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研究生:陳櫻儒
研究生(外文):Chen, Ying-Ju
論文名稱:碳排放對公司經營績效之影響
論文名稱(外文):The Impact of Carbon Emissions on Firm Performance
指導教授:林士貴林士貴引用關係江永裕江永裕引用關係簡立忠簡立忠引用關係
口試委員:江永裕江彌修林士貴黃炳鈞簡立忠
口試日期:2024-01-03
學位類別:碩士
校院名稱:國立政治大學
系所名稱:國際金融碩士學位學程
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2024
畢業學年度:112
語文別:中文
論文頁數:69
中文關鍵詞:碳績效碳排放公司經營績效非線性
外文關鍵詞:Carbon PerformanceCarbon EmissionsFirm PerformanceNon-linear
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本研究之意義在於了解企業對於碳績效的努力是否與經營績效有關,以及何時產生較高的經營績效,並依照產業,提供公司或主管機關之政策制定者在訂定碳績效政策時之參考。金融監督管理委員會於2022年3月3日啟動上市櫃公司永續發展路徑圖,以配合政府之2050淨零排放目標,訂定上市櫃公司的溫室氣體盤查資訊揭露規範,依資本額大小及特定產業之鋼鐵、水泥業分為4個時程陸續實施,協助本國企業及早制定減碳目標,提高企業競爭力及為永續發展奠基。本研究針對適用第一階段揭露時程之臺灣上市櫃公司資本額100億元以上公司,以及高碳排之鋼鐵、水泥業,進行碳排放對公司經營績效影響之實證探討。本研究以溫室氣體範疇一與範疇二碳排放總量與營業收入之比率衡量碳績效,Tobin’s Q衡量企業經營績效,研究結果顯示,第一,「資本額100億元以上金融業」在碳績效與公司經營績效之間呈現統計顯著且正相關,亦即如何使金融業減少碳排放並增加營收或市值為企業需要克服的難題。第二,「資本額100億元以上上市櫃公司及鋼鐵、水泥業」及「資本額100億元以上上市櫃公司(排除金融業與鋼鐵水泥業)」之碳績效與公司經營績效之間存在非線性之倒U型關係,這意味著碳績效在一定程度上改善了公司經營績效,亦表示若碳績效適中則會出現較高的公司經營績效,亦即無論是極高或是極低的碳績效皆無法擁有較高的公司經營績效,因此適中的碳績效對公司經營績效較佳。
The significance of this study lies in understanding whether carbon performance is related to firm performance. This finding provides supports for companies or regulatory authorities in formulating carbon performance policies based on industry specifics. The Financial Supervisory Commission launched the Sustainable Development Roadmap for TWSE and OTC-listed companies on March 3, 2022. Aligned with the government's 2050 net-zero emissions goal, disclosure of greenhouse gas inventory information for listed companies will be implemented in four stages based on capital size and specific industries, such as steel and cement. This assists Taiwan companies in setting early carbon emissions targets, enhancing competitiveness, and laying the foundation for sustainable development. This study focuses on TWSE and OTC-listed companies with a capital of over NT$10 billion and industries with high carbon emissions, such as steel and cement, subject to the first-stage disclosure schedule. This study empirically investigates how carbon emissions affect firm performance. The research results indicate, first, the financial institutions with a capital of over NT$10 billion have a statistically significant and positive correlation between carbon performance and corporate operational performance. Therefore, reducing carbon emissions and increasing revenue or market value in the financial industry are challenges that companies need to overcome. Second, a non-linear inverted U-shaped relationship exists between carbon performance and corporate operational performance for listed companies with a capital of over NT$10 billion and companies in the steel and cement industries as well as listed companies with a capital of over NT$10 billion(excluding the financial institutions and companies in the steel and cement industries). This implies that moderate carbon performance contributes to better firm performance.
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機 7
第三節 研究目的 12
第四節 研究流程 14
第二章 文獻回顧 15
第一節 公司經營績效影響因子之文獻 15
第二節 碳排放對公司經營績效影響之文獻 20
第三節 碳排放法規與文獻 26
第三章 研究方法 43
第一節 碳排放變數選取 43
第二節 碳排放之假說 45
第三節 碳排放迴歸分析方法 47
第四章 實證結果 48
第一節 資料來源與樣本選取 48
第二節 資料處理與敘述性統計 50
第三節 碳排放對公司經營績效之影響分析 55
第五章 結論與建議 59
第一節 結論 59
第二節 建議 61
參考文獻 63
一、中文研究報告與論文
1. 林修銘(2023年3月)。ESG董事會的知與行。會計研究月刊,449,66。https://www.accounting.org.tw/flptopic.aspx?f=409
2. 張淳堅、陳智奇、余程洋、林勝賢(2022)。碳排放量與公司績效之關聯性探討。當代商管論叢,7(1),41-56。https://www.airitilibrary.com/Common/Click_DOI?DOI=10.6852/JCBM.202212_7(1).03
二、中文網路資料
1. 外交部官方網站(2023年)。參與國際組織。https://subsite.mofa.gov.tw/igo/cp.aspx?n=6032
2. 金管會正式啟動「上市櫃公司永續發展路徑圖」(2022年3月3日)。金融監督管理委員會。https://www.sfb.gov.tw/ch/home.jsp?id=95&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202203030001&dtable=News
3. 新聞傳播處(2023年3月14)。行政院重要政策臺灣2050淨零排放。https://www.ey.gov.tw/Page/5A8A0CB5B41DA11E/7a65a06e-3f71-4c68-b368-85549fbca5d1
4. 溫室氣體查驗指引(2010年12月)。行政院環境保護署。https://www.bsmi.gov.tw/wSite/public/Data/f1314847093522.pdf
5. 溫室氣體排放量盤查作業指引(2022年5月)。行政院環境保護署。https://ghgregistry.moenv.gov.tw/epa_ghg/GhgDownload/%E6%BA%AB%E5%AE%A4%E6%B0%A3%E9%AB%94%E6%8E%92%E6%94%BE%E9%87%8F%E7%9B%A4%E6%9F%A5%E4%BD%9C%E6%A5%AD%E6%8C%87%E5%BC%95(2022.05)-final.pdf
6. 經濟部2050淨零排放官方網頁歐盟CBAM過渡期問答集(112/10/19版) https://go-moea.tw/carbonPricingInstruments/european
7. 經濟部中小及新創企業署新聞稿(2023年10月31日)。2023年中小企業白皮書發布,中小企業為臺灣經濟發展之中流砥柱。https://www.sme.gov.tw/article-tw-2276-11272
8. 經濟部產發署產業節能減碳資訊網諮詢問答集https://ghg.tgpf.org.tw/CVFaq/CVFaqs_more?id=009e19d82a524cc6b1a06bb324cbd456
9. 臺灣證券交易所(2023年)。臺灣證券交易所2022年永續報告書。https://www.twse.com.tw/CSR/zh/download.html 
10. 臺灣證券交易所公司治理中心網站(2023年)。上市櫃公司申報111年度永續報告書家數統計。https://cgc.twse.com.tw/front/chPage 
11. 環境部新聞專區(2022年4月21日)。行政院環境保護署溫室氣體減量及管理法修正說明。https://enews.moenv.gov.tw/Page/3B3C62C78849F32F/99781cf8-4e99-42b9-a296-47ac347c50c5
12. 環境部新聞專區新聞發布(2012年12月25日)。環保署發布「溫室氣體排放量申報管理辦法」及公告「公私場所應申報溫室氣體排放量之固定污染源」。https://enews.moenv.gov.tw/Page/3B3C62C78849F32F/78e82a10-74d0-467e-8c9f-31fc39659810
13. 環境部新聞稿(2023年8月25日)。環境部公布溫室氣體排放 2021年上升 估2022年降3.3%。https://www.rti.org.tw/news/view/id/2177833
三、英文研究報告與論文
1. Chen, S., Song, Y., & Gao, P. (2023). Environmental, Social, and Governance (ESG) Performance and Financial Outcomes: Analyzing the Impact of ESG on Financial Performance. Journal of Environmental Management, 345. https://doi.org/10.1016/j.jenvman.2023.118829
2. Duque-grisales, E., & Aguilera-caracuel , J. (2021). Environmental, Social and Governance (ESG) Scores and Financial Performance of Multilatinas: Moderating Effects of Geographic International Diversification and Financial Slack. Journal of Business Ethics, 168, 315–334. https://doi.org/10.1007/s10551-019-04177-w
3. Haque, F., & Ntim, C. G. (2022). Do Corporate Sustainability Initiatives Improve Corporate Carbon Performance? Evidence from European Firms. Business Strategy and the Environment, 31(7), 3318–3334. https://doi.org/10.1002/bse.3078
4. Homroy, S. (2023). GHG Emissions and Firm Performance: The Role of CEO Gender Socialization. Journal of Banking & Finance, 148. https://doi.org/10.1016/j.jbankfin.2022.106721
5. Intergovernmental Panel on Climate Change(IPCC). (2022). Annex I: Glossary. In Global Warming of 1.5°C: IPCC Special Report on Impacts of Global Warming of 1.5°C above Pre-industrial Levels in Context of Strengthening Response to Climate Change, Sustainable Development, and Efforts to Eradicate Poverty (pp. 541-562). Cambridge: Cambridge University Press. https://doi:10.1017/9781009157940.008
6. Intergovernmental Panel on Climate Change(IPCC). (2022). Summary for Policymakers [P.R. Shukla, J. Skea, A. Reisinger, R. Slade, R. Fradera, M. Pathak, A. Al Khourdajie, M. Belkacemi, R. van Diemen, A. Hasija, G. Lisboa, S. Luz, J. Malley, D. McCollum, S. Some, P. Vyas, (eds.)]. In: Climate Change 2022: Mitigation of Climate Change. Contribution of Working Group III to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change [P.R. Shukla, J. Skea, R. Slade, A. Al Khourdajie, R. van Diemen, D. McCollum, M. Pathak, S. Some, P. Vyas, R. Fradera, M. Belkacemi, A. Hasija, G. Lisboa, S. Luz, J. Malley, (eds.)]. Cambridge University Press, Cambridge, UK and New York, NY, USA. https://doi:10.1017/9781009157926.001.
7. Intergovernmental Panel on Climate Change(IPCC). (2023). Climate Change 2023: Synthesis Report. Contribution of Working Groups I, II and III to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change [Core Writing Team, H. Lee and J. Romero (eds.)]. IPCC, Geneva, Switzerland, pp. 184. https://doi:10.59327/IPCC/AR6-9789291691647
8. Kimbara, T. (2010). An analysis of the eco-efficiency and economic performance of Japanese companies. Asian Business & Management, 9(2), 209-222. https://DOI:10.1057/abm.2010.3
9. Misani, N., & Pogutz, S. (2015). Unraveling the Effects of Environmental Outcomes and Processes on Financial Performance: A Non-Linear Approach. Ecological Economics, 109, 150–160. https://doi.org/10.1016/j.ecolecon.2014.11.010
10. Wojewodzki, M., Cheong, T. se, Shen, J., & Cheng, L. T. w. (2023). Does Corporate Carbon Performance Converge in the Global Market? Evidence from a Distribution Dynamic Approach. Journal of Environmental Management, 342. https://doi.org/10.1016/j.jenvman.2023.118355
四、英文網路資料
1. Building A Clean Energy Economy: A Guidebook To The Inflation Reduction Act’S Investments In Clean Energy And Climate Action(2023, January). Cleanenergy.Gov. https://www.whitehouse.gov/cleanenergy/inflation-reduction-act-guidebook/
2. By The Numbers: The Inflation Reduction Act(2022, August 15). The White House. https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/15/by-the-numbers-the-inflation-reduction-act/
3. Carbon Border Adjustment Mechanism. (2023). European Commission. https://taxation-customs.ec.europa.eu/carbon-border-adjustment-mechanism_en
4. Common Metrics. (2023). United Nations Climate Change. https://unfccc.int/process-and-meetings/transparency-and-reporting/reporting-and-review/methods-for-climate-change-transparency/common-metrics
5. Distribution of greenhouse gas emissions worldwide in 2022, by major emitter. (2023). Statista website. https://www.statista.com/statistics/500524/worldwide-annual-carbon-dioxide-emissions-by-select-country/
6. Fit for 55. (2021). European Commission. https://commission.europa.eu/strategy-and-policy/priorities-2019-2024/european-green-deal/delivering-european-green-deal/fit-55-delivering-proposals_en
7. Global Sustainable Investment Alliance. (2023). Global Sustainable Investment Review 2022. https://www.gsi-alliance.org/
8. Net Zero Emissions Race. (2023). Energy & Climate Intelligence Unit. https://eciu.net/netzerotracker
9. Net zero tracker (newclimate institute, oxford net zero, energy and climate intelligence unit and datadriven envirolab). (2023, June). Net Zero Stocktake 2023. Energy & Climate Intelligence Unit. https://ca1-nzt.edcdn.com/Reports/Net_Zero_Stocktake_2023.pdf?v=1696255114
10. Official Journal of the European Union L 156(19.6.2018). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ%3AL%3A2018%3A156%3ATOC
11. Official Journal of the European Union L 243(9.7.2021)。https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ%3AL%3A2021%3A243%3ATOC
12. Official Journal of the European Union L 275(25.10.2003). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ%3AL%3A2003%3A275%3ATOC
13. Pallone, Tonko, Rush(2021, March 2). H.R.1512 - CLEAN Future Act—117th Congress (2021-2022). Congress. https://www.congress.gov/bill/117th-congress/house-bill/1512/text
14. Principles for Responsible Investment. (2023). An Introduction to Responsible Investment. https://www.unpri.org/introductory-guides-to-responsible-investment/what-is-responsible-investment/4780.article
15. Regulation (EU) 2023/956 of the European Parliament and of the Council of 10 May 2023 establishing a carbon border adjustment mechanism (Text with EEA relevance). Official Journal of the European Union L 130/52(16.5.2023). http://data.europa.eu/eli/reg/2023/956/oj
16. SustainoMetric website. (2023). https://sustainometric.com/
17. The 17 Goals. (2023). United Nations. https://sdgs.un.org/goals
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19. The Paris Agreement. (2015). United Nations Climate Change. https://unfccc.int/process-and-meetings/the-paris-agreement
20. UN Climate Press Release. (2023). COP28 Agreement Signals “Beginning of the End” of the Fossil Fuel Era. https://unfccc.int/news/cop28-agreement-signals-beginning-of-the-end-of-the-fossil-fuel-era
21. United Nations. (2015). Transforming Our World: The 2030 Agenda for Sustainable Development. United Nations Department of Economic and Social Affairs Sustainable Development. https://sdgs.un.org/2030agenda
22. What is the Kyoto Protocol? (2015). United Nations Climate Change. https://unfccc.int/kyoto_protocol
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24. World Bank Group. (2004). Who Cares Wins: Connecting Financial Markets to a Changing World. http://documents.worldbank.org/curated/en/280911488968799581/Who-cares-wins-connecting-financial-markets-to-a-changing-world
25. World Bank Group. (2008). Who Cares Wins, 2004–08. http://documents.worldbank.org/curated/en/444801491483640669/Who-cares-wins-2004-
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