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研究生:黃韻儒
研究生(外文):Huang,Yun Ju
論文名稱: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
論文名稱(外文):The Association between Carbon Reduction Investment, Environmental Governance and Stock Returns: The Case of the US Industry
指導教授:林良楓林良楓引用關係
指導教授(外文):Lin, Liang Feng
學位類別:碩士
校院名稱:國立政治大學
系所名稱:會計研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
畢業學年度:101
語文別:中文
論文頁數:74
中文關鍵詞:減碳投資環境治理股票報酬率
外文關鍵詞:Carbon reduction investmentEnvironmental governanceReturn on stock investment
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  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.

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的與範圍 3
第三節 研究架構與流程 3
第二章 文獻探討 5
第一節 環境政策與計畫 5
第二節 環境治理 12
第三節 減碳投資 15
第四節 碳揭露計畫 19
第三章 研究方法 25
第一節 觀念架構 25
第二節 研究假說 25
第三節 分析方法與模型之建立 28
第四節 變數之衡量 31
第五節 資料來源 35
第四章 實證結果與分析 36
第一節 敘述性統計 36
第二節 變數相關分析 44
第三節 迴歸分析 47
第五章 結論與建議 54
第一節 研究結論 54
第二節 研究限制與建議 56
參考文獻 58
附錄一 敏感性分析表格 63

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