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題名 企業永續策略與發展：挑戰與機會 - 以台泥為例
Corporate Sustainability Strategy and Development: Challenges and Opportunities - A Case Study of Taiwan Cement Corporation作者 韓郁青
Han, Yu-Ching貢獻者 李志宏
Lee, Jie-Haun
韓郁青
Han, Yu-Ching關鍵詞 永續策略
企業永續
企業轉型
風險管理
水泥產業
Sustainability strategy
Corporate sustainability
Risk management
Corporate transformation
Cement industry日期 2023 上傳時間 2-Aug-2023 13:00:53 (UTC+8) 摘要 在永續趨勢下，全球各國紛紛推行政策，督促企業減少二氧化碳排放並積極發展再生能源。降低碳排需要花費額外成本，包括購置節能設備或投資減碳技術。此外，再生能源的取得也是企業減碳面臨的難題。如今，永續轉型已成為攸關企業存活的重大事件。然而，永續轉型的過程中，機會與風險並存。本研究選擇台泥作為個案研究，以探討高碳排放的水泥產業在永續趨勢中尋找發展機會的方式，並分析這些機會帶來的風險。透過個案分析，台泥因應本業減碳的限制，遵從政策並投資再生能源，以中和水泥產業的碳排放。同時，從再生能源發展的趨勢中，他們也發現了儲能和電池領域的投資機會。透過投資和併購進入這兩個領域，台泥的永續轉型正式成形。根據TCFD風險架構，台泥在永續轉型過程中可能面臨政策、技術、市場和商譽四大風險。同時，根據中華信評（2021），若淨負債佔EBITDA連續一至兩年超過3.5倍，可能面臨信用評等下調的風險。因此，台泥在應對這些風險時，應降低債務，同時放緩對儲能領域的投資，並增加對再生能源的投資，以維持永續轉型的進程。這樣一來，可以避免業務遭遇逆風時，每股盈餘大幅下滑或信用評等下調對投資者信心造成的影響，同時確保籌資量能和融資成本的穩定。雖然這樣做會降低台泥捕捉永續趨勢的機會，但可以讓台泥在風險、機會和永續轉型之間取得平衡，從而實現永續經營的目標。台泥應該綜合考慮這些因素，制定出適合的策略，以確保在面對不確定的環境中能夠持續地發展並實現永續轉型的目標。
Under the global trend of sustainability, countries worldwide have implemented policies to urge businesses to reduce carbon dioxide emissions and actively develop renewable energy sources. Reducing carbon emissions requires additional costs, including investing in energy-saving equipment or adopting carbon reduction technologies. Moreover, acquiring renewable energy sources is also a challenge for businesses aiming to reduce carbon emissions. Sustainable transformation has now become a crucial event for the survival of companies. However, in the process of sustainable transformation, opportunities and risks coexist.This study selected Taiwan Cement as a case study to explore opportunities for development in the high-carbon emission cement industry amidst the sustainability trend, as well as to analyze the risks associated with these opportunities. Through the case analysis, Taiwan Cement has responded to the limitations of carbon reduction in its core business by adhering to policies and investing in renewable energy sources to offset the carbon emissions. They have identified investment opportunities in the energy storage and battery sectors, driven by the trend of renewable energy development. By entering these two fields through investments and mergers, Taiwan Cement`s sustainable transformation has taken shape.According to the TCFD risk framework, Taiwan Cement may face four major risks: policy, technology, market, and reputational risks. Additionally, based on Taiwan Ratings’s report in 2021, if net debt to EBITDA exceeds 3.5 times for one to two consecutive years, there is a risk of credit rating downgrade. Therefore, Taiwan Cement should focus on reducing its debt while slowing down investments in the energy storage sector and increasing investments in renewable energy. This approach aims to maintain the progress of the sustainability transition. By doing so, the company can avoid significant declines in earnings per share or negative impacts on investor confidence in the event of adverse business conditions and credit rating downgrades. It will also ensure stable fundraising capacity and financing costs. Although this approach may reduce the ability to seize opportunities, it allows Taiwan Cement to strike a balance among risks, opportunities, and sustainability transformation, ultimately achieving its sustainable business goals. The company should consider these factors comprehensively and develop appropriate strategies to ensure continued development and successful sustainability transformation in the face of an uncertain environment.參考文獻 一、中文參考資料中國時報（2019），台泥代燒垃圾 花蓮和平村抗議，https://e-info.org.tw/node/218216，擷取日期：2023年4月15日。中華信用評等（2023），新聞稿：台泥「twA+/twA-1」評等獲確認，https://www.taiwanratings.com/portal/front/listCorprate?industry=all&page=1&size=10，擷取日期：2023年4月15日。台灣區水泥工業同業公會（2020），2020年度公會年報，https://tcmaorg.tw/，擷取日期：2023年4月15日。台灣電力股份有限公司（無日期），政府及台電再生能源發展目標，https://csr.taipower.com.tw/esg/sustainable/new-sources-of-energy，擷取日期：2023年5月1日。台灣電力股份有限公司（無日期），近五年各類型發購電量及電力排碳係數，https://www.taipower.com.tw/tc/chart_m/e04_%e7%92%b0%e5%a2%83%e8%b3%87%e8%a8%8a_%e9%9b%bb%e5%8a%9b%e6%b7%a8%e9%9b%b6%e6%8e%92%e6%94%be_%e8%bf%91%e4%ba%94%e5%b9%b4%e7%99%bc%e8%b3%bc%e9%9b%bb%e9%87%8f%e5%8f%8a%e9%9b%bb%e5%8a%9b%e6%8e%92%e7%a2%b3%e4%bf%82%e6%95%b8.html，擷取日期：2023年4月15日。花孟璟（2020），全國首例「水泥廠燒垃圾」！ 環團要求台泥重做焚化爐環評，https://news.ltn.com.tw/news/Hualien/breakingnews/3159690，擷取日期：2023年4月15日。臺灣水泥股份有限公司（2021），臺灣水泥股份有限公司2020年企業社會責任報告書，https://media.taiwancement.com/web_tcc/tw/report/csr/report_2020_all.pdf?t=1684159099078，擷取日期：2023年2月15日。臺灣水泥股份有限公司（2022），臺灣水泥股份有限公司2021年企業社會責任報告書，https://media.taiwancement.com/web_tcc/tw/report/csr/report_2021_all.pdf?t=1684159099078，擷取日期：2023年2月15日。臺灣水泥股份有限公司（2023），台灣水泥股份有限公司及子公司民國111及110年度合併財務報告暨會計師查核報告，https://www.taiwancement.com/tw/ir_quarterly-results.htmld，擷取日期：2023年2月15日。臺灣水泥股份有限公司（2020），臺灣水泥股份有限公司中華民國一Ο八年度年報，https://www.taiwancement.com/tw/ir_annual-report.html#，擷取日期：2023年2月15日。臺灣水泥股份有限公司（2022），2022 年第三季法人說明會，https://media.taiwancement.com/web_tcc/tw/report/investors/111%203Q%20%E6%B3%95%E8%AA%AA%E6%9C%83%E4%B8%AD%E6%96%87%E7%89%88.pdf，擷取日期：2023年4月20日。櫃檯買賣中心及臺灣證券交易所（2023），水泥產業鏈簡介，https://ic.tpex.org.tw/introduce.php?ic=1000，擷取日期：2023年4月20日。經濟部能源局（2022），112年度再生能源電能躉購費率審定會會議記錄附件，https://www.moeaboe.gov.tw/ECW/main/content/wHandMenuFile.ashx?file_id=13114，擷取日期：2023年4月15日。二、英文參考資料Azar, J., Duro, M., Kadach, I., & Ormazabal, G. 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Recommendations of the Task Force on Climate-related Financial Disclosures, Retrieved from https://assets.bbhub.io/company/sites/60/2021/10/FINAL-2017-TCFD-Report.pdf on April 9, 2023.U.S. Energy Information Administration (2022). Carbon Dioxide Emissions Coefficients, Retrieved from https://www.eia.gov/environment/emissions/co2_vol_mass.php on April 9, 2023.Yoon, P. S., & Starks, L. T. (1995). Signaling, investment opportunities, and dividend announcements. The Review of Financial Studies, 8(4), 995-1018. 描述 碩士
國立政治大學
財務管理學系
110357034資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110357034 資料類型 thesis dc.contributor.advisor 李志宏 zh_TW dc.contributor.advisor Lee, Jie-Haun en_US dc.contributor.author (Authors) 韓郁青 zh_TW dc.contributor.author (Authors) Han, Yu-Ching en_US dc.creator (作者) 韓郁青 zh_TW dc.creator (作者) Han, Yu-Ching en_US dc.date (日期) 2023 en_US dc.date.accessioned 2-Aug-2023 13:00:53 (UTC+8) - dc.date.available 2-Aug-2023 13:00:53 (UTC+8) - dc.date.issued (上傳時間) 2-Aug-2023 13:00:53 (UTC+8) - dc.identifier (Other Identifiers) G0110357034 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146292 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理學系 zh_TW dc.description (描述) 110357034 zh_TW dc.description.abstract (摘要) 在永續趨勢下，全球各國紛紛推行政策，督促企業減少二氧化碳排放並積極發展再生能源。降低碳排需要花費額外成本，包括購置節能設備或投資減碳技術。此外，再生能源的取得也是企業減碳面臨的難題。如今，永續轉型已成為攸關企業存活的重大事件。然而，永續轉型的過程中，機會與風險並存。本研究選擇台泥作為個案研究，以探討高碳排放的水泥產業在永續趨勢中尋找發展機會的方式，並分析這些機會帶來的風險。透過個案分析，台泥因應本業減碳的限制，遵從政策並投資再生能源，以中和水泥產業的碳排放。同時，從再生能源發展的趨勢中，他們也發現了儲能和電池領域的投資機會。透過投資和併購進入這兩個領域，台泥的永續轉型正式成形。根據TCFD風險架構，台泥在永續轉型過程中可能面臨政策、技術、市場和商譽四大風險。同時，根據中華信評（2021），若淨負債佔EBITDA連續一至兩年超過3.5倍，可能面臨信用評等下調的風險。因此，台泥在應對這些風險時，應降低債務，同時放緩對儲能領域的投資，並增加對再生能源的投資，以維持永續轉型的進程。這樣一來，可以避免業務遭遇逆風時，每股盈餘大幅下滑或信用評等下調對投資者信心造成的影響，同時確保籌資量能和融資成本的穩定。雖然這樣做會降低台泥捕捉永續趨勢的機會，但可以讓台泥在風險、機會和永續轉型之間取得平衡，從而實現永續經營的目標。台泥應該綜合考慮這些因素，制定出適合的策略，以確保在面對不確定的環境中能夠持續地發展並實現永續轉型的目標。 zh_TW dc.description.abstract (摘要) Under the global trend of sustainability, countries worldwide have implemented policies to urge businesses to reduce carbon dioxide emissions and actively develop renewable energy sources. Reducing carbon emissions requires additional costs, including investing in energy-saving equipment or adopting carbon reduction technologies. Moreover, acquiring renewable energy sources is also a challenge for businesses aiming to reduce carbon emissions. Sustainable transformation has now become a crucial event for the survival of companies. However, in the process of sustainable transformation, opportunities and risks coexist.This study selected Taiwan Cement as a case study to explore opportunities for development in the high-carbon emission cement industry amidst the sustainability trend, as well as to analyze the risks associated with these opportunities. Through the case analysis, Taiwan Cement has responded to the limitations of carbon reduction in its core business by adhering to policies and investing in renewable energy sources to offset the carbon emissions. They have identified investment opportunities in the energy storage and battery sectors, driven by the trend of renewable energy development. By entering these two fields through investments and mergers, Taiwan Cement`s sustainable transformation has taken shape.According to the TCFD risk framework, Taiwan Cement may face four major risks: policy, technology, market, and reputational risks. Additionally, based on Taiwan Ratings’s report in 2021, if net debt to EBITDA exceeds 3.5 times for one to two consecutive years, there is a risk of credit rating downgrade. Therefore, Taiwan Cement should focus on reducing its debt while slowing down investments in the energy storage sector and increasing investments in renewable energy. This approach aims to maintain the progress of the sustainability transition. By doing so, the company can avoid significant declines in earnings per share or negative impacts on investor confidence in the event of adverse business conditions and credit rating downgrades. It will also ensure stable fundraising capacity and financing costs. Although this approach may reduce the ability to seize opportunities, it allows Taiwan Cement to strike a balance among risks, opportunities, and sustainability transformation, ultimately achieving its sustainable business goals. The company should consider these factors comprehensively and develop appropriate strategies to ensure continued development and successful sustainability transformation in the face of an uncertain environment. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景與動機 1第二節 研究目的 3第三節 研究架構 3第二章 文獻回顧 4第一節 氣候變遷衝擊及監管 4第二節 股東影響力 4第三節 價值創造 5第三章 台泥個案研究 7第一節 台泥公司簡介 7第一項 台泥公司基本介紹 7第二項 台泥海外事業及新事業 8第二節 台泥永續轉型 12第一項 台泥轉型策略 13第二項 永續轉型機會 17第三項 永續轉型挑戰 19第四章 個案分析 24第一節 永續轉型之影響 24第二節 情境分析 37第三節 小結 51第五章 結論與建議 54參考文獻 56 zh_TW dc.format.extent 3007648 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110357034 en_US dc.subject (關鍵詞) 永續策略 zh_TW dc.subject (關鍵詞) 企業永續 zh_TW dc.subject (關鍵詞) 企業轉型 zh_TW dc.subject (關鍵詞) 風險管理 zh_TW dc.subject (關鍵詞) 水泥產業 zh_TW dc.subject (關鍵詞) Sustainability strategy en_US dc.subject (關鍵詞) Corporate sustainability en_US dc.subject (關鍵詞) Risk management en_US dc.subject (關鍵詞) Corporate transformation en_US dc.subject (關鍵詞) Cement industry en_US dc.title (題名) 企業永續策略與發展：挑戰與機會 - 以台泥為例 zh_TW dc.title (題名) Corporate Sustainability Strategy and Development: Challenges and Opportunities - A Case Study of Taiwan Cement Corporation en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、中文參考資料中國時報（2019），台泥代燒垃圾 花蓮和平村抗議，https://e-info.org.tw/node/218216，擷取日期：2023年4月15日。中華信用評等（2023），新聞稿：台泥「twA+/twA-1」評等獲確認，https://www.taiwanratings.com/portal/front/listCorprate?industry=all&page=1&size=10，擷取日期：2023年4月15日。台灣區水泥工業同業公會（2020），2020年度公會年報，https://tcmaorg.tw/，擷取日期：2023年4月15日。台灣電力股份有限公司（無日期），政府及台電再生能源發展目標，https://csr.taipower.com.tw/esg/sustainable/new-sources-of-energy，擷取日期：2023年5月1日。台灣電力股份有限公司（無日期），近五年各類型發購電量及電力排碳係數，https://www.taipower.com.tw/tc/chart_m/e04_%e7%92%b0%e5%a2%83%e8%b3%87%e8%a8%8a_%e9%9b%bb%e5%8a%9b%e6%b7%a8%e9%9b%b6%e6%8e%92%e6%94%be_%e8%bf%91%e4%ba%94%e5%b9%b4%e7%99%bc%e8%b3%bc%e9%9b%bb%e9%87%8f%e5%8f%8a%e9%9b%bb%e5%8a%9b%e6%8e%92%e7%a2%b3%e4%bf%82%e6%95%b8.html，擷取日期：2023年4月15日。花孟璟（2020），全國首例「水泥廠燒垃圾」！ 環團要求台泥重做焚化爐環評，https://news.ltn.com.tw/news/Hualien/breakingnews/3159690，擷取日期：2023年4月15日。臺灣水泥股份有限公司（2021），臺灣水泥股份有限公司2020年企業社會責任報告書，https://media.taiwancement.com/web_tcc/tw/report/csr/report_2020_all.pdf?t=1684159099078，擷取日期：2023年2月15日。臺灣水泥股份有限公司（2022），臺灣水泥股份有限公司2021年企業社會責任報告書，https://media.taiwancement.com/web_tcc/tw/report/csr/report_2021_all.pdf?t=1684159099078，擷取日期：2023年2月15日。臺灣水泥股份有限公司（2023），台灣水泥股份有限公司及子公司民國111及110年度合併財務報告暨會計師查核報告，https://www.taiwancement.com/tw/ir_quarterly-results.htmld，擷取日期：2023年2月15日。臺灣水泥股份有限公司（2020），臺灣水泥股份有限公司中華民國一Ο八年度年報，https://www.taiwancement.com/tw/ir_annual-report.html#，擷取日期：2023年2月15日。臺灣水泥股份有限公司（2022），2022 年第三季法人說明會，https://media.taiwancement.com/web_tcc/tw/report/investors/111%203Q%20%E6%B3%95%E8%AA%AA%E6%9C%83%E4%B8%AD%E6%96%87%E7%89%88.pdf，擷取日期：2023年4月20日。櫃檯買賣中心及臺灣證券交易所（2023），水泥產業鏈簡介，https://ic.tpex.org.tw/introduce.php?ic=1000，擷取日期：2023年4月20日。經濟部能源局（2022），112年度再生能源電能躉購費率審定會會議記錄附件，https://www.moeaboe.gov.tw/ECW/main/content/wHandMenuFile.ashx?file_id=13114，擷取日期：2023年4月15日。二、英文參考資料Azar, J., Duro, M., Kadach, I., & Ormazabal, G. 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