중소･중견기업의 탄소배출 결정요인 : 신용보증 이용기업을 중심으로

The purpose of this paper is to identify the characteristics of domestic SMEs and mid-sized enterprises that have disclosed carbon emissions information and to analyze the factors affecting carbon emissions. Using carbon emissions information disclosed by companies guaranteed Korea Credit Guarantee Fund from 2017 to 2020, we analyzed the determinants of carbon emissions for amount of Carbon Dioxide emissions and carbon emissions intensity (carbon emissions/sales). The main results of the empirical analysis are summarized as follows. First, while mid-sized enterprises had more carbon emissions than SMEs, the carbon emission intensity of SMEs was higher than that of mid-sized enterprises. We conclude that SMEs are more likely to carry out production activities in a carbon-inefficient manner. Second, carbon emissions were higher in carbon-intensive industries, and are statistically positively significant related to leverage. Carbon emission intensity in the metropolitan area was lower than the others. Empirical result also showed that carbon intensity has a proportional relationship with labor- skillfulness. Both carbon emissions and carbon emissions intensity were lower for exporting companies than for domestic-oriented companies, and showed a negative relationship with R&D intensity and a positive relationship with capital intensity and advertising expenditure ratio. Third, we analyzed whether there were heterogeneity in the determinants of carbon emissions for mid-sized companies and manufacturing companies. In mid-sized companies, carbon emissions increased as net income to sales increased, and in manufacturing sector, carbon emission intensity is positively significant related to net income to sales and cash ratio. Finally, for robustness test, carbon emission intensity was calculated as both carbon emission to total assets and carbon emission to manufacturing costs. We confirmed that the effects of explanatory variables on carbon intensity are similar to main results. The empirical results are expected to help SMEs and mid-sized companies provide a basic understanding and insight on the carbon emissions in a realistic situation where there is little research on the determinants of carbon emissions. It is worthwhile to note that this results can be utilized to establish the government’s carbon emissions abatement policy and to a company’s response strategy.