Impact of CO2 Emissions Reductions on Firms’ Finance in an Emerging Economy: The Case of the Czech Republic
Impact of CO2 Emissions Reductions on Firms’ Finance in an Emerging Economy: The Case of the Czech Republic
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二氧化碳减排对新兴经济体企业财务的影响：捷克共和国的案例
DOI：
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发表时间：
2010
期刊：
影响因子：
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通讯作者：
P. Janský
中科院分区：
文献类型：
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作者：
T. Brzobohatý;P. Janský
本文研究了经济和环境绩效之间的关系，重点是在新兴经济体，捷克共和国，和他们的二氧化碳减排的公司。我们讨论了当地的污染物，企业排放和企业的财务状况的假设测试是否相关的二氧化碳排放量。我们测试的假设样本中的捷克企业在欧盟排放交易计划（EU ETS）的第一阶段。我们注意到，欧盟排放交易体系的引入并没有鼓励对二氧化碳减排进行重大投资。重要的是，结果表明，确实投资于二氧化碳减排的公司对其财务产生了负面影响。我们认为，这是由于2006年碳市场上的配额价格下降，导致企业从节省的配额中获得的收入低于预期。
This paper investigates the relationship between economic and environmental performance with focus on firms in an emerging economy, the Czech Republic, and their CO2 emission reductions. We discuss whether the hypotheses tested for local pollutants that firms emit and firms’ finances are relevant for CO2 emissions. We test the hypotheses on a sample of Czech firms included in the first phase of European Union Emissions Trading Scheme (EU ETS). We observe that introduction of EU ETS did not encourage significant investments in CO2 emissions reduction. Importantly, the results show that the firms that did invest in CO2 reductions experienced a negative impact on their finance. We argue that this is explained by the drop in the price of allowances on the carbon market in 2006 which resulted in firms receiving less revenue from saved allowances than they had expected.