DOI: 10.1080/14693062.2017.1382318
Scopus记录号: 2-s2.0-85041324279
论文题名: Empirical calibration of climate policy using corporate solvency: a case study of the UK’s carbon price support
作者: Caldecott B ; , Dericks G
刊名: Climate Policy
ISSN: 1469-3062
EISSN: 1752-7457
出版年: 2017
起始页码: 1
结束页码: 15
语种: 英语
英文关键词: Altman’s Z-score
; climate change policy
; corporate solvency
; policy calibration
; stranded assets
Scopus学科分类: nvironmental Science: General Environmental Science
; Earth and Planetary Sciences: Atmospheric Science
英文摘要: Emission reductions improve the chances that dangerous anthropogenic climate change will be averted, but could also cause some firms financial distress. Corporate failures, especially if they are unnecessary, add to the social cost of abatement. Social value can be permanently destroyed by the dissolution of organizational capital, deadweight losses paid to liquidators, and unemployment. This article proposes using measures of corporate solvency as an objective tool for policy makers to calibrate the optimal stringency of climate change policies, so that they can deliver the least loss of corporate solvency for a given level of emission reductions. They could also be used to determine the generosity of any compensation to address losses to corporate solvency. We demonstrate this approach using a case study of the UK’s Carbon Price Support (a carbon tax). Key policy insightsSolvency metrics could be used to empirically calibrate the optimal stringency of climate policies.An idealized solvency trajectory for firms affected by climate change policy would cause corporate solvency to initially decline – approaching but not exceeding ‘distressed’ levels – and then gradually improve to a new ‘steady state’ once the low-carbon transition had been achieved.In terms of the UK’s Carbon Price Support, corporate solvency of energy-intensive industries was found to be stable subsequent to its introduction. Therefore, the available evidence does not support its later weakening. © 2017 Informa UK Limited, trading as Taylor & Francis Group Citation statistics:
资源类型: 期刊论文
标识符: http://119.78.100.158/handle/2HF3EXSE/80234
Appears in Collections: 科学计划与规划
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作者单位: Smith School of Enterprise and the Environment, University of Oxford, Oxford, UK
Recommended Citation:
Caldecott B,, Dericks G. Empirical calibration of climate policy using corporate solvency: a case study of the UK’s carbon price support[J]. Climate Policy,2017-01-01