Contingent Valuation Method and the beta model: an accounting economic vision for environmental damage in Atlântico Sul Shipyard

ABSTRACT The objective of this paper is to apply the beta model as an alternative to the Valuation Method in order to estimate the environmental asset Willingness to Pay (WTP) so that the Tribunal de Contas do Estado de Pernambuco (TCE/PE) can supervise the Atlântico Sul Shipyard (ASS) as a negative environmental externality, which is discussed here from an accounting perspective. Our methodology is exploratory, and the beta regression model was used in the contingent valuation to estimate the environmental asset. The results allowed estimating the value of the Ipojuca mangrove at US$ 134,079,793.50, and the value of the environmental damage caused by the shipyard to the public asset was valued at US$ 61,378,155.37. This latter value is object of interest to the inspection body. However, the final estimated value of the Ipojuca mangrove prompts a discussion about the implications from an accounting point of view, such as the attribution of monetary value to a public asset that does not have a financial value, problems regarding the conceptualization and valuation of public assets for governmental patrimony. It is concluded that the beta regression model to estimate the WTP for contingent valuation will serve as a contribution to the research on accounting measurement techniques for public assets.

摘要 本文旨在以β模型（beta model）替代传统估值方法，估算环境资产的支付意愿（Willingness to Pay, WTP），以供伯南布哥州审计法院（Tribunal de Contas do Estado de Pernambuco, TCE/PE）对南大西洋造船厂（Atlântico Sul Shipyard, ASS）所引发的负向环境外部性开展监管——本文将从会计视角对该议题展开探讨。本研究采用探索性研究方法，在条件价值评估法（contingent valuation）中运用β回归模型估算环境资产价值。研究结果显示，伊波茹卡红树林的估值为134,079,793.50美元，该造船厂对公共环境资产造成的环境损害估值为61,378,155.37美元，后者正是监管机构关注的核心标的。然而，伊波茹卡红树林的最终估值也引发了诸多会计视角下的讨论，例如为不具备金融价值的公共资产赋予货币价值的合理性困境，以及政府公有资产的概念界定与估值难题。综上，用于条件价值评估法以估算支付意愿的β回归模型，可为公共资产会计计量技术的相关研究提供有益参考。