清洁发展机制(CDM)对中国企业经营绩效影响的实证检验

Influences of Clean Development Mechanism (CDM) on Chinese Enterprises’ Operating Performances

CDM项目早期在国内的迅速发展主要依赖政策引导和扶持,但企业本身参与项目的主动性不高。因此,随着《京都议定书》到期,政策引导力减弱,CDM项目的参与度迅速回落。实际上,CDM项目的意义并不仅局限于环境绩效和减排额收入,其有相当一部分附加商业价值被忽略,比如CDM项目对发展企业出口业务和节约生产成本的潜在利好。综上所述,本文旨在通过揭示CDM项目的真实商业价值重塑企业和政府对CDM的认知,调动企业开发项目的积极性。实证结果显示,参与CDM项目对于企业出口比例有显著提升作用,但CDM项目对生产成本率的影响存在明显的行业分化,对于集中于主流项目、平均绩效指标(盈利水平、流动性、负债水平)良好的行业(如电力、水泥、环保等),CDM项目能够显著降低生产成本率,其余行业(包括钢铁、煤炭、造纸等)则无法受益。因此,本文建议有意图开拓海外市场的企业可以考虑借力CDM项目,而希望通过开发CDM项目降低生产成本率的企业则需要结合项目类型和自身实力谨慎决策。同时,政府部门应该引导不同类型项目平衡发展,并适时对亟待绿色转型的企业予以补贴。

Clean development mechanism(CDM)is currently the most essential mechanism that enables international cooperation in emissions reduction.The rapid growth of CDM projects earlier in China relied on policy support other than enterprises’motivation,resulting in a sharp decline in CDM participation at the expiration of Kyoto protocol.Actually,CDM’s contribution is not confined to environmental modification or emissions trading revenue.A large portion of its real value,such as promoting overseas business and saving production cost,has long been neglected.Thus,the purpose of this research is to reveal and verify the potential value of CDM to encourage more domestic enterprises to participate in it.Using a sample of domestic companies engaged in CDM from 2006 to 2015,the specific impacts of CDM projects on corporate’s export revenues and production cost ratio are explored.In testifying the influence of CDM projects on corporate’s export proportion,an OLS regression model is primarily used to identify a significant increase in export proportion after 2012,a big year for CDM.A control group of corporates not engaged in CDM is later included for DID analysis of which the result suggests that the increase in export proportion for the treatment group is significantly larger than that of the control group.Inconsistent with our former assumption,reduction of production cost ratio at the operation of a CDM project is only witnessed in several particular industries.Further analysis suggests that the specific traits of such industries include higher profitability,better liquidity and lower leverage.Moreover,companies from those industries tend to develop mainstream types of CDM projects.Given above empirical evidence,it is concluded that the promotion of export proportion is valid for all companies involved in CDM while the reduction in production cost ratio only works for specific industries.This study has enriched research about CDM’s influences on enterprises’operating performances,which provides clear guidance for corporate managers to make CDM-related decisions and for governments to formulate supporting policies.