高碳排放產業之碳排放及公司治理資訊價值研究

Abstract

本論文主要探討了高碳排放產業中碳排放以及公司治理資訊的價值研究，並提出了相應的研究目的和動機。Barth and McNichols (1994)將碳排放視為未認列的環境負債，並探討了碳排放量與公司價值之間的關聯性。根據過去文獻探討，碳排放量對公司價值有負面影響，並且未揭露碳排放資訊的公司可能面臨更大的評價風險。 本論文的樣本期間為2016年至2022年，採用了台灣2050淨零排放路徑及策略中提及的六大重點產業作為研究對象，包括水泥、石化、紡織、造紙、鋼鐵及電子產業，以樣本期間有揭露碳排放量資訊之公司，依Griffin et al. (2011)之碳排放量估計模型，依產業估計未揭露碳排放量資訊公司之範疇ㄧ、範疇二碳排放量，並加總作為總碳排放量，檢驗碳排放量與公司價值之攸關性。 論文結果顯示，投資者對高碳排放產業中的公司碳排放量持負面評價，隨著公司的總碳排放量增加，市場對其價值的懲罰效果愈大，投資人對公司的評價愈低。此外，揭露碳排放量資訊的公司相對於未揭露碳排放量資訊的公司，能夠減輕對公司價值的負面影響。以及公司治理評分較高的公司，能夠減輕碳排放對公司價值的負面影響。論文結論支持了三個假設：在高碳排放產業中，企業總碳排放量愈高對企業之股價呈現負向影響，揭露碳排放量資訊的公司能夠減輕對公司價值的負面影響，公司治理評分較高公司能夠減輕碳排放對公司價值的負面影響。

This study primarily investigates the value relevance of carbon emission and corporate governance information in high-carbon emission industries, presenting corresponding research objectives and motivations. Barth and McNichols (1994) regard carbon emissions as unrecognized environmental liabilities, exploring the relationship between carbon emissions and company value. Past literature suggests that carbon emissions negatively impact company value, and companies not disclosing carbon emission information may face greater valuation risks. The sample period spans from 2016 to 2022, focusing on six key industries mentioned in Taiwan's 2050 Net Zero Emissions Pathway and Strategy: cement, petrochemical, textile, paper manufacturing, steel, and electronics. The study includes companies that disclosed carbon emission information during the sample period. It estimates emissions for non-disclosing companies using Griffin et al. (2011)’s model, covering Scope 1 and Scope 2 emissions, aggregated as total carbon emissions to examine their value relevance. The results indicate that investors hold a negative perception of carbon emissions in high-carbon emission industries. As total carbon emissions increase, market penalties on value intensify, resulting in lower investor evaluations. Companies disclosing carbon emission information experience a lesser negative impact on value compared to non-disclosing companies. Additionally, companies with higher corporate governance scores mitigate the negative impact of carbon emissions on value.