RESEARCH ON THE IMPACT OF WASTE

UTILIZATION IN HIGH-POLLUTING

ENTERPRISES ON ECONOMIC ADDED

VALUE EVA FROM THE PERSPECTIVE OF

LOW-CARBON ECOLOGY

Zhonglei Dong

College of General and Liberal Arts Education, Sichuan Vocational College of

Finance and Economics, Chengdu, Sichuan, 601010, China.

Nu Sha*

Physical culture institute, Southwest Minzu University, Chengdu, Sichuan, 610041,

China.

shanushanu713@126.com

Reception: 01/02/2023 Acceptance: 01/04/2023 Publication: 28/06/2023

Suggested citation:

Dong, Z. and Sha, N. (2023). Research on the impact of waste utilization in

high-polluting enterprises on economic added value EVA from the

perspective of low-carbon ecology. 3C Empresa. Investigación y

pensamiento crítico, 12(2), 57-71.

https://doi.org/10.17993/3cemp.2023.120252.57-71

3C Empresa. Investigación y pensamiento crítico. ISSN: 2254-3376

Ed. 52 Iss.12 N.2 April - June, 2023

ABSTRACT

At present, China's economy is developing rapidly, and the overall economic field is

showing a trend of rapid growth. At the same time, the utilization of polluting wastes

involves a trade-off between environmental pollution and the economy. This paper

selects the method of economic value-added evaluation to analyze and predict the

relationship between the two. The average single-share earnings of the group of

companies that do not carry out recycling and utilization of polluting wastes are

observed during 2019-2021. The results show that the net income per share and total

income decreased by 32.43%, 10.28% and 32.73% respectively. During the period

from 2019 to 2020, the number of EVA and the annual rate of change in income of

companies that did not recycle polluting wastes decreased by 58.25% and 68.56%,

respectively. On the contrary, the declines of enterprises that have been recycled are

only 37.43% and 32.28%. Therefore, in recent years, enterprises that emit a large

amount of pollutants should take the recycling and reuse of polluting waste as the

main method.

KEYWORDS

Ecological environment; waste utilization; economic evaluation; energy enterprises;

EVA evaluation.

INDEX

ABSTRACT

KEYWORDS

1. INTRODUCTION

2. EVA CALCULATION AND MODEL STRUCTURE INTRODUCTION

2.1. Calculation of EVA

2.2. Introduction of EVA model

2.2.1. Two-stage growth model

3. ANALYSIS AND DISCUSSION OF EVA MODEL RESULTS

3.1. EVA trends

3.2. Trends in annual corporate earnings

4. CONCLUSION

REFERENCES

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1. INTRODUCTION

Low carbon is an environmental responsibility for sustainable development [1, 2].

Low-carbon ecology requires people to establish a new outlook on life and

consumption and also puts forward requirements for high-polluting enterprises to

reuse corporate waste, thereby reducing carbon emissions and promoting the

harmonious development of man and nature [3]. Low carbon will be an important way

to coordinate economic and social development and protect the environment [4, 5].

Under the low-carbon economic model, people's life can gradually get away from

the negative effects caused by the unreasonable use of energy, and enjoy a new life

with the theme of economic energy and green energy [6]. Under the low-carbon

ecology, reducing environmental pollution and ensuring low emissions is conducive to

ecological environmental protection; in addition, it can also reduce the waste of

resources, which is conducive to slowing down the speed of global warming and

environmental degradation [7, 8]; improving corporate profits. In the production and

development of an enterprise, there must be some waste of raw materials and

products. For some waste materials in high-polluting enterprises, it usually takes

nearly ten years to stabilize. The hazardous substances such as heavy metal ions and

organic acids produced in the whole process cause pollution to the water, soil, and air

in the surrounding living areas [9, 10]. At the same time, for the waste materials

produced by high-polluting enterprises, there are also some resources that can be

used such as metal materials. Therefore, the reuse of waste materials has a positive

effect on alleviating environmental pressure and reducing carbon emissions [11, 12].

However, for enterprises, how to maximize corporate profits is the focus of

enterprises. In the process of recycling waste materials, the enterprise can obtain its

income and enhance the market competitiveness of the enterprise. Therefore, in the

process of waste recycling in high-polluting enterprises, the company will consider the

impact of waste material recycling on enterprise value assessment, and conduct a

comprehensive assessment of its overall value. Through enterprise value

assessment, it can further help investors make investments. Decision-making and

business managers improve business decisions.

In the context of low-carbon ecology, a low-carbon economy is based on the theory

of sustainable development. Through innovative ways such as industry and system,

the development of energy towards an economic model with low consumption, low

pollution and high utilization rate is realized. In the process of high-polluting enterprise

waste recycling, how its impact on the economic added value of enterprises has

attracted a lot of attention. Yang, Y. [13] argues that corporate waste poses new

challenges to reducing environmental impact and enhancing resource sustainability

for additive manufacturing. In the development of circular ecological economy, Aldieri,

L. [14] analyzed the main characteristics of circular business models from the

perspective of public interest, emphasizing how sharing economy business models

can be well integrated and complementary with certain characteristics of circular

economy, which is a powerful Pull factor [15, 16], other cycles of circular economy

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require a clear push factor. Braun, A.T. [17] believes that the transformation of a

circular ecological economy requires a new value creation structure, thereby changing

the business model. In the development of enterprises, they need to comprehensively

consider after-tax net operating profit, weighted average cost of capital and total

assets [18, 19], so that they can guide the development of enterprises. Gotts, I. [20]

research shows that at the local level, the waste trade has become a monopoly. Their

research proves that very good income can be generated in the transaction of waste

and waste. Nawaz, M. [21] takes a holistic approach and examines the formal and

informal aspects of the recycling value chain, assessing possible integration in waste

management approaches through the use of recycling as a tool for achieving

sustainability [22, 23]. To curb the trend of the massive increase in waste and reduce

the adverse impact on the environment, Namkung, H. [24] proposed to promote

several waste recycling policies, including waste-to-energy, which can effectively

relieve pressure and respond to the production of polluting plastic waste. Alternative

chemicals and fuel oils can play a key role in a country's sustainable development,

generating huge benefits. Lassou, P. [25] proposed that accounting is an important

component when evaluating economic growth. Gao, Y. [26] used the Global

Productivity Index to estimate provincial TFP levels considering carbon emissions

when conducting economic accounting [27, 28], comparing different assumed returns

to scale and considering the ranking inversion problem. Nassani, A. A. [29] argues

that in assessing sustainable development, accounting plays an important role in

achieving national economic development through energy efficiency, economic

insurance prices and sound financial development. Evidence provided by Bakre, O.

M. [30] shows that accounting is an important foundation for economic development,

and the selection of appropriate accounting is crucial to the valuation of assets.

Fuentes-Saguar [31] analyzed the economic linkages between the bioeconomy sector

and other economic sectors, and it is important to determine their aggregate and

disaggregated effects on economic growth. Their study showed that in complex

databases, based on accounting matrix analysis. Content evaluation of wealth

creation plays a key role.

Abhayawansa, S. [32] reviewed existing research on national policy-making on

value creation, sustainability and SDGs, identified gaps in national accountability and

methodologies in national governance processes, and for the accounting component,

organizations. The concept of value creation makes a lot of sense. Based on our

analysis of the work of previous research scholars, we can find that there is still great

commercial value in corporate waste. It is profitable for businesses to recycle and

reuse waste materials. Therefore, based on promoting a low-carbon ecology, it is

feasible for high-polluting enterprises to recycle and reuse waste materials. In

assessing the benefits of waste materials, accounting can accurately analyze them,

which can help to provide managers with useful information for decision-making and

promote their confidence in the recycling of waste materials.

An important guarantee for the improvement of low-carbon ecological capacity is

the multiple utilization and recycling of system resources, products and wastes. In

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carrying out the low-carbon ecological sustainable development model, the low-

carbon ecological city should consider the goal of maximizing human social welfare,

and must also ensure the income of enterprises in the recycling and reuse of waste

materials. Therefore, in the recycling and reuse of waste materials from high-polluting

enterprises, we comprehensively consider the nature, scale, development stage and

organizational form of the enterprise to select relevant accounting items for

adjustment, which truly reflects the ability of the enterprise to create value. According

to the quality of the waste to be treated and the challenges of the substances to be

treated, corresponding accounting adjustments are made to the R&D expenses,

financial expenses, accounting preparations, and credit adjustment of the enterprise,

to increase the economic benefits of the enterprise in the utilization of waste.

2. EVA CALCULATION AND MODEL STRUCTURE

INTRODUCTION

According to research, the stakeholders involved in the utilization of waste

resources in high-polluting enterprises include environmental protection units,

business units, waste treatment stations, and the transportation industry. If there is

effective cooperation among these participants to convert high-polluting corporate

waste into secondary products, it will be beneficial to the improvement of China's high-

polluting corporate waste resource utilization and the implementation of the dual-

carbon strategy. To assess the impact of waste utilization in high-polluting enterprises

on economic added value, we use algorithms to predict it, promote policies related to

waste recycling in high-pollution enterprises, and formulate effective measures such

as reasonable subsidies and penalties.

The essence of EVA is the input cost of corporate shareholders for waste utilization

of high-polluting enterprises. When EVA is positive, the project can truly create value

for corporate shareholders when the income from high-polluting corporate waste is

greater than the input cost of corporate shareholders. EVA comprehensively considers

the impact of the input cost of corporate shareholders on the utilization of waste in

high-pollution enterprises, and can better reflect the value created by the utilization of

waste in high-pollution enterprises for corporate shareholders.

2.1. CALCULATION OF EVA

The economic value added EVA is defined as the difference between the net

operating profit after tax and the total cost of capital. The specific calculation process

is as follows:

(1)

Among them, NOPAT is the adjusted net operating profit after tax of the enterprise;

WACC is the weighted average cost of capital of the enterprise; TC is the adjusted

total assets of the enterprise. When the adjusted net profit after tax of the enterprise is

EVA =NOPAT −WACC ×TC

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greater than the cost of capital, that is, when EVA > 0, the enterprise creates

corporate shareholder value; and when the cost of capital is greater than the adjusted

net profit after tax of the enterprise, that is, when EVA < 0, even if the enterprise

accounting. If the profit is greater than zero, in fact, the enterprise is still depleting

enterprise capital and does not create value for the shareholders of the enterprise.

2.2. INTRODUCTION OF EVA MODEL

To easily evaluate the impact of waste utilization in high-polluting enterprises on

economic added value, the internal and external environments of enterprises tend to

be stable in the short term, so EVA is divided into two different stage models. The

details are as follows:

1.2.1 Single-stage model

1. Zero growth model

The utilization of waste resources in high-polluting enterprises has entered a

mature period, and the EVA value remains stable and unchanged. The growth value

of EVA in each cycle is 0, as shown in Figure 1:

Figure 1. EVA zero growth model

(2)

(3)

EVA1=EVA2=EVA3…EVAn

nter prise value =I+

∑

i=1

EVA

(1+r)i+EVA

∑

i=1

(1+r)i

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Among them, I am the investment cost; r is the discount rate. Enterprise value is

the sum of the invested capital and the present value of the expected EVA.

2. Fixed growth model

The enterprise's EVA grows at a fixed growth rate g, as shown in picture 2.

Figure 2 EVA fixed growth model

(4)

(5)

Among them, is a fixed growth rate.

2.2.1. TWO-STAGE GROWTH MODEL

The two-stage growth model includes the stage of rapid increase of enterprise

value in the early stage and the stage of gradual stability in the later stage. According

to the long-term competition equilibrium theory of the market, the company's

enterprise value cannot maintain the trend of rapid growth in the early stage because

its peers will enter the market one after another. Until the average value of EVA gets

closer and closer to 0. The enterprise value is the sum of the capital sum and the

present value of EVA during the period of continuous n-year extraordinary growth and

the present value of EVA during the later period of continuous annual extraordinary

growth. The specific calculation process is as follows:

EVAi= (1 + g)n−1EVA1

nter prise value =I+

∑

i=1

EVA

(1+r)i

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(6)

This paper introduces the theoretical system of EVA enterprise value evaluation,

clarifies the essence of economic value-added EVA, the calculation of the EVA model,

the adjustment principle of relevant accounting items and the premise of its

application. Enterprises are different from other resources. First of all, the recycling of

waste in high-polluting enterprises must be a profitable behavior established within the

scope of certain laws and regulations, and it is an organic combination of various

elements that constitute the utilization of high-polluting waste. At the same time,

according to the changes in the environment in the reuse of resources, the measures

for waste disposal should be adjusted appropriately, to continue to make profits and

bring benefits to the shareholders of the company. The evaluation of enterprise value

through EVA is not only to consider the total value of enterprise assets, but also to

analyze and evaluate all its assets and profitability from the perspective of the

enterprise as a whole, and to evaluate the value of the enterprise as a whole.

Therefore, the accurate evaluation of enterprise value can provide investors with

efficient investment decisions, and can also help enterprise managers to clarify the

current value of enterprise nation and the impact of various investment, financing,

operation and distribution decisions on enterprise nation value, and then formulate

corresponding enterprises. Strategic planning to enhance corporate value creation

capabilities.

3. ANALYSIS AND DISCUSSION OF EVA MODEL

RESULTS

3.1. EVA TRENDS

At present, China's economy is developing rapidly, and the overall economic field is

showing a trend of rapid growth. However, while the national economy has achieved

greater improvement, the pollution of the ecological environment has gradually

emerged. Therefore, in conjunction with economic development, the protection of the

ecological environment has been put on the agenda. With the destruction of the

ecological environment and natural disasters all over the world, countries have

gradually realized the seriousness of the situation and have introduced relevant

governance and protection measures. To balance the contradictory relationship

between economic development and environmental protection, China has put forward

the development concept of "prioritizing ecological protection and developing circular

economy". Among them, the viewpoints of green ecological development and

sustainable development are considered to be the main directions and goals for the

simultaneous development of China's economy and environment in the future.

enterprise value

=I+

∑

i=1

EVA

(1+r)i+

EVA

(1+g)n

r(1+r)n

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In the effective implementation measures, we gradually distribute the research

focus to all aspects and details of the economy and the environment. However, the

utilization of waste in high-polluting enterprises involves the relationship and trade-off

between the two, so it is feasible and meaningful to analyze it based on the ecological

environment and economy. Therefore, this section aims at the management and

assumption of rational utilization of wastes produced by a large number of highly

polluting enterprises. And focus on the research on the economic impact of rational

utilization of waste.

In addition, to link the utilization of waste produced by high-polluting enterprises

and the changes in economic values, we selected the method of Economic Value

Added Evaluation (EVA). The data results obtained by the EVA evaluation method can

provide a comprehensive and sufficient basis for the complex relationship between

shareholders and enterprises, such as constraints, cooperation, and games. Since

shareholders' investment in polluting companies requires comprehensive investment

factors such as comprehensive costs, short-term returns, and long-term development.

In the case of simplified analysis, considering that the EVA evaluation value is

positive, the investment income produced by the target enterprise invested by

shareholders will be greater than the cost. And when the cost of equity and debt are

taken into account, the income for shareholders can be obtained from the profits other

than investment costs.

First, we select some enterprises as experimental companies to conduct a

comprehensive analysis of EVA based on input and expenditure. Starting from the

changes and fluctuations of corporate financial indicators, we compare and analyze

the historical financial indicators of randomly selected enterprises with pollution

characteristics and the financial indicators of the industry to which they belong. The

reasons for the difference and the influencing factors are analyzed, and these factors

are summarized and analyzed to obtain the EVA evaluation value level of the

enterprise in the industry and the directional development trend and direction of the

difference. When the amount of data is large enough, a regression model can be

obtained to achieve predictions based on past data. Analyze and evaluate the

profitability, debt repayment, operation and development capabilities of enterprises

with pollution characteristics, so that the management and investors can have a

deeper understanding of the financial status and operating results of the enterprise,

which is more conducive to accurate and reasonable judgment of the evaluation

results more objective and true reflection of corporate value. In Table 1, we

summarize the financial indicators of basic operating items for some enterprises with

pollution characteristics. It was observed that the group of enterprises that did not

carry out the recycling and utilization of polluting waste had a good financial trend in

the period from 2017 to 2019. The average income per share, net income per share,

and total income growth rate of each enterprise in this group were as follows: 76.19%,

15.05% and 9.35%. There are slight fluctuations in net income, which is within the

normal income range. During the period from 2019 to 2021, it was observed that the

average income per share, net income per share, and total income of each company

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in this group decreased by 32.43%, 10.28% and 32.73% respectively. This is partly

due to energy conservation and emission reduction. A series of policies and indicators

such as pollution emissions limit the effect. However, the lack of polluting waste

recycling processes and design is also one of the reasons for the declining economic

benefits of various enterprises.

Table 1. Financial indicators of basic operation projects of high-polluting enterprises

Subsequently, we conducted supervised learning on the process of comprehensive

evaluation of EVA based on some selected enterprises as training data. The trained

model is used to further correct the EVA number of existing enterprises that do not

recycle polluted waste, and it is also used to predict the EVA number of enterprises

that recycle polluted waste. In this section, we will compare the comprehensive

evaluation results of EVA brought about by these two different development methods,

and use the difference between the two results to evaluate the necessity and prospect

of establishing a polluting waste recycling system. Among them, the comparison

results of EVA numbers from 2017 to 2021 between companies that did and did not

recycle polluted waste are shown in Figure 3. It was observed that from 2017 to 2019,

all companies in the industry had a certain degree of sag trend. , but from the

numerical analysis, the change rate of the EVA evaluation value is maintained

between 5% and 7%. Therefore, it can be regarded as normal industry or market

fluctuations. During the period from 2019 to 2020, it was observed that the EVA

number of enterprises that did not recycle polluted wastes decreased by 58.25%, and

the value of the EVA change rate during 2021 even reached -2.65%. On the contrary,

the EVA number of enterprises that have carried out a certain degree and frequency

of polluting waste recycling will only decrease by 37.43% from 2019 to 2020. During

2021, the change rate of EVA will reach 4.27%, an increase of 6.92% year-on-year for

companies that do not recycle polluting waste. Therefore, through the development

trend of the rate of change of the EVA evaluation value over time, companies involved

in the large-scale discharge of polluting waste in recent years should update their

technology promptly, and take the recycling and reuse of polluted waste as another

main way of enterprise development, which can make Chemical and energy

companies with traditional pollution emissions will get more stable economic benefits

in 2022 when the economy is depressed.

Evaluation indicators 2017 2018 2019 2020 2021

Income per share (yuan/

share)

0.21 0.35 0.37 0.32 0.25

Net income per share

(yuan/share)

3.72 4.21 4.28 4.02 3.84

Total income (ten

thousand yuan)

27015.83 24382.09 29542.17 21530.04 19872.88

Net income (ten thousand

yuan)

2964.3 -257.6 -643.1 -1282.2 -1352.4

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Figure 3. Changes in EVA change rate over time for companies with and without polluting

waste recycling

3.2. TRENDS IN ANNUAL CORPORATE EARNINGS

Finally, we will compare the annual net income results of these two different

development methods, which can evaluate the economics and profitability of

establishing a polluting waste recycling system. The comparison results of the

average annual income change rate from 2017 to 2021 for companies that did and did

not recycle polluted waste are shown in Figure 4. It is observed that the change rate

of the EVA assessment value during the period from 2017 to 2019 is similar to that in

Figure 3. Consider normal industry or market volatility. During the period from 2019 to

2020, the annual income change rate of companies that did not recycle polluting

wastes showed a huge drop, reaching 68.56%. However, the annual rate of change in

earnings of enterprises that have already carried out polluting waste recycling

decreased by only 32.28%. Therefore, the results show that the technology of

recycling and reusing polluting wastes can enable enterprises involved in the large-

scale discharge of polluting wastes in recent years to gain the upper hand in green

ecology and sustainable development and obtain more stability in economic

fluctuations means to reduce the volatility of its returns.

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Figure 4. Changes in the annual income change rate of enterprises with and without polluting

waste recycling over time

4. CONCLUSION

At present, China's economy is developing rapidly, and the overall economic field is

showing a trend of rapid growth. But at the same time, the pollution of the ecological

environment began to appear gradually. The utilization of polluting wastes involves a

trade-off between the two, so we choose the Economic Value Added Evaluation (EVA)

method to analyze and predict the relationship between the two. The first conclusion

is as follows:

1. It was observed that during the period from 2019 to 2021, in the group of

enterprises that did not carry out the recycling and utilization of polluted waste,

it was observed that the average income per share, net income per share, and

total income of each enterprise in this group decreased by 32.43%,

respectively 10.28% and 32.73%, which to a certain extent are limited by a

series of policies and indicators such as energy conservation, emission

reduction, and pollution discharge. However, the lack of polluting waste

recycling processes and design is also one of the reasons for the continuous

decline of the economic benefits of various enterprises;

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During the period from 2019 to 2020, it was observed that the EVA number of

enterprises that did not recycle polluted wastes decreased by 58.25%, and the

value of the EVA change rate during 2021 even reached -2.65%. On the

contrary, the EVA number of enterprises that have carried out a certain degree

and frequency of polluting waste recycling will only decrease by 37.43% from

2019 to 2020. During 2021, the change rate of EVA will reach 4.27%, which is

a year-on-year increase of 6.92% for companies that do not recycle polluting

waste;

3. From 2019 to 2020, the annual income change rate of enterprises that did not

recycle polluting wastes showed a huge drop, reaching 68.56%. However, the

annual rate of change in earnings of enterprises that have already carried out

polluting waste recycling decreased by only 32.28%. Therefore, the results

show that the technology of recycling and reusing polluting wastes can enable

enterprises involved in the large-scale discharge of polluting wastes in recent

years to gain the upper hand in green ecology and sustainable development

and obtain more stability in economic fluctuations means to reduce the volatility

of its returns.

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