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| Title: | 企業永續策略與發展：挑戰與機會 - 以台泥為例
Corporate Sustainability Strategy and Development: Challenges and Opportunities - A Case Study of Taiwan Cement Corporation |
| Authors: | 韓郁青
Han, Yu-Ching |
| Contributors: | 李志宏
Lee, Jie-Haun
韓郁青
Han, Yu-Ching |
| Keywords: | 永續策略
企業永續
企業轉型
風險管理
水泥產業
Sustainability strategy
Corporate sustainability
Risk management
Corporate transformation
Cement industry |
| Date: | 2023 |
| Issue Date: | 2023-08-02 13:00:53 (UTC+8) |
| Abstract: | 在永續趨勢下，全球各國紛紛推行政策，督促企業減少二氧化碳排放並積極發展再生能源。降低碳排需要花費額外成本，包括購置節能設備或投資減碳技術。此外，再生能源的取得也是企業減碳面臨的難題。如今，永續轉型已成為攸關企業存活的重大事件。然而，永續轉型的過程中，機會與風險並存。
本研究選擇台泥作為個案研究，以探討高碳排放的水泥產業在永續趨勢中尋找發展機會的方式，並分析這些機會帶來的風險。透過個案分析，台泥因應本業減碳的限制，遵從政策並投資再生能源，以中和水泥產業的碳排放。同時，從再生能源發展的趨勢中，他們也發現了儲能和電池領域的投資機會。透過投資和併購進入這兩個領域，台泥的永續轉型正式成形。
根據TCFD風險架構，台泥在永續轉型過程中可能面臨政策、技術、市場和商譽四大風險。同時，根據中華信評（2021），若淨負債佔EBITDA連續一至兩年超過3.5倍，可能面臨信用評等下調的風險。因此，台泥在應對這些風險時，應降低債務，同時放緩對儲能領域的投資，並增加對再生能源的投資，以維持永續轉型的進程。這樣一來，可以避免業務遭遇逆風時，每股盈餘大幅下滑或信用評等下調對投資者信心造成的影響，同時確保籌資量能和融資成本的穩定。雖然這樣做會降低台泥捕捉永續趨勢的機會，但可以讓台泥在風險、機會和永續轉型之間取得平衡，從而實現永續經營的目標。台泥應該綜合考慮這些因素，制定出適合的策略，以確保在面對不確定的環境中能夠持續地發展並實現永續轉型的目標。
Under the global trend of sustainability, countries worldwide have implemented policies to urge businesses to reduce carbon dioxide emissions and actively develop renewable energy sources. Reducing carbon emissions requires additional costs, including investing in energy-saving equipment or adopting carbon reduction technologies. Moreover, acquiring renewable energy sources is also a challenge for businesses aiming to reduce carbon emissions. Sustainable transformation has now become a crucial event for the survival of companies. However, in the process of sustainable transformation, opportunities and risks coexist.
This study selected Taiwan Cement as a case study to explore opportunities for development in the high-carbon emission cement industry amidst the sustainability trend, as well as to analyze the risks associated with these opportunities. Through the case analysis, Taiwan Cement has responded to the limitations of carbon reduction in its core business by adhering to policies and investing in renewable energy sources to offset the carbon emissions. They have identified investment opportunities in the energy storage and battery sectors, driven by the trend of renewable energy development. By entering these two fields through investments and mergers, Taiwan Cement`s sustainable transformation has taken shape.
According to the TCFD risk framework, Taiwan Cement may face four major risks: policy, technology, market, and reputational risks. Additionally, based on Taiwan Ratings’s report in 2021, if net debt to EBITDA exceeds 3.5 times for one to two consecutive years, there is a risk of credit rating downgrade. Therefore, Taiwan Cement should focus on reducing its debt while slowing down investments in the energy storage sector and increasing investments in renewable energy. This approach aims to maintain the progress of the sustainability transition. By doing so, the company can avoid significant declines in earnings per share or negative impacts on investor confidence in the event of adverse business conditions and credit rating downgrades. It will also ensure stable fundraising capacity and financing costs. Although this approach may reduce the ability to seize opportunities, it allows Taiwan Cement to strike a balance among risks, opportunities, and sustainability transformation, ultimately achieving its sustainable business goals. The company should consider these factors comprehensively and develop appropriate strategies to ensure continued development and successful sustainability transformation in the face of an uncertain environment. |
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| Description: | 碩士
國立政治大學
財務管理學系
110357034 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110357034 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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