NDLI: Tradable Permits and Investments

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Tradable Permits and Investments

Content Provider	Springer Nature Link
Author	Klingelhöfer, Heinz Eckart
Copyright Year	2006
Abstract	Der Beitrag stellt einen Ansatz zur Beurteilung von Investitionen unter den Bedingungen eines Zertifikatesystems vor. Die Ermittlung der einzelwirtschaftlich relevanten Zahlungsströme erfordert den Einbezug produktionswirtschaftlicher Zusammenhänge: Bei Berücksichtigung der Umwelt ist jede Produktion Kuppelproduktion. Zertifikate beschränken diese (variabel); zugleich wirkt sich ihr Handel auf den erzielbaren Gesamtdeckungsbeitrag aus. Mengenabhängige Zertifikatspreise ändern nichts an der grundsätzlich linearen Problemstruktur, die sowohl aktivitätsabhängige als auch-unabhängige Zahlungen einbezieht. Für die korrigierten Kapitalwerte der Produktion spielt die Handelbarkeit der Zertifikate jedoch nur indirekt eine Rolle. Vielmehr lässt sich die Vorteilhaftigkeit von Zertifikatsgeschäften anhand eigener korrigierter Kapitalwerte beurteilen. Eine sensitivitätsanalytische Untersuchung der mit Hilfe der Dualitätstheorie bestimmten Preisdeterminanten einer Umweltschutzinvestition zeigt schließlich, dass Umweltpolitik mit Zertifikaten keineswegs immer das gewünschte Ergebnis erbringt, sondern je nach Situation kontraproduktiv wirken kann: Es mag sich im Extremfall betriebswirtschaftlich sogar lohnen, bei Einführung oder Verschärfung einer Zertifikatslösung Umweltschutzinvestitionen zurückzufahren, und selbst der zusätzliche Anreiz zur Investition kann sich ins Negative verkehren.The presented model offers a general approach to evaluate investments with special regard to tradable permits. Since these investments and as well the tradable permits affect production, the payments required for a financial valuation have to be derived from production theory and production planning: With special regard to the environment, production processes are characterised by joint production. Tradable permits modify the contribution margins and the constraints as well; their prices change with the quantity to buy or to sell. Nevertheless, a linear formulation of the problem is reasonable. It considers activity level dependent and activity level independent payments and handles the indivisibility of the investment to be valuated in two steps. Applying duality theory, the model allows to derive formulas for a correct valuation with net present values and to identify the determinants of the price ceiling for the investment to be valuated with regard to tradable permits and uncertainty. Certain discrete option pricing models can be derived as special cases. Using sensitivity analysis we can show that tradable permits have several effects on an investment. They do not always encourage environmentally benefiting investments-in particular cases they even may be counterproductive and give negative incentives.
Starting Page	525
Ending Page	548
Page Count	24
File Format	PDF
ISSN	00442372
Journal	Zeitschrift für Betriebswirtschaft
Volume Number	76
Issue Number	5
e-ISSN	18618928
Language	English
Publisher	Gabler Verlag
Publisher Date	2006-05-01
Publisher Place	Wiesbaden
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Capital Budgeting; Fixed Investment and Inventory Studies; Capacity Production Management Renewable Resources and Conservation Mathematical Methods Programming Models Mathematical and Simulation Modeling Tradable permits emissions trading investment policy net present value production management environmental management mathematical methods and programming Business and Management Operations Management Organization Human Resource Management Accounting/Auditing Business Taxation/Tax Law
Content Type	Text
Resource Type	Article
Subject	Business and International Management Economics and Econometrics

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