagi;Shunsuke Managi
中科院分区：
文献类型：
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作者：
Michiyuki Yagi;Shunsuke Managi
最近的实证研究经常支持企业环境绩效(CEP)与企业财务绩效(CFP)之间的正相关关系。然而，这取决于对CEP(绝对和相对CEP)和CFP(基于会计和基于市场的CFP)的衡量。为了从结构上理解这种关系，在文献的基础上，本研究提出了整合二氧化碳和温室气体排放与金融因素的认同模型。这些模型将二氧化碳(GHG)排放分解为碳强度(GHG强度)、能源强度、成本销售比、总资产周转率(TATR)、杠杆和权益。供应链温室气体排放模型还考虑了供应链温室气体排放强度。作为一种分解方法，本研究使用了对数平均分裂指数(LMDI)。作为二氧化碳模型的应用实例，本研究以2011财年至2015财年16个行业的日本制造企业为研究对象。结果表明，截至2015年的二氧化碳排放量变化(−802.1千吨[kt])被分解为碳强度2922.5 kt、能源强度−26036.3 kt、成本销售比−6350.5 kt、−8495.6 kt、杠杆−7912.3 kt和股权45070.1 kt。碳强度的相对贡献率平均值为20.6%，能源强度的相对贡献率为19.1%，金融因素的相对贡献率约为60%。在16个行业中，截至2015年，二氧化碳排放总量的变化在统计上对权益是显著正的，对TATR和杠杆是显著负的，与碳强度、能源强度和成本销售比没有显著的相关性。
Recent empirical studies often support the positive relationship between corporate environmental performance (CEP) in terms of carbon dioxide (CO2) and greenhouse gas (GHG) emissions and corporate financial performance (CFP). However, this depends on the measurements of CEP (the absolute and relative CEP) and CFP (accounting-based and market-based CFP). To understand the relationship structurally, based on the literature, this study proposes identity models that integrate CO2 and GHG emissions and financial factors. The models decompose CO2 (GHG) emissions into carbon intensity (GHG intensity), energy intensity, the cost-to-sales ratio, the total-assets-turnover ratio (TATR), leverage, and equity. The model of supply-chain GHG emissions additionally adopts supply-chain GHG intensity. As a decomposition method, this study uses the log-mean Divisia index (LMDI). As an application example of the carbon dioxide model, this study targets Japanese manufacturing firms in 16 sectors from fiscal years (FY) 2011 to 2015. Results show that the change in CO2 emissions as of 2015 (−802.1 kilotonnes [kt]) is decomposed into 2922.5 kt for carbon intensity, −26036.3 kt for energy intensity, −6350.5 kt for the cost-to-sales ratio, −8495.6 kt for the TATR, −7912.3 kt for leverage, and 45070.1 kt for equity. Average values of relative contribution ratios are 20.6% for carbon intensity, 19.1% for energy intensity, and the remaining approximately 60% for financial factors. Among the 16 sectors, as of 2015, the change in total CO2 emission is statistically significantly positive for equity and significantly negative for the TATR and leverage, and it is not significantly correlated to the carbon intensity, the energy intensity, and the cost-to-sales ratio.