臺灣博碩士論文加值系統

當科技產業發展所造成環境污染及地球暖化等問題逐漸擴散，其所衍生的企業社會責任相關之策略決定導入與否，逐漸成為被社會大眾或企業所關注的議題。其中，碳排放議題造成傳統財務經濟與環境經濟的衝突，企業價值是否需要重新思考及如何取得合適的平衡點為本論文要探討之議題。本研究導入實質選擇權的彈性策略價值，探討一般企業如何在添購減碳設備時所產生之額外成本與增加企業無形價值之間的對價關係建立可行的評估模型，並針對企業執行企業社會責任與否之專案策略價值進行衡量，以獲取環境經濟思維下最大的利益。研究特色除假設碳價不確定下建立碳價與生產成本之間函數關係外，並利用效用函數導入企業社會責任成本加以量化分析，可以適當評估添購減碳新設備所衍生之企業無形價值。本研究結果呈現以實質選擇權法建構管理彈性數理模型下最適企業社會責任生產成本投入時點，以及導入企業社會責任與否相關潛在策略價值之評估。研究結果可提供管理者在考量財務經濟利潤思維及企業社會責任回饋社會之環境經濟思維時提供雙贏的決策參考，並提供管理者在不同碳價時點下最低生產成本之生產決策建議。

As environmental pollution problems caused by industrial development such as global warming issues increasing seriously, whether to take the “Corporate Social Responsibility (CSR)” concept into strategy consideration has become the focus of attention. Among them, the carbon emissions gave rise to conflicts between traditional financial economic and environmental economy, this study attempted to explore how enterprises should rethink their enterprises’ value and how to strike the right balance between the topic discussed. Therefore, this paper introduced real options approach to construct a mathematical model and explored how enterprises evaluate the relationship between the additional cost from carbon emissions and the intangible firm value generated from investing in low-carbon-emission new equipment. This research is characterized by its flexibility strategic value of real options, in order to obtain the greatest environmental benefits of economic thinking. Besides established the function of carbon price and production price under carbon price uncertainty, this research also introduced utility function to quantitative the intangible value generated from investing in new equipment, which can properly evaluate the corporate intangible value generated by purchasing low-carbon-emission new equipment. The result showed the optimal timing under flexibility strategic value of real options, and the related potential value of change production strategy. The result not only provided a decision-making reference for managers in consideration of profits in addition to corporate social responsibility, but also provided a reference of changing production strategy under different carbon price.

Acknowledgement I
Chinese Abstract II
Abstract III
Table of Contents V
List of Tables VII
List of Figures VIII
ChapterⅠIntroduction 1
1.1 Research Background and Motivation 1
1.2 Research Purposes and Problems 2
1.3 Research Limitations 3
1.4 Research Structure and Outline 3
Chapter Ⅱ Literature Review 5
2.1 Reviews on Corporate Social Responsibility 5
2.2 Reviews on Carbon Dioxide Emission 6
2.3 Reviews on Real Options Approach 8
Chapter Ⅲ The Model Construction 11
3.1 The Model 11
3.2 The Assumptions 12
3.3 The Enterprise’s Value under Carbon Price Uncertainty 13
3.3.1 The Total Value of the First Stage 13
3.3.2 The Total Value of the Second Stage 15
3.3.3 The Total Value of the Third Stage 16
3.4 The Threshold of Decision 17
3.4.1 The Value-matching Condition for the First Threshold 17
3.4.2 The Smooth-pasting Condition for the First and Second Stages 18
3.4.3 The Value-matching Condition for the Second Threshold 19
3.4.4 The Smooth-pasting Condition for the Second and Third Stages 20
Chapter Ⅳ Numerical Analysis and Sensitivity Analysis 21
4.1 Numerical Example 21
4.2 Sensitivity Analysis 23
Chapter Ⅴ Conclusions and Recommendations 31
5.1 Conclusions 31
5.2 Recommendations 32
References 35

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