臺灣博碩士論文加值系統

本研究探究臺灣企業對碳風險的環境意識及其對財務表現的潛在影響。我們分析了2017年至2021年五年間臺灣2430家公司的資料。研究發現，一家公司的環境評分（ENV）和自願的披露企業社會責任（CSR）對碳排放（包括碳強度和總碳水準）都有負面影響。然而，社會評分和披露CSR只對碳強度有負面影響，但對碳水準沒有影響。此結果顯示，專注於環境可持續性和透明溝通這些努力對於實現更低的碳足跡至關重要。儘管社會責任投入可能改善運營效率並降低排放強度，但它們不一定會導致總排放量的減少。這突顯了區分不同類型的CSR活動及其對環境結果具體影響的重要性。此外，研究發現較低的碳排放顯著改善了企業的財務表現。公司自願性揭露CSR投入、並且在環境保護高度參與，皆能強化碳強度對財務績效的負面影響。然而，與碳問題不直接相關的投入, 如: 總綜合ESG（TESG）表現、社會責任參與或CSR揭露則減弱了碳排放和財務績效的負向關係。此外，研究還發現，碳強度是比總排放量更有效的指標。研究結果意涵，公司正戰略性地專注於優化以減少排放強度比率，但不一定顯著減少總排放量。

This study examines the environmental awareness of Taiwanese companies about carbon emissions and their potential impact on financial performance. We analyze data for 2,430 companies in Taiwan over five years (2017-2021). The study found that a company's environmental score (ENV) and voluntary corporate social responsibility (CSR) disclosures negatively impact carbon emissions regarding carbon intensity and total carbon level. However, social scores and CSR disclosure have negative impacts on carbon intensity but not on the level of carbon. The results indicate that initiatives focused on environmental sustainability and transparent communication about these efforts are crucial for reducing carbon emissions. While social initiatives might improve operational efficiency and reduce the intensity of emissions, they do not necessarily lead to an overall reduction in total emissions. This highlights the importance of distinguishing between the types of CSR activities and their specific impacts on environmental outcomes. Additionally, the study found that lower carbon emissions significantly improve firm performance. Companies that voluntarily disclose their CSR efforts and achieve high environmental engagement tend to strengthen the negative impact of carbon intensity on financial performance. However, total composite ESG (TESG) engagement, social engagement, or CSR disclosures not directly related to environmental carbon issues alleviate the negative association between carbon emissions and financial performance. Furthermore, the study indicates that carbon intensity is a more effective metric than total emissions. The findings imply that companies strategically focus on optimizations to reduce the emission intensity ratio without significantly reducing total emissions.

Abstract I
摘要 II
Table Of Contents III
List of Figures V
List of Tables VI
I. Introduction 7
II. Literature 11
2.1 Taiwan’s Carbon emission 11
2.2 Taiwan's Commitment to Carbon Emission Reduction 12
2.3 Stakeholder Theory 13
2.4 ESG Scores and Carbon Emission 14
2.5 The Relationship Between CSR Disclosure and Carbon Emission 15
2.6 Voluntary Disclosure and its Influence on Carbon Emissions 16
2.7 Examining the Role of Green Bonds in Carbon Emissions 17
2.8 The Impact of Carbon Emissions on Financial Performance 18
III. Data & Methodology 21
3.1 Data 21
3.2 Carbon Emission 21
3.3 Model Specifications 23
3.3.1 ESG Scores and Carbon Emission 23
3.3.2 The Relationship Between CSR Disclosure and Carbon Emission 23
3.3.3 Voluntary Disclosure and its Influence on Carbon Emissions 25
3.3.4 Examining the Role of Green Bonds in Carbon Emissions 25
3.3.5 The Impact of Carbon Emissions on Financial Performance 25
IV. Empirical Results 29
4.1 Descriptive Analysis 29
4.2 Examining the Relationship Between ESG Scores and Carbon Emission 33
4.3 The Impact of CSR Transparency on Carbon Emissions 38
4.4 Does Voluntary CSR Disclosure Drive Carbon Emission Reduction? 40
4.5 Investigating the Impact of Green Bonds on Carbon Emission Management 42
4.6 Investigating the Moderating Effect of ESG Engagement on The Relationship between Financial Performance and Carbon Emission 45
V. Conclusion 56
5.1 Conclusion 56
5.2 Limitations and Future Research 57
References 59

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