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| Title: | 碳排放改善對公司市場表現之影響
The impact of improvement in carbon emissions on market performance |
| Authors: | 溫良益
Wen, Liang-I |
| Contributors: | 林宛瑩
溫良益
Wen, Liang-I |
| Keywords: | 環境社會治理
碳排放
減碳
市場表現
ESG
Carbon emissions
Carbon reduction
Market performance |
| Date: | 2024 |
| Issue Date: | 2024-08-05 12:21:50 (UTC+8) |
| Abstract: | 有鑑於近年國內外積極推動碳相關法規政策，為因應即將到來的碳風險，公司在營運策略上必須納入低碳轉型的考量，而市場上投資人對公司碳排放績效改善如何反應亦為值得關注的議題。本研究以2018年至2022年台灣上市（櫃）公司為研究對象，探討公司碳排放改善與其市場表現的關聯性。
本研究之實證結果顯示，公司碳排放改善與股價報酬率、公司價值成長率及系統性風險變化呈顯著正相關。本研究亦針對「高碳排產業」及「非高碳排產業」分組進行額外測試，發現高碳排產業之碳排放改善與股價報酬率、公司價值成長率呈顯著正相關，且其模型解釋力相較於非高碳排產業大幅增強。
In light of the recent proactive promotion of carbon-related regulations and policies both domestically and internationally, companies must incorporate considerations of low-carbon transition into their operational strategies to cope with the upcoming carbon risks. Additionally, how capital market participants react to improvements in a company's carbon emission performance is also a noteworthy issue. Focused on listed companies in Taiwan over the period of 2018 to 2022, this study explores the relationship between a company's carbon emission improvements and its market performance.
The empirical results indicate that improvements in a company's carbon emissions are significantly positively correlated with stock returns, growth in firm value, and changes in systematic risk. This study also conducts additional tests by grouping companies into high/non-high carbon emission industries. The findings also show that carbon emission improvements in high carbon emission industries are significantly positively correlated with stock returns and growth in firm value. The explanatory power of the high carbon emission industries model is significantly enhanced as compared to non-high carbon emission industries. |
| Reference: | 柯瓊鳳與馮雅玲，2019，企業社會責任、公司治理與環保違規事件之關聯性研究，東吳經濟商學學報，第99期（12月）：57-90。
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| Description: | 碩士
國立政治大學
會計學系
111353033 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111353033 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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