Yagi and Kokubu (2019, JCLP)



Yagi, M. and Kokubu, K., “Waste Decomposition Analysis in Japanese manufacturing sectors for Material Flow Cost Accounting,” Journal of Cleaner Production, 2019. doi: 10.1016/j.jclepro.2019.03.196





本研究では、企業内のマテリアルフローと財務フローの両方を扱うマテリアルフローコスト会計(MFCA)の観点から、企業の廃棄物発生に対するマテリアルと財務の要因の影響を調査するための企業廃棄物分解モデルを提案する。提案されるモデルは、廃棄物をマテリアルロス率(原材料の廃棄物比率[WRMat])、原材料原価比率(RtCR、原材料使用効率)、売上原価率(またはCOGSR)、総資産回転率(TATR)、レバレッジ、および総資本に分解する。適用例として、log-mean Divisia index(LMDI)法を用いて廃棄物分解分析を行い、2010年から2015年までの5つの日本の製造業における125の上場企業を分析する。 LMDIの結果によると、MFCAで最も重要な項であるRtCRが、2015年現在の廃棄物発生量の増加に最も大きな影響を及ぼすことが示された。しかし、この効果は時系列間と業種間でそれほど頑強ではないことから、これはMFCAが主に特定の企業・部門または年に有効であることが暗示される。また、企業の環境負荷(廃棄物と炭素の排出)は、モデル上でレバレッジと負の関係に、総資本と正の関係にある可能性が高いため、金融および株式市場が企業の環境負荷の決定に重要な役割を果たすことが暗示される。

From the perspective of material flow cost accounting (MFCA), which treats both material and financial flows within a company, this study proposes a corporate waste decomposition model to investigate the effects of material and financial factors on corporate waste generation. The proposed model decomposes waste into the material loss (waste ratio of raw materials [WRMat]), raw material-to-cost ratio (RtCR; material use efficiency), cost-to-sales ratio (or COGSR), total asset turnover ratio (TATR), leverage, and total equity. As an application, the waste decomposition analysis is performed using the log-mean Divisia index (LMDI) method, and 125 listed firms in 5 Japanese manufacturing sectors from 2010 to 2015 are analyzed. The LMDI results show that the RtCR, the most crucial term in MFCA, had the largest effect on increases in waste generation as of 2015; however, this effect is not so robust among sectors over the years, implying that MFCA is valid mainly for specific companies/sectors or years. Also, corporate environmental burdens (waste and carbon emission) are likely to be correlated negatively with leverage and positively with total equity in the models, implying that the financial and stock markets have an essential role in deciding corporate environmental burdens.


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