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| Title: | 企業推動減碳投資與環境治理對公司股票報酬率之關聯性- 以美國企業為例
The Association between Carbon Reduction Investment, Environmental Governance and Stock Returns: The Case of the US Industry |
| Authors: | 黃韻儒
Huang,Yun Ju |
| Contributors: | 林良楓
Lin, Liang Feng
黃韻儒
Huang,Yun Ju |
| Keywords: | 減碳投資
環境治理
股票報酬率
Carbon reduction investment
Environmental governance
Return on stock investment |
| Date: | 2012 |
| Issue Date: | 2014-08-25 15:14:29 (UTC+8) |
| Abstract: | 美國為全球溫室氣體排放量最大的已開發國家，卻拒絕參與《京都議定書》。因此，本研究以2009年與2010年參與碳揭露計畫中的美國企業投入減碳投資、環境治理政策、環境治理行動與其股票報酬率之關聯性，做一實證研究分析。
實證結果顯示，美國企業減碳投資與股票投資報酬並無關聯，是否為環境敏感性產業對於股票報酬率亦不相關。在長期之下，企業環境治理政策對股票報酬率有正向影響，環境治理行動對股票報酬率卻有負向影響。美國投資人對於企業在環境治理上之政策性的宣示，有正面的評價，但當企業對減少溫室氣體實際採取行動時，投資人反而將其視為成本之支出。在此也顯示，雖然美國實施各種環境政策與計畫，但嚴格性均不如《京都議定書》，說明美國投資人對於減碳投資、環境治理行動呈現不一致的結果。
The United States is the developed country to emit the greatest quantity of greenhouse gas in the world. However, America refuses to ratify the Kyoto Protocol. Does the USA`s GHG policies have a better result without Kyoto Protocol ratification? Therefore, the purpose of this paper is to examine and analyze the relationship between carbon reduction investment (CRI), environmental governance and return on stock investment(RSI). The samples are drawn from the U.S. companies participating in Carbon Disclosure Project in 2009 and 2010.
The empirical results indicate that there is no relationship between CRI and RSI. And it is also not clear that environment sensitivity industry is associated with RSI. In the long run (2-year period), the policies of environmental governance have positive effect on RSI, but the actions of environmental governance have negative effect on RSI. It implies that once the companies disclose their policies of environmental governance, they can promote their enterprise image and investors give them a positive evaluation. Nevertheless, when companies actually take an action on environmental protection, investors explain the action as a cost increasing signal, so they give the companies a negative evaluation on RSI. It also points out that although the U.S. authorities did implement various environment-related policies and projects, none of them is strict as Kyoto Protocol. This might explain why investors have inconsistent valuation on the US companies` CRI and environmental governance. |
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| Description: | 碩士
國立政治大學
會計研究所
100353004
101 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0100353004 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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