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首页> 外文期刊>European Journal of Operational Research >Optimal investment policies for a polluting firm in an uncertain environment
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Optimal investment policies for a polluting firm in an uncertain environment

机译：不确定环境下污染企业的最优投资策略

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摘要

In this paper a stochastic dynamic model of the firm is used as a framework to study the optimality of abatement investments. Production causes pollution as an inevitable byproduct and in this model the latter is taxed by the government. The firm can diminish these tax payments through reducing its pollution output by carrying out abatement investments. It turns out that, provided that its liquidity position is sufficiently strong, the firm performs a growth policy such that expected marginal revenues of productive and abatement investments are balanced. Growth stops as soon as marginal revenue equals the shareholders' time preference rate. At that time dividend is paid out. We also obtain that the emissions tax rate must exceed a certain lowerbound when the government wants emissions to decrease during the firm's growth phase.
机译：本文采用企业的随机动态模型作为研究减排投资最优性的框架。生产将污染作为不可避免的副产品，在这种模式下，后者由政府征税。该公司可以通过进行减排投资来减少其污染产出，从而减少这些税收。事实证明，只要其流动性头寸足够强大，该公司就会执行一项增长政策，以平衡生产性投资和减排投资的预期边际收入。一旦边际收入等于股东的时间偏好率，增长就会停止。当时已派发股息。当政府希望在企业成长阶段减少排放量时，我们还获得了排放税率必须超过一定的下限。

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