天然資本枯渇下における維持可能所得の測定：動的サステナビリティ加重資本コスト枠組み
Measuring Maintainable Income Under Natural Capital Depletion: A Dynamic Sustainability-Weighted Cost of Capital Framework (原題)
Khaled Aldhaferi
🤖 gxceed AI 要約
日本語
本論文は、気候・資源・安全リスクを資本維持費に換算し、持続可能な維持可能所得を推計する「動的サステナビリティ加重資本コスト（Dynamic SWACC）」を提案する。埋蔵量寿命・炭素予算・安全リスクを割引率に内生化し、シャドウ元帳や再投資カバレッジで実際の資本維持支出も検証する。フリーポート・マクモラン2013〜2022年の事例では、2022年のユーザーコスト係数が58.3%とWACC基準42.9%を上回る。
English
This paper proposes Dynamic Sustainability-Weighted Cost of Capital (Dynamic SWACC), a shadow-accounting framework that converts climate, resource, and safety risks into a capital-maintenance charge to estimate sustainability-adjusted maintainable income. It endogenizes the discount rate via reserve-life, carbon-budget, and safety-risk state variables, and adds a Shadow Ledger with reinvestment coverage to test whether firms actually fund maintenance needs. A Freeport-McMoRan 2013–2022 demonstration yields a 2022 user-cost factor of 58.3% versus 42.9% under WACC-only.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
SSBJ基準や統合報告書における「資本維持」概念の測定手法として、日本企業のサステナビリティ情報と財務情報の接続に示唆を与える。特に資源・エネルギー企業の有報でのリスク開示と資本コスト議論に応用可能。
In the global GX context
This work bridges sustainability disclosure and financial accounting by operationalizing Hicksian capital maintenance, offering a measurement layer that complements TCFD/ISSB risk disclosure with a capital-maintenance charge. It speaks to global debates on strong sustainability and transition finance, though empirical validation remains pending.
👥 読者別の含意
🔬研究者:持続可能性指標を資本維持費に変換する理論枠組みと検証可能な命題を提供する。
🏢実務担当者:自社のEBITDAが天然資本枯渇に依存していないか、資本維持費と再投資カバレッジで点検する手法として活用できる。
🏛政策担当者:開示制度における資本維持概念の測定・比較可能性を高める政策的示唆を持つ。
📄 Abstract（原文）
Sustainability reporting has improved the visibility of climate, resource, and safety risks, but it still does not provide a measurement mechanism for separating maintainable operating surplus from income generated by depleting finite natural capital. This paper develops Dynamic Sustainability-Weighted Cost of Capital (Dynamic SWACC) as a governed shadow-accounting architecture for estimating sustainability-adjusted maintainable income. The framework begins from the Hicksian capital-maintenance view of income and the El-Serafy user-cost method, derives the user-cost charge from a finite-horizon operating-surplus annuity, and endogenizes the discount rate through auditable state variables: reserve-life constraint intensity, carbon-budget utilization, and operational safety risk. The developed contribution extends the original model in three ways. First, it introduces formal propositions for boundedness, monotonicity, reserve-life effects, and benchmark ordering. Second, it adds a Shadow Ledger rollforward with Verified Sustaining Investment (VSI), a Sustainability Capital-Maintenance Reserve (SCMR), and Sustainability Reinvestment Coverage (SRC), so the model tests not only the required charge but whether the firm actually funds the capital-maintenance need. Third, it specifies an optional state-space extension, benchmark decomposition, normalized diagnostics, and falsifiable panel hypotheses for future empirical validation. A retrospective demonstration for Freeport-McMoRan Inc. over 2013–2022 illustrates how physical sustainability indicators translate into a capital-maintenance charge against reported EBITDA. Under the baseline calibration, the 2022 user-cost factor is 58.3 percent under Dynamic SWACC, compared with 42.9 percent under a WACC-only benchmark, 51.3 percent under a static SWACC benchmark, and 72.2 percent under an SDR-only benchmark. The article contributes a reproducible theory-plus-method framework with testable implications while preserving the distinction between GAAP/IFRS earnings, investor valuation, and strong-sustainability capital maintenance.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.64064/1658-4236.1016first seen 2026-09-29 05:37:48
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