歐盟碳邊境調整機制對公司碳管理效益的效益實證

Abstract

本研究旨在探討歐盟碳邊境調整機制（CBAM）對企業碳排放強度和財務績效的影響。透過對水泥、鋼鐵、鋁、化肥、氫氣及電力等產業的144家企業樣本進行固定效應模型分析，本研究檢驗了歐盟CBAM的實際效果及其對企業永續發展實踐的影響。研究結果顯示，即使在歐盟CBAM政策宣布但尚未完全實施的階段，其對企業行為已有顯著影響，尤其是在促進企業降低碳排放強度和提升財務績效方面。這表明政策宣布的前瞻性影響力足以促使企業提前採取行動，改善其碳管理績效，進而影響其財務績效。進一步的分析揭示了幾個關鍵見解，包括政策預告的重要性、提前準備對企業適應政策變化的重要性，以及清晰溝通政策信息對減少企業不確定性的重要性。研究還強調了積極回應氣候變化不僅可滿足企業的社會責任，亦可增強財務效益和市場競爭力。總而言之，本研究為理解歐盟CBAM的經濟和環境影響提供了實證證據，並為政策制定者和企業管理者在設計和實施永續政策時提供了實用的策略和見解。最後，本研究認為各國在制定環境規範時應更加迅速，並通過試行階段持續進行調整和完善，以為企業提供充足的準備時間，從而降低企業的適應成本。這樣的措施不僅有助於企業在追求經濟增長時考慮到環境保護的重要性，還能促進企業在追求經濟利益的同時，實現對地球環境的永續責任。

This study aims to investigate the impact of the European Union's Carbon Border Adjustment Mechanism (CBAM) on corporate carbon emission intensity and financial performance. By conducting a fixed-effects model analysis on a sample of 144 companies in industries such as cement, steel, aluminum, fertilizer, hydrogen, and electricity, the study examines the actual effects of the EU CBAM and its influence on corporate sustainability practices. The results show that even during the announcement phase of the EU CBAM policy, before its full implementation, there has been a significant impact on corporate behavior, particularly in promoting reductions in carbon emission intensity and enhancing financial performance. This indicates that the forward-looking influence of policy announcements is sufficient to prompt companies to take early actions, improve their carbon management performance, and subsequently affect their financial performance. Further analysis reveals several key insights, including the importance of policy forecasting, the critical nature of early preparation for companies to adapt to policy changes, and the importance of clearly communicating policy information to reduce corporate uncertainty. The study also emphasizes that actively responding to climate change not only fulfills corporate social responsibility but also enhances financial benefits and market competitiveness. Overall, this research provides empirical evidence for understanding the economic and environmental impacts of the EU CBAM, offering practical strategies and insights for policymakers and corporate managers in designing and implementing sustainable policies. Finally, the study suggests that countries should be more proactive in formulating environmental regulations, continually adjusting and improving through pilot phases to provide companies with sufficient preparation time, thereby reducing the adaptation costs for businesses. Such measures not only help companies consider the importance of environmental protection while pursuing economic growth but also promote corporate commitment to sustainable responsibility towards the global environment while achieving economic benefits.