基于削减量与交易费用的垄断厂商治污技术投资决策模型研究

Pollution Abatement Technology Investment Decision Models for Monopoly Firms Based on Pollution Discharge Reduction and Transaction Cost

在排污权交易背景下,引入排污削减量和交易费用率参数,应用实物期权方法,分别建立了无交易费用和有交易费用条件下垄断厂商治污技术投资决策模型。研究表明,排污削减量与厂商的投资临界值成反比例关系,与投资价值成正比例关系;而交易费用推迟了厂商的投资时机,削弱了厂商的投资价值,影响了厂商引入治污技术和参与排污权交易的积极性。

Introducing the parameters of pollution discharge reduction and transaction cost rate,the pollution abatement technology investment decision models for monopoly firms with and without transaction cost are given,based on real option theory respectively.The stimulating results show that the amounts of reduction are negatively related to firms＇ optimal investment thresholds,and positively related to firms＇ investment value,while transaction costs reduce firms＇ timing of investments and investment value,and hurt firms＇ incentives to invest and trade.