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研究生:王晨宇
研究生(外文):WANG, CHEN-YU
論文名稱:綠色科技創新與股票橫斷面報酬-美國股票市場的證據
論文名稱(外文):Green Technology Innovation and Cross-Sections of Returns – Evidence from the US Stock Market
指導教授:游擱嘉
指導教授(外文):YU, KO-CHIA
口試委員:林智勇詹佳縈游擱嘉
口試委員(外文):LIN, CHIH-YUNGCHAN, CHIA-YINGYU, KO-CHIA
口試日期:2023-06-15
學位類別:碩士
校院名稱:國立臺北大學
系所名稱:企業管理學系
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2024
畢業學年度:113
語文別:中文
論文頁數:49
中文關鍵詞:綠色科技綠色專利綠色創新專利叢林創新原創性資產定價模型
外文關鍵詞:Green technologyGreen patentGreen innovationPatent thicketInnovative originalityAsset pricing model
相關次數:
  • 被引用被引用:0
  • 點閱點閱:13
  • 評分評分:
  • 下載下載:3
  • 收藏至我的研究室書目清單書目收藏:0
近年來,環保議題受到全球關注,各國企業亦追求企業社會責任的實踐,推動了綠色科技的發展。本研究旨在探討綠色科技創新對於公司在股票市場報酬的影響,進而深入分析投資人是否考慮了綠色科技的價值。
研究發現,持有綠色科技之公司在市場表現普遍優於沒有持有綠色科技的公司,但在考慮三因子模型以及五因子模型下,持有綠色科技之公司與沒有持有綠色科技的公司在超額報酬上並無顯著差異,顯示綠色科技的價值已經被充分反映在公司的股票市場價格中。本研究亦進一步分析發現,專利數量的原創性對於公司的超額報酬有顯著的影響。

In recent years, environmental issues have attracted global attention, leading enterprises worldwide to pursue the practice of corporate social responsibility, which in turn promotes the development of green technology. This study aims to explore the impact of green technology innovation on a company's stock market returns and to investigate whether investors take into account the value of green technologies.
The research found that companies with green technology generally outperform those without in the market. However, when considering the three-factor and five-factor models, there is no significant difference in excess returns between companies with and without green technology. This indicates that the value of green technology is already fully incorporated in the company's stock market prices. Additionally, the study finds that the originality of patent quantity has a significant impact on a company's excess returns.

謝 詞 I
中文提要 II
ABSTRACT III
目 錄 IV
圖 次 VI
表 次 VII
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機 4
第三節 研究目的 4
第二章 文獻探討 5
第一節 企業創新的意義與重要性 5
第二節 以專利度量創新 7
第三節 綠色科技 9
第三章 研究設計 12
第一節 研究假說 12
第二節 資料來源與研究設計 14
第四章 實證分析 22
第一節 敘述統計 22
第二節 研究結果 26
第五章 結論與建議 36
第一節 研究結論 36
第二節 後續研究與建議 36
參考文獻 38
附錄一 綠色科技類別表 43
著作權聲明 49

一、英文參考文獻
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Choi, D., Gao, Z., Jiang, W., & Zhang, H. (2021). Global carbon divestment and firms’ actions. SSRN Journal.
Crosby, M. (2000). Patents, innovation and growth. Economic Record, 76(234), 255-262.
Cohen, L., Gurun, U. G., & Nguyen, Q. H. (2020). The ESG-innovation disconnect: Evidence from green patenting (No. w27990). National Bureau of Economic Research.
de Rassenfosse, G., Ja§e, A. B., 2018. Econometric evidence on the depreciation of innovations. European Economic Review 101, 625-642.
Dey, P. K., Malesios, C., De, D., Chowdhury, S., & Abdelaziz, F. B. (2020). The impact of lean management practices and sustainably‐oriented innovation on sustainability performance of small and medium‐sized enterprises: empirical evidence from the UK. British Journal of Management, 31(1), 141-161.
ElAlfy, A., Palaschuk, N., El-Bassiouny, D., Wilson, J., & Weber, O. (2020). Scoping the evolution of corporate social responsibility (CSR) research in the sustainable development goals (SDGs) era. Sustainability, 12(14), 5544.
Forsman, H. (2013). Environmental innovations as a source of competitive advantage or vice versa?. Business Strategy and the Environment, 22(5), 306-320.
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of sustainable finance & investment, 5(4), 210-233.
Galasso, A., Schankerman, M., 2010. Patent thickets, courts, and the market for innovation. RAND Journal of Economics 41, 472-503.
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Hege, U., Pouget, S., & Zhang, Y. (2022). The Impact of Corporate Climate Action on Financial Markets: Evidence from Climate-Related Patents. Available at SSRN 4170774.
Hirshleifer, D., Hsu, P. H., & Li, D. (2018). Innovative originality, profitability, and stock returns. The Review of Financial Studies, 31(7), 2553-2605.
Huij, J., Laurs, D., Stork, P. A., & Zwinkels, R. C. (2022). Carbon beta: A market-based measure of climate risk. Available at SSRN 3957900.
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Hsu, P. H., Lee, H. H., & Zhou, T. (2022). Patent Thickets, Stock Returns, and Conditional CAPM. Management Science.
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Lee, H., & Lee, K. (2021). The effects of technology innovation activity on CSR: Emphasizing the nonlinear and heterogenous effects. Sustainability, 13(19), 10893.
Macdonald, S. (2004). When means become ends: considering the impact of patent strategy on innovation. Information Economics and Policy, 16(1), 135-158.
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Tang, C., Xu, Y., Hao, Y., Wu, H., & Xue, Y. (2021). What is the role of telecommunications infrastructure construction in green technology innovation? A firm-level analysis for China. Energy Economics, 103, 105576.
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二、網路參考資料
World Top20.The Global Challenge for Government Transparency: The Sustainable Development Goals (SDG) 2030 Agenda. Retrieved from https://worldtop20.org/global-movement/?gad=1
OECD .OECD 2015 Working Paper Retrieved from https://worldtop20.org/global-movement/?gad=1
OECD .ENV-tech search strategy Retrieved from
https://www.oecd.org/environment/consumption-innovation/ENV-tech%20search%20strategies,%20version%20for%20OECDstat%20(2016).pdf

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