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| Title: | 品牌供應商之綠色併購
Bidding for Green: the Suppliers of Global Brands |
| Authors: | 陸則壬
Lu, Tse-Jen |
| Contributors: | 陳嬿如
陸則壬
Lu, Tse-Jen |
| Keywords: | 併購
綠色併購
供應鏈
品牌客戶
碳排放
碳風險
巴黎協定
Mergers and Acquisitions
Green mergers and acquisitions
Supply chain
Brand customers
Carbon emissions
Carbon risk
Paris Agreement |
| Date: | 2022 |
| Issue Date: | 2022-08-01 17:19:40 (UTC+8) |
| Abstract: | 過去對於公司碳排放與併購的研究，均傾向於公司會進行併購的決策係為了將其面臨的碳風險分散或移轉到環境成本較低的國家。然而近年來投資人碳風險意識與碳排放政策監管幅度已大幅提升，使得市場上主要品牌公司除關注自身碳排放外，亦須開始管控其供應商碳排放，外在環境變遷對於品牌客戶之供應商產生莫大的生存壓力，使其必須即刻做出行動。
本研究使用2013年至2015年與2017年至2019年共2,680供應商併購的樣本進行研究，並利用巴黎協定此影響全球碳排放政策與碳風險意識之廣泛外生衝擊與供應商之客戶碳排放屬性進行雙重差分法研究，結果發現相較於低碳排產業客戶之供應商，具高碳排產業客戶之供應商，在碳排放管控壓力增加時，宥於面臨較大的品牌客戶壓力，會進行更多氣候綠色併購，並發現其併購後環境績效會更明顯的上升，惟在進行高氣候綠色程度併購時，高碳排產業客戶之供應商之財務績效表現，相對於低碳排產業客戶之供應商表現差。
Previous studies on carbon emissions and merger and acquisition (M&As) tended to conclude that companies making M&As in order to diversify or transfer their carbon risks to countries with lower environmental costs. However, in recent years, the carbon risk awareness of investors and the degree of emission regulation policy have changed significantly, making major brand companies pay attention to their own carbon emissions, but also to control the carbon emissions of their suppliers. Under the enormous pressure, suppliers must act immediately to survive.
Using a sample of 2,680 mergers and acquisitions of suppliers from 2013 to 2015 and 2017 to 2019. This study leverages the Paris Agreement, a broad exogenous shock affecting global carbon policy and carbon risk awareness, to conduct a difference-in-difference study on purpose of suppliers’ M&As decisions, finding that compared with suppliers of customers in low carbon emission industry, suppliers with customers in high carbon emission industry face greater pressure from brand customers and conduct more climate green mergers and acquisitions. Moreover, their environmental performances will increase significantly after M&As. However, in higher degree of climate green mergers and acquisitions, post-merger financial performance of suppliers with high carbon emission industry customers is worse than that of suppliers of low carbon emission industry customers. |
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| Description: | 碩士
國立政治大學
財務管理學系
1108710 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109357025 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202200695 |
| Appears in Collections: | [財務管理學系] 學位論文
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