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我爱赚钱 · 2024年10月31日

对于外部性内部化的定义

  1. ESG
  2. Introduction to ESG

NO.PZ2024010501000005

问题如下：

Which of the following statements regarding externalities is most accurate?

选项：

A.

Externalities occur due to environmental or social factors.

B.

When externalities are positive, private costs are lower than societal costs.

C.

Internalization of externalities improves companies’ financial performance.

解释：

A is correct. Externalities can occur due to environmental factors, such as pollution, or social factors—for example, when companies fail to pay a minimum wage. When externalities are positive, private costs are higher than societal costs. When externalities are negative, private costs are lower than societal costs. Internalization of these externalities could significantly impact the costs and profits of companies’ products and services, affecting their bottom line.

C选项中，内部化是指什么？通常情况下没有negative前缀的外部性应该就默认是正外部性，那内部化减小外部性的幅度不就是减少private cost增加social cost吗？所以社会承担变多、公司自身承担变少，performance应该是上升的呀。

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1 个答案

王岑 · 2024年11月01日

嗨，爱思考的PZer你好：


在这个问题中，我们需要明确“内部化（Internalization）”的含义以及它对企业财务表现的影响。

内部化外部性意味着公司将原本由社会承担的成本纳入自身的经营成本中。例如，如果一家公司造成污染（负外部性），原本这部分污染的处理和恢复成本是由社会承担的，而内部化意味着公司自行承担这部分污染的治理费用。因此，内部化一般指的是负外部性的内部化，而不是默认的正外部性。

当负外部性（如污染、员工工资不足等）被内部化时，公司将增加其成本（例如环保支出、员工薪资的提高）。这会直接影响公司的利润，因为原本由社会承担的负担现在由公司自己承担了。所以，从财务角度来看，内部化通常会增加公司成本、减少利润。

在选项C中，“内部化外部性会提高公司的财务表现”是不准确的。实际上，内部化通常会降低公司的短期财务表现，因为它需要公司承担更多的成本。而这在大多数情况下会削弱公司的利润，尤其是在负外部性较大的行业。

一般提到“外部性”时，如果没有明确前缀“正”或“负”，通常指的就是负外部性。例如，污染、噪音等对社会有害的外部影响。在ESG框架中，关注的也是如何减少负外部性。因此，“外部性的内部化”往往指负外部性，而不是增加正外部性。

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