政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/145860

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/145860

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政大典藏 > College of Commerce > Department of Money and Banking > Theses > Item 140.119/145860

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/145860

Title:	探討碳排放對企業信用違約距離之變動 How Carbon Emission Affects Changes In Firm’s Credit Default Distance
Authors:	許家晟 Hsu, Chia-Chen
Contributors:	江彌修 Chiang, Mi-Hsiu 許家晟 Hsu, Chia-Chen
Keywords:	信用風險違約距離碳排放巴黎氣候協定氣候政策監管 Climate Change Credit Risk Paris Agreement Distance to Default Carbin Footprint
Date:	2023
Issue Date:	2023-07-06 16:46:59 (UTC+8)
Abstract:	本文旨在探討自 2013 年至 2020 年，台灣上市上櫃公司樣本中因為氣候變化而造成的暴露和公司信用風險之間的關係。研究結果顯示出，企業的信用違約距離和公司的碳排放與碳強度呈現負相關。因此，在其他條件不變的情況下，市場認為具有較高碳足跡的公司更有可能違約。而碳足跡在經過外生政策衝擊(巴黎氣候協定)之下，減少了違約距離點，顯示出國家政策的制定者意圖實施更嚴格的氣候監管政策。總結來說，這些結果說明公司暴露在氣候風險下，會影響企業發行的貸款和債券的信用價值，金融監理機構和法規制定應該審慎考慮氣候變化風險對銀行和金融市場穩定性所帶來的影響。 This study investigates the relationship between climate change exposure and company credit risk among a sample of Taiwan’s companies from 2013 to 2020. The research findings reveal a negative correlation between Merton Default Distance and carbon emissions, as well as carbon intensity. This suggests that, under unchanged conditions, companies with higher carbon footprints are perceived by the market as being more prone to default. Furthermore, the carbon footprint, after experiencing exogenous policy impacts such as the Paris Agreement, has reduced the default distance, demonstrating the intention of policy makers to implement stricter climate regulatory policies. In summary, these results demonstrate that companies exposed to climate risk can affect the creditworthiness of their issued loans and bonds. Therefore, financial regulatory institution and policy-makers should carefully consider the impact of climate change risks on stability of banks and financial market when formulating regulations and conducting oversight.
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Description:	碩士國立政治大學金融學系 110352016
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0110352016
Data Type:	thesis
Appears in Collections:	[Department of Money and Banking] Theses

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