氣候變遷因應法對上市公司價值之影響：臺灣證券交易所上市公司為例

Abstract

2023 年2 月，台灣政府制定了氣候變遷因應法（CCRA），更新了初始的溫室氣體減量及管理法。CCRA 強調環境永續的重要性，並對企業施加更嚴格的規範。本論文探討了台灣新頒布的CCRA 對投資者看法和上市公司價值的影響。本研究調查了CCRA 對台灣碳排放與上市公司價值之間關係的影響。本研究的數據來自2022 年初至2023 年末在台灣證券交易所（TWSE）上市的公司。通過多重線性迴歸中的交互變量，研究旨在識別CCRA 如何影響碳排放對企業價值的影響。研究採用了市值、Tobin’s Q 和市淨率（PB 比率）這三種基於市場的指標作為公司價值的代理變量。研究結果顯示，碳排放與所有三種基於市場的指標均呈正相關，但CCRA 的實施削弱了這種正相關性。這表明CCRA 的實施已改變了投資者對碳排放的看法，對碳排放較高的公司給予了負面評價。

In February 2023, the Taiwanese government enacted the Climate Change Response Act (CCRA), making an update to the initial Greenhouse Gases Reduction Management Act. The CCRA emphasizes the importance of environmental sustainability and enforces stricter regulations on firms. This thesis explores the impact of Taiwan's newly enacted CCRA on investor perceptions and firm valuations. The research investigates the effect of CCRA on the relationship between carbon emissions and firm value in Taiwan. Data for this study is drawn from firms listed on the Taiwan Stock Exchange (TWSE) from the beginning of 2022 to the end of 2023. Using an interaction variable in a multiple linear regression, the study aimed to identify how CCRA affects the effect of carbon emissions on firm value. The study employs three different market-based metrics—market capitalization, Tobin’s Q, and the price-to-book (PB) ratio—as proxies for firm value. The findings reveal that carbon emissions are positively associated with all three market-based metrics, but the implementation of the CCRA reduces the strength of this positive association. The results imply that the implementation of the CCRA has shifted investors' perspectives on carbon emissions, attaching negative value to firms with higher carbon emissions.