本文以無償發放之交易制度為對象,首度整合廠商在排放交易制度下之防治性投資與創新投資的決策行為,區別二者之間的差異,並將創新投資的不確定性具體納入動態模型中,顯著彌補了文獻上對相關議題研究的不足,結果發現:在排放交易制度下,許可證的市場價格與污防性資本與投資的關聯性雖然有正有負,但在大多數情況下,二者會呈正相關(亦即交易價格越高,防治性創新投資可望隨之增加),此一現象與防治性投資和許可證交易價格間的關聯不盡相同,因此,主管機關以獎勵措施鼓勵廠商從事污染防治時,應區分防治性投資與污防性創新投資,從鼓勵創新投資可以兼顧經濟成長與環境保護的效果下,顯然鼓勵創新投資比鼓勵防治性投資來得有利。
This paper begins with a clear distinction between abatement investment and innovation investment for emission reduction. It then conducts a thorough review of existing literature related to firms' behavior with respect to abatement and innovation investments. Three major investments (namely, production, abatement, and innovation) are integrated in a dynamic model within a framework allowing emission trading. Based on this dynamic model that incorporates uncertainty concerning innovation and endogenizes the permit price, we examine the three types of investment decisions and compare the results with those when innovation investment is ignored as it has been in the literature. The linkages between the permit price and investments for pollution abatement and innovation are also explored.