進階搜尋


   電子論文尚未授權公開,紙本請查館藏目錄
(※如查詢不到或館藏狀況顯示「閉架不公開」,表示該本論文不在書庫,無法取用。)
系統識別號 U0026-0702201816055500
論文名稱(中文) 公司市值與碳排放量之關係:臺灣的證據
論文名稱(英文) Relationship between Firm-value and Carbon Emissions: Evidence from Taiwanese Firms
校院名稱 成功大學
系所名稱(中) 會計學系
系所名稱(英) Department of Accountancy
學年度 106
學期 1
出版年 107
研究生(中文) 韓硯光
研究生(英文) Yan-Guang Han
學號 R16041239
學位類別 碩士
語文別 中文
論文頁數 24頁
口試委員 指導教授-黃華瑋
口試委員-周庭楷
口試委員-許育綝
中文關鍵字 公司市值  碳排放  自願性揭露  溫室氣體  企業社會 
英文關鍵字 firm value  the carbon emissions  voluntary disclosures  the greenhouse gas  corporate social responsibility 
學科別分類
中文摘要 近幾年來,氣候變遷產生的環境議題延燒。為減緩損失以及全球氣候變遷造成的危害,各國有了各式協議及文獻研究,而其中溫室氣體造成之影響最甚者為二氧化碳。有鑑於此,本篇研究把焦點放在台灣,延伸過去研究對於公司碳排放量與其市值之相關性。過去以西方國家為研究對象之結果顯示,歐美政府及各投資人對企業社會責任報告書中碳排放量較為重視,因此當碳排放量愈高之公司,投資者對於其社會環境的破壞有負面觀感進而影響股價。而本篇研究在研究臺灣公司市值是否亦受揭露碳排放量之影響,手動蒐集公開資訊觀測站2011至2016年之溫室氣體碳排放之資料,分析上市櫃公司共計1,098樣本觀測值,發現碳排放量與公司價值呈現正向關係,與先前以歐美國家為研究樣本之結果不同,顯示台灣投資人對於碳排放抱持著不同於歐美國家投資人之態度。
英文摘要 Matsumura et al. (2014) find a negative relationship between carbon emissions and firm’s value in American and Europe, indicating that market investors poses a negative view toward the amount of carbon emissions disclosed in the corporate social responsibility (CSR) reports. This paper examines whether this negative relationship holds in Asia. By using the carbon emission data in Taiwan, this paper finds that the amount of carbon emissions is positively associated with the firm’s values, which is on the contrary to the previous findings. The results suggest that the Eastern investors holds a different attitude toward the carbon emissions than investors in Western countries.
論文目次 摘要 I
誌謝 V
目錄 VI
第一章、 緒論 1
第二章、 文獻探討與假說建立 4
第三章、 研究設計 7
第一節 樣本選取 7
第二節 實證模型與變數設計 7
第四章、 實證結果 11
第一節 迴歸一實證結果 11
第二節 迴歸二實證結果 13
第五章、 額外分析 17
第六章、 結論與建議 20
第一節 研究結論 20
第二節 限制與建議 21
參考文獻 22
附錄 24
溫室氣體減量及管理法 24
參考文獻 Blacconiere, W. G., and D. M. Patten. 1994, “Environmental disclosures, regulatory costs, and changes infirm value,” Journal of Accounting and Economics 18 (3): 355–377.
Chen, 2006, “Research for Corporate Risk Management Awareness and Strategies under Threats of Global Warming-Taiwan’s Experience, ”臺北科技大學環境規劃與管理研究所學位論文
Matsumura Mae Matsumura, Rachna Prakash, and Sandra C. Vera-Muñoz. 2014, “Firm-Value Effects of Carbon Emissions and Carbon Disclosures,” The Accounting Review: March 2014, Vol. 89, No. 2, pp. 695-724.
Dhaliwal, D., O. Z. Li, A. Tsang, and Y. G. Yang. 2011, “Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting, ”The Accounting Review 86(1): 59–100.
Feng, Z. Y, Wang, M. L, and Huang, H. W, 2015, “Equity Financing and Social Responsibility: Further International Evidence,” The International Journal of Accounting, 50, pp. 247–280.
Gau at al, 2016, “The Initial Exploratory Research on the Influence of Carbon
Emission to Stock Price,”華人前瞻研究, 12卷1期, pp.23-38
Johnston, J. S, 2005, “Signaling Social Responsibility: on the Law and Economics of
Market Incentives for Corporate Environmental Performance. Scholarship At Penn Law, ”Working paper 66, University of Pennsylvania Law School.
Lee, 2012, “The Impact of Environmental Issues to Global Logistics Strategies and Business Performance,”中原大學國際經營與貿易研究所學位論文
Lin, and Fu, 2011, “The Disclosure of Corporate Social Responsibility on the Value-Relevance of Accounting Information: An Empirical Analysis of the Electronic Industry in Taiwan,”商管科技季刊, 12卷2期, pp.209–229
Milgrom, P. R. 1981, “Good news and bad news: Representation theorems and applications,” Bell Journal of Economics (Autumn): pp.380–391.
Plumlee, M., D. Brown, R. Hayes, and S. Marshall.
2010, “Voluntary Environmental Disclosure Quality and Firm Value: Further Evidence,” Working paper, The University of Utah and Portland State University.
Sengupta, P. 1998, “Corporate disclosure quality and cost of debt,” The Accounting Review 73 (4): 459–474.
Stanny, E. 2013, “Voluntary disclosures of emissions by US firms,” Business Strategy and the Environment22 (3): 145–158.
Stanny, E., and K. Ely. 2008, “Corporate environmental disclosures about the effects of climate change, ”Corporate Social Responsibility and Environmental Management 15: 338–348.
辜樹人, 2011, “全球力推碳揭露 台灣企業醒了沒?”, 天下雜誌387期
論文全文使用權限
  • 同意授權校內瀏覽/列印電子全文服務,於2023-01-01起公開。
  • 同意授權校外瀏覽/列印電子全文服務,於2023-01-01起公開。


  • 如您有疑問,請聯絡圖書館
    聯絡電話:(06)2757575#65773
    聯絡E-mail:etds@email.ncku.edu.tw