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    政大機構典藏 > 商學院 > 金融學系 > 學位論文 >  Item 140.119/153566


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    题名: 考量漂綠因子下分析台灣企業碳排放量對股價報酬之關係
    The Impact of Greenwashing on the Relationship between Carbon Emissions and Stock Returns of Taiwanese Companies
    作者: 蔡鎮鴻
    Tsai, Chen-Hung
    贡献者: 楊曉文
    蔡鎮鴻
    Tsai, Chen-Hung
    关键词: 漂綠
    選擇性揭露
    碳排放
    低碳轉型
    綠色轉型
    股價報酬
    greenwashing
    selective disclosure
    carbon emissions
    low-carbon transition
    green transition
    stock returns
    日期: 2024
    上传时间: 2024-09-04 16:07:28 (UTC+8)
    摘要: 近年來，氣候變遷、全球暖化問題逐漸成為大眾關注的焦點。隨著巴黎協定生效，許多政府開始推出許多與永續資訊揭露、低碳轉型相關的政策，資本市場則從中扮演資金提供者之角色，投資人若能識別漂綠程度及碳風險並對其定價，將能確保資金流向致力於綠色轉型的企業，因此本研究目的在於探索台灣企業的公司層面漂綠程度、碳排放量與對股價報酬之影響，並進一步分析較高的漂綠程度是否會讓碳排放量與股價報酬之間的關係產生改變，亦探討綠色金融行動方案1.0政策是否影響投資人對企業永續的重視程度。
    研究結果顯示，企業漂綠程度與股價報酬呈現負向關係，且在政策實施後更為顯著。市場對實際ESG表現優異的公司給予更高評價，即更青睞真正做好ESG的企業。此外，股價報酬與企業揭露之碳排放呈現正向關係，與碳排放變化率呈現負向關係。投資人對高碳排放公司要求更高報酬率以補償持有高碳排股票的風險，對碳排放成長率下降的公司則給予正面評價，且政策實施後結果更顯著，顯示投資人在決策時更多地考慮碳風險，這也讓企業有減少碳排放的動機，有助於台灣市場的低碳轉型。最後，考量企業漂綠程度後，碳排放量與股價報酬的正向關係削弱，而碳排放變化率與股價報酬的負向關係加劇，並且僅在政策實施後顯著，這顯示資本市場會懲罰高漂綠公司，且對碳排放逐年上升的高漂綠公司懲罰更嚴厲。
    整體而言，本研究偏向肯定台灣綠色金融行動方案的政策有效性，其提升資本市場對企業碳排放資訊及漂綠行為的重視程度、投資者會對這些轉型風險因子定價。政策實施後，企業管理層有動機提升揭露透明度或推動減排政策，有助於台灣綠色低碳轉型的推動。
    In recent years, climate change and global warming have become focal points of public concern. With the implementation of the Paris Agreement, many governments have introduced policies related to sustainable information disclosure and low-carbon transition. The capital market plays the role of a fund provider, and if investors can identify and price greenwashing and carbon risks, funds can be directed to companies committed to green transformation. Therefore, this study aims to explore the impact of corporate greenwashing and carbon emissions on stock returns in Taiwanese companies. It further analyzes whether increased greenwashing alters the relationship between carbon emissions and stock returns, and examines the impact of the Green Finance Action Plan 1.0 on green transformation.
    The results indicate that corporate greenwashing is negatively correlated with stock returns, with a more significant effect after the policy implementation. The market gives higher evaluations to companies with genuine ESG performance, showing a preference for companies that genuinely implement ESG. Additionally, stock returns are positively related to disclosed carbon emissions and negatively related to the rate of change in carbon emissions. Investors demand higher returns for high-carbon companies to compensate for the risks of holding high-carbon stocks, while companies with decreasing carbon emission growth rates receive positive evaluations. This relationship is more pronounced after the policy implementation, indicating that investors consider carbon risks more in their decisions, providing companies with incentives to reduce emissions, thus aiding Taiwan’s low-carbon transition. Finally, considering the factor of greenwashing, the positive relationship between carbon emissions and stock returns weakens, while the negative relationship between the rate of change in carbon emissions and stock returns intensifies, becoming significant only after the policy implementation. This indicates that the capital market punishes high greenwashing companies more severely, especially those with increasing annual carbon emissions.
    Overall, this study affirms the effectiveness of Taiwan's Green Finance Action Plan 1.0 in enhancing the capital market's attention to corporate carbon information and greenwashing behavior. After the policy implementation, corporate management has incentives to improve disclosure transparency or promote emission reduction policies, facilitating Taiwan's green and low-carbon transition.
    參考文獻: 英文參考文獻
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    3. Atilgan, Y., Kilic, M., & Muradoglu, G. (2023). Greenwashing and its impact on firm value. Journal of Corporate Finance, 75, 102213.
    4. Bolton, P., & Kacperczyk, M. (2021). Do investors care about carbon risk? Journal of Financial Economics, 142(2), 517-549.
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    8. Delmas, M. A., & Burbano, V. C. (2011). The drivers of greenwashing. California Management Review, 54(1), 64-87.
    9. Du, X. (2015). How the market values greenwashing? Evidence from China. Journal of Business Ethics, 128(3), 547-574.
    10. Hamilton, J. T. (1995). Pollution as news: Media and stock market reactions to the Toxics Release Inventory data. Journal of Environmental Economics and Management, 28(1), 98-113.
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    21. Yu, E. P., Luu, B. V., & Chen, C. H. (2020). Greenwashing in environmental, social and governance disclosures. Research in International Business and Finance, 52, 101192.

    中文參考文獻
    1. 毛慕耘(2023)。臺灣企業碳排放量與碳溢酬之探討。國立政治大學金融學系碩士論文，台北市。
    2. 姜仁匡(2023)。企業重大性議題與漂綠-台灣市場的研究。國立中央大學財務金融學系碩士論文，桃園市。
    描述: 碩士
    國立政治大學
    金融學系
    111352028
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0111352028
    数据类型: thesis
    显示于类别:[金融學系] 學位論文

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