Research On Value-created Oriented Corporation Carbon Asset Management

Global warming and air pollution have aroused people’s wide attention,have also become an urgent problem to be solved in economic and social development of the world.Along with the advancement of industrialization and urbanization,the greenhouse gas has increased by human activities.Nowadays,how to reduce carbon emissions has become one of the most serious environmental problems.With the concern and attention of international community on climate change,human’s greenhouse gas emissions reducing has become increasingly demanding.With the constraints of a series of international climate framework systems concluding UNFCC and Kyoto Protocol,which developed the international carbon emission trading market,the carbon allowances and credits became the important and scarce resource which have the product attributes and can be publicly traded in exchanges.Nowadays,the carbon markets in the world have increasingly matured and carbon trading have flourished in China.In the framework of carbon trading,the carbon emission right has become a tradable special commodity,and it has financial feature and asset feature.Carbon assets provide an important way of the development to the low-carbon economy and the economic sustainable development.The development of carbon asset management will change the existing production mode and the state of enterprises,and also improve the low-carbon competitive ability of the enterprises.Relying on the business entities,carbon assets management joins up the virtual carbon emission right,financial capital and real economy,restructures existing carbon resources of enterprises and impacts the current international economic pattern.At present,however,the carbon assets management systems and market rules of our country remains to be perfect.How to increase the efficiency of carbon asset management,how to further improve the carbon asset management method and mechanism have become the common issue of China’s academia and practice.Therefore,it is essential and urgent to carry out the research on carbon asset management.The one of the important approaches of normative study is to use the goal as the logic starting point of theory construction.So this paper starts the research on the dynamic mechanism and goal orientation of carbon asset management and discusses about some issues firms will face in the current situation.Firstly,what is the relationship and action mechanism between carbon asset management and enterprise value?Secondly,does enterprise carbon asset trading and management affect the enterprise value in our country?Thirdly,how to construct carbon asset management system basing on the value-created orientation?The last but not the least,how to carry on the effective management of carbon assets in our country?Relying on the answers of the four questions as the logic guidelines,this paper carries out the follow research.This paper applies economic theory,empirical analysis and system construction to analyze enterprise carbon asset management.Through this study,this paper aims to provide a theoretical support and experience evidence for China’s firms to develop carbon asset management in the background of international carbon reduction trend and sustainable development.This paper researches on the following areas and have made a number of innovative and scientific research results:Firstly,this paper studies the coupling relationship and the action mechanism between carbon asset management and the firm value-created.Carbon asset management is a part of corporation environmental management and a kind of innovation of low-carbon management.It is a series of activities of strategic planning and value management of carbon asset about carbon emission trading considering three levels of environment,economy and society,and its goal is to realize firm value maximizing and achieve balance between carbon emissions reducing and corporation development.This paper analyzes the institution driver and value driver of enterprise carbon asset management,and discusses the characteristics of the opposition stage and the symbiosis stage between the two drivers.This paper also analyzes the environmental regulation orientation and the value-created orientation of carbon asset management.This paper puts forward the carbon asset management should take value creation as the principal goal,which is the transformation and transcendence of environmental regulation orientation.Secondly,this paper examines the economic effect of carbon asset brings to firm value by empirical analysis in China.This paper makes use of the data of allownce carbon asset trading market and emission reduction carbon asset trading market,studies companies carbon asset’s economic effect and its influence factor on firm value in China,and obtains research conclusions as below:On the one hand,basing the Cap-on-Trade mechanism of allownce carbon asset trading,this paper examines the dynamic correlation between carbon emission trading and sample industries’ stock returns of China through VAR model.The research results shows that there is a significant negative and long term dynamic correlation between the price of Shanghai carbon emission trade market and stock returns of high-carbon emission industries.However,there is no regular effect in those low-carbon emission industries.On the other hand,basing the Clean Development Mechanism(CDM)of emission reduction carbon asset trading,this paper uses the Event Study to examine the economic effect on stock market of CDM projects were registered by the United Nations EB.The empirical examine result shows that China listed companies’ CDM projects were registered by the United Nations EB that can affect the sample companies’ stock price remarkably and continuously.And the high carbon emission industries companies’ stock price have bigger average abnormal return than those low carbon emission industries companies.This paper also finds that the firm size is bigger,the stock price cumulative average abnormal return is higher.This conclusion shows that current carbon trading and carbon asset management in China have attracted the capital market investors’attention.But because the policies and systems of carbon asset’s strategic planning,operation management,value measurement and information disclosure are not perfect enough,we should study further and structure a scientific and effecient carbon management system to provide reference to carbon emission control firms of China.Finally,this paper bases on the existed theoretical analysis and empirical tests of carbon trading and management,puts forward the imagination of constructing the value-created oriented carbon asset management system.This system’s orientation is value-created and construction principles are sustainable development principle,cost-effective principle,and value maximization principle.Centring on the main line of corporation value-created,this paper focuses on the carbon asset management’ overall process of budget in advance,in-process control,and accounting after the event,puts forward three core steps as budget management,operation management,and accounting management,and proposes the value-created oriented carbon asset management system for corporation practice and application.This paper blends the value-created idea in the whole process of carbon asset management implement,and puts forward the feasible implement approaches of carbon asset management of China’s corporation.This paper also aims at allowance carbon asset and emission reduction carbon asset,puts forward two main carbon asset management models of "allowance model" and "credit model",and proposes feasible path suggestions.Our aim is to propose optimized paths for wealth measuring and value creating of carbon asset,and make a contribution to maximizing firm value and protecting ecological environment.