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    题名: 揭露漂綠下的資本錯置 : 歐洲綠色債券標準為例
    Investigating the Impact of Capital Misallocations by Greenwashing: the Case of European Green Bond Standard
    作者: 盧奕樺
    Lu, Yi-Hua
    贡献者: 李文傑
    王信實
    Lee, Wen-Chieh
    Wang, Shinn-Shyr
    盧奕樺
    Lu, Yi-Hua
    关键词: 資本錯置
    歐洲綠債標準
    綠債
    漂綠
    滾動式管理
    社會福利
    Capital Misallocation
    EUGBS
    Green Bonds
    Greenwashing
    Rolling adjustment
    Social Welfare
    日期: 2024
    上传时间: 2024-07-01 12:19:49 (UTC+8)
    摘要: 為了解決全球暖化問題，綠色債券已成為企業獲取優惠資本的關鍵途
    徑之一。雖然綠色債券應用於環保改善，但由於監管機制不完善，無法保
    證企業真正提高綠色產能。因此，本研究建立了一個理論框架，並利用歐
    洲綠色債券數據來衡量企業漂綠行為可能導致的資本錯置。計算結果顯示，
    漂綠行為在歐洲債券市場普遍存在，並導致資本錯置，進而引起顯著的社
    會福利損失。研究還引入了若干反事實分析來進一步探討消除市場中漂綠
    行為的可能性。數據顯示，對綠色債券使用的嚴格監管能夠有效改善資本
    錯置問題，並與歐洲債券市場計算的社會福利呈正相關。
    Motivated by the global trend to ease rising temperatures, the green
    bond is devised to be a founding source of businesses’ access to cheap capital. Though the green bond is supposed to be devoted to green production, the loose monitoring of its proper usage cannot guarantee a business’
    green production improvement. Thus, this research develops a theoretical
    framework and utilizes the European green bond insurance dataset to gauge
    the potential capital misallocation due to the business’ greenwash behaviors.
    The computed results show that greenwash is prevalent in the European bond
    market and results in significant welfare loss due to capital misallocations by
    greenwash behaviors. Several counterfactual analyses are also introduced to
    investigate the eradication of greenwash in the market. The strict monitoring
    of green bond usage is shown numerically to improve capital misallocations,
    which would positively correlate with the computed social welfare in the European bond markets.
    參考文獻: [1]Bernard, A., Jensen, B. (1999), “Exceptional exporter performance: cause, effect, or both?,” Journal of International Economics, Volume 47, Pages 1-25.
    [2]Bowen, F. J., Aragon-Correa, A. (2014), “Greenwashing in Corporate Environ-mentalism Research and Practice: The Importance of What We Say and Do,”Sage Journal, Volume 27, Pages 107-112.
    [3]Corapi, E. (2023), “Current Issues on the Transition to a Sustainable Economy in the European, Italian and Middle East Framework: Green Bonds Standards and Greenwashing,” European Business Law Review, 34(7), pp. 1167 –1192.
    [4]Deschryver, P., Mariz, F. D. (2020), “What Future for the Green Bond Market? How Can Policymakers, Companies, and Investors Unlock the Potential of the Green Bond Market?, Journal of Risk and Financial Management, 14(12),589.
    [5]Ge, W., Liu, M. (2015), “Corporate social responsibility and the cost of corporate bonds, JournalofAccountingandPublicPolicy,Volume34,Pages597-624.
    [6]Helpman, E., Melitz, M. J., and Yeaple, S. R. (2004), “Export versus FDI with heterogeneous firms,” American Economic Review, 94(1), 300 316.
    [7]Hopenhayn, H. A. (1992), “Entry, Exit, and firm Dynamics in Long Run Equilibrium,” Econometrica, 60(5), 1127–1150.
    [8]Hsieh, C. T., and Klenow, P. J. (2009), “Misallocation and Manufacturing TFP in 46
    China and India,” The Quarterly Journal of Economics, 124(4), 1403–1448.
    [9]Lee, W. C., and Wang, S. S. (2017), “Misallocations and policy constraints on mergers in the modern manufacturing sector,” Journal of Macroeconomics,Volume 52, 268-286.
    [10]Melitz, M. J. (2003), “The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity, Econometrica, 71(6), 1695-1725.
    [11]Melitz, M. J., Redding, S. J. (2015), “New trade models, new welfare implications,” American Economic Review, 105(3), 1105-1146.
    [12]Oikonomou, I., Brooks, C., Pavelin, S. (2014), “The Effects of Corporate Social Performance on the Cost of Corporate Debt and Credit Ratings,” The Financial Review, Volume49, Pages 49-75.
    [13]Yoganandham, G., Kareem, A. A., Khan, E. M. I. (2024), “Unveiling the Shad-
    ows - CorporateGreenwashing and its MultifacetedImpacts on Environment, Society, and Governance - A Macro Economic Theoretical Assessment,” International Journal of Arts, Science and Humanities, 11(3), pp. 20–29.
    描述: 碩士
    國立政治大學
    經濟學系
    111258041
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0111258041
    数据类型: thesis
    显示于类别:[經濟學系] 學位論文

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