论文总字数：13931字

摘 要

在当前低碳经济时代背景下，国内企业面对越来越激烈的竞争。通过研究低碳经济上市公司的盈利模式，能帮助相关企业通过调整生产结构，加强技术创新，降低成本，增加收益，提高其竞争能力。同时对企业的盈利成本、能力的研究，寻求企业盈利来源，为今后具有低碳概念的公司的发展提供理论指导，也为政府合理资助低碳上市公司及事后监管提供合理建议。因此，研究低碳上市公司的收益影响研究具有十分重要的理论和实际指导意义。

首先，本文选取2003至2012年30家与电力相关的国内低碳上市公司，收集相关年度财务数据，并根据低碳概念将其分为环保类、清洁能源类和节能减排类，分析不同类型低碳上市公司的盈利模式差异。结果显示：清洁能源类低碳上市公司盈利模式优于环保类低碳上市公司，而环保类低碳上市公司盈利模式优于节能减排类上市公司，这与国情和国家政策息息相关。一方面国家大力开发新能源，但低碳上市公司产业结构、尚未成熟的低碳技术、政府的监督扶持等等都导致了低碳板块上市公司间的盈利差异。这些结果对政府对于不同类型低碳上市公司的投资策略具有实际指导意义。与此同时，我们发现企业的综合能力集中显示在它的盈利能力上，其他能力相对较弱。同时，我们选取了18家与电力相关的非低碳上市公司，收集相关数据，运用面板数据模型建立盈利模型，并与低碳上市公司盈利模式相比较，分析差异。结果显示：低碳上市公司的盈利和扩张能力要强于非低碳上市公司，但低碳上市公司的运营、成长和风险控制能力则要弱于非低碳上市公司。通过对低碳上市公司与非低碳上市公司各项能力差异的分析，我们发现这些低碳上市公司具有低投入、高产出，即‘低能耗’性质，意味着低碳上市公司的确具有低碳概念。

本文最后就政府对低碳上市公司的管理和扶持提出了建议并提出了本文的不足与改进之处。

关键词：面板数据模型 低碳经济 盈利模型

Research on Profit impact of low-carbon listing Corporations

Abstract

As the low-carbon economy becomes more and more popular, the domestic enterprises are facing increasingly fierce competition. Studying profit model of low-carbon listing Corporations,enterprises can adjust production structure, strengthen technological innovation, reduce costs and increase profits so as to improve its competitive ability. On one hand, the researches on the enterprise's profit cost, profitability and source of profit can provide low-carbon listing Corporations with theoretical guidance, on the other hand, these researchers can help government finance low-carbon listing Corporations probably by providing reasonable suggestions. Therefore, it is of great theoretical and practical significance to study income effects of low-carbon listing Corporations.

Firstly, this paper shows us with thirty domestic low-carbon listing Corporations related with power, we collect annual financial data and divide it into there classes called class of environmental protection, clean energy, energy-saving and mission-reduction based on low-carbon concept,then we analysis the difference on profit model between different classes of low-carbon listing Corporations. The results show that the profit model of clean-energy listing Corporations is better than that of environmental-protection listing Corporations, the third is the model of energy-saving and emission-reduction listing Corporations. It results from the condition and the policy of the country. On on hand, the country devotes to developing new energy sources, but immature low carbon technology, industrial structure and the supervision of the government support have led to the differences between low carbon plate listing Corporation.It guides the government to invest low-carbon listing Corporations. Moreover, we find that the competitive ability of the enterprise often depends on its profitability compared with other representation capability.

Secondly, we select eighteen non low-carbon listing Corporations related to power and collect the relevant data. Building a profitable model by using panel data model, we compare the result with the low-carbon profit model and analyze the differences.The results showed that capacity of profitability,growth and expansion on low-carbon listing Corporations is better than that of non-low-carbon listing Corporations, but the capacity of operation,risk-control on low-carbon listing Corporations is weaker than that of non-low-carbon listing Corporations.Analyzing the differences between low-carbon listing Corporations and the non-low-carbon listing Corporations, we find that the former has the advantages of low energy-consumption and low-investment, which means that they own the concept of low-carbon.

Finally, this paper provide some advise on the government management of the low-carbon listing Corporations and put forward the deficiency and improvement of the paper.

Keywords: Low-Carbon Economy, panel data model, Profit model

目录

摘 要 I

Abstract II

第一章 引言 1

1.1 研究目的及意义 1

1.2 研究相关背景 1

1.2.1 国外相关研究回顾 1

1.2.2 国内相关研究回顾 2

1.3 本文的研究方法及创新点 3

第二章 理论模型概述，样本选取以及变量定义 4

2.1 理论模型概 5

2.2 样本选取 5

2.3变量定义与计算 7

第三章 不同类型低碳上市公司盈利模式差异研究 8

3.1 回归结果 8

3.2 盈利模式差异分析 9

第四章 低碳与非低碳上市公司盈利模式差异分析 10

4.1 低碳上市公司盈利模式回归结果 10

4.2 非低碳上市公司盈利模式回归结果 11

4.3 盈利模式差异分析 12

第五章 结论与建议 13

参考文献 14

致谢 15

第一章 引言

1.1 研究目的及意义

随着世界工业经济的发展、人口的剧增和生产生活方式的无节制，世界气候变化面临越来越严重的威胁。在全球环境污染问题和能源危机问题加剧背景下，以低能耗、低污染、低排放为基础的低碳经济模式应用而生。中国作为全球经济增长最快的国家和温室气体排放最大国，面临越来越大的国际经济和政治压力，因此发展低碳经济是落实科学发展观、转变经济发展方式、建设资源节约型和环境友好型社会的有效途径。

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