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| Title: | 綠色公司債券對亞洲之空氣污染減量的影響
Impact of Corporate Green Bond Issuance on Air Pollution Reduction in Asia |
| Authors: | 朱娜婕
Chujit, Natjanan |
| Contributors: | 李慧琳
Lee, Huey-Lin
朱娜婕
Natjanan Chujit |
| Keywords: | 企業綠色債券
空氣品質
環境政策
空氣污染物
HDFE線性回歸
Corporate Green Bonds
Air Quality
Environmental Policy
Air Pollutants
HDFE Linear Regression |
| Date: | 2024 |
| Issue Date: | 2024-11-01 11:29:14 (UTC+8) |
| Abstract: | 本論文探討2018年至2023年間企業綠色債券發行對28個亞洲城市空氣品質的影響，強調金融機制在推動環境改善方面的潛力。通過整合包含詳細企業綠色債券信息與豐富空氣品質數據（包括細懸浮微粒PM2.5和PM10、硫酸鹽SO4、二氧化硫SO2、有機碳OC、黑碳BC）的大型數據集，本研究使用高維固定效應（HDFE）線性回歸模型，並採用14個月的滯後期來評估綠色債券倡議對空氣污染的長期影響。與先前研究中可能採用較短滯後期或關注即時效果不同，本論文基於穩健的實證測試採用了14個月的滯後期，從而能更準確地評估企業綠色債券對空氣品質的長期影響。此方法強調了由企業綠色債券資助的項目對空氣品質的顯著改善可能需要一年以上的時間才能顯現。結果顯示，SO4、BC和OC的濃度顯著下降，表明企業綠色債券在減少這些污染物方面特別有效。相比之下，PM2.5、PM10和SO2的影響較不明顯，這表明可能存在區域差異，並強調需要制定針對不同地區的環境政策。這與現有研究報告的所有污染物均受益的結果形成鮮明對比，進一步凸顯了本論文方法的特色——認識到綠色債券的影響因區域和特定污染物而異。此外，通過關注多樣化的污染物，本研究為深入了解定向金融投資如何帶來環境健康效益作出了貢獻。另外，本研究所涵蓋的許多亞洲城市正經歷快速城市化和高度工業化，這可能使得綠色債券資助的項目在減少空氣污染方面的成效變得複雜。由於這些城市的污染源更為複雜且分布廣泛，這些因素可能會延緩或削弱環境倡議的效果。此外，研究結果引發了對綠色漂洗問題的關注，企業可能會誇大其環境貢獻。這進一步強調了需要在綠色債券市場中制定更嚴格的指導方針和提高透明度，以確保項目能實現其承諾的環境效益。
This thesis examines the impact of corporate green bond issuances on air quality across 28 Asian cities from 2018 to 2023, underscoring the potential of financial mechanisms to drive environmental improvements. By integrating a comprehensive dataset that combines detailed corporate green bond information with extensive air quality metrics—including particulate matter (PM2.5, PM10), sulfate (SO4), sulfur dioxide (SO2), organic carbon (OC), and black carbon (BC)—this study utilizes a high-dimensional fixed effects (HDFE) linear regression model with a 14-month lag to assess the long-term effects of green bond initiatives on air pollution. Unlike previous studies that may employ shorter lags or focus on immediate outcomes, this thesis employs a 14-month lag based on robust empirical testing, enabling a more accurate evaluation of the long-term impacts of corporate green bonds on air quality. This approach highlighting that significant improvements in air quality from projects financed by corporate green bonds may take over a year to manifest. The results reveal significant reductions in concentrations of SO4, BC, and OC, suggesting that corporate green bonds are particularly effective in mitigating these pollutants. In contrast, the impacts on PM2.5, PM10, and SO2 were less pronounced, indicating potential regional variations and underscoring the need for region-specific environmental policies. This contrast against existing studies that report uniform benefits across all pollutants further highlights the feature of this thesis approach—recognizing the heterogeneous impact of green bonds depending on regional and pollutant-specific factors. Moreover, by focusing on a diverse array of pollutants, this research contributes to a more comprehensive understanding of how targeted financial investments can lead to environmental health benefits. Additionally, many of the Asian cities included in this study are experiencing rapid urbanization and high levels of industrialization, which can complicate the effectiveness of green bond-financed projects in reducing air pollution. These factors may delay or dilute the impact of environmental initiatives, as the pollution sources in such cities are more complex and widespread. Furthermore, the findings raise concerns about greenwashing, where companies may overstate their environmental contributions. This highlights the need for stricter guidelines and greater transparency in the green bond market to ensure that projects deliver on their promised environmental benefits. |
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| Description: | 碩士
國立政治大學
應用經濟與社會發展英語碩士學位學程(IMES)
111266013 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111266013 |
| Data Type: | thesis |
| Appears in Collections: | [應用經濟與社會發展英語碩士學位學程 (IMES)] 學位論文
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