全球企業範疇三排放量及排放強度與企業績效之關聯性

Abstract

本文以2019至2023年間在全球76個國家的證券市場上市之4171家企業為研究對象，探討企業的範疇三排放量及排放強度，是否與企業績效具關聯性。本研究從不同角度探討範疇三排放對企業績效的影響及其調節因素，研究問題包括以下四個方面：範疇三排放量是否會降低企業績效、範疇三排放強度是否會降低企業績效、執行綠色供應鏈策略是否能弱化範疇三排放量對企業績效之影響及執行綠色供應鏈策略是否能弱化範疇三排放強度對企業績效之影響。 研究數據來源彭博資料庫(Bloomberg Terminal) ，涵蓋企業的財務及環境相關數據，並以縱貫資料(Panel Data)分析方法進行實證。企業所屬國家與年度依據彭博資料庫進行分類，而產業則按照依全球行業分類標準(GICS)劃分。在模型選擇方面，本研究使用固定效果模型中的雙元固定效果模型，並以R語言進行數據處理與統計估計。 本研究發現，選定之三項企業績效當中，受範疇三排放量顯著正向影響的有：股東權益報酬率(ROE)及每股盈餘(EPS)；未受到顯著影響的則是資產報酬率(ROA)。受範疇三排放強度顯著正向影響的是：ROE，但顯著程度較範疇三排放量略為削弱；未受到顯著影響的則是ROA及EPS。另有研究結果表明，執行綠色供應鏈策略皆無法強化範疇三排放量或範疇三排放強度對企業績效的影響。最後，額外分析之匯總項顯示範疇三子類別的排放量中類別五(Category 5)與EPS呈現顯著正向影響，範疇三子類別的排放量強度中類別五與EPS呈現顯著正向影響，而類別七(Category 7)和ROE會呈現顯著正向影響，而獨立項發現類別五(Category 5)排放量與排放強度會與ROE會呈現顯著正向影響，類別六(Category 6)排放強度會與ROA呈現顯著負向影響，該排放量與排放強度也會與EPS呈現顯著負向影響。

This study examines the relationship between Scope 3 emissions, Scope 3 intensity, and financial performance, using a sample of 4,171 publicly traded companies across 76 countries between 2019 and 2023. It investigates the impact of Scope 3 on financial performance from multiple perspectives, focusing on four key research questions: (1) whether Scope 3 emissions reduce financial performance, (2) whether Scope 3 intensity reduces financial performance, (3) whether implementing green supply chain strategies mitigates the impact of Scope 3 emissions on financial performance, and (4) whether green supply chain strategies mitigate the effect of Scope 3 intensity on financial performance. The data for this study were sourced from the Bloomberg Terminal, encompassing financial and environmental metrics, and analyzed using a panel data approach. Companies were categorized by country and year based on Bloomberg classifications, while industries were classified according to the Global Industry Classification Standard. This research employs a Time and Entity Fixed Effects within the Fixed Effect Model, with statistical estimations conducted using the R programming language. The empirical findings reveal that among the three selected corporate performance indicators, Scope 3 emissions significantly positively impact ROE and EPS, but show no significant effect on ROA. Similarly, Scope 3 intensity significantly positively influences ROE, though to a lesser extent than total Scope 3 emissions, while its effects on ROA and EPS are insignificant. Another key finding indicates that green supply chain strategies do not strengthen the relationship between either Scope 3 emissions or emission intensity and financial performance. Furthermore, the summary of additional analyses revealed that among the subcategories of Scope 3 emissions, Category 5 emissions showed a significant positive impact on EPS, and Category 5 emission intensity also showed a significant positive impact on EPS. Category 7 emissions had a significant positive impact on ROE. Independent findings showed that Category 5 emissions and emission intensity had a significant positive impact on ROE. Category 6 emission intensity had a significant negative impact on ROA, and both emissions and emission intensity had a significant negative impact on EPS.