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題名 環境國際公約與企業併購
International Covenant on Environment and Corporate Bidding作者 陳彥澄
Chen, Yen-Cheng貢獻者 陳嬿如
Chen, Yenn-Ru
陳彥澄
Chen, Yen-Cheng關鍵詞 環境國際公約
企業併購
碳風險
綠色併購
International Covenant on Environment
Corporate Bidding
Carbon Risk
Green M&A日期 2022 上傳時間 1-Aug-2022 17:17:56 (UTC+8) 摘要 在近年環保意識的高漲下，促使了私部門針對永續發展進行相關策略的制定，尤其在如京都議定書、巴黎協定等國際環境公約的簽署下，各國政府也積極制定國家級別的減碳計畫，所有私部門甚至是國民，都需要按照國家的政策逐步減碳。 過去已有相關研究證實碳風險因子確實對於企業價值有相當大的影響，為在短時間內降低碳風險所帶來的威脅，且維護與主要利害關係人的關係，企業能很大的可能對外獲取相關綠色資源。 本研究即以2013到2019年美國S&P 1500的企業為樣本，去探討國際環境公約與企業本身的碳風險是否會成為併購的重要原因，另外企業透過併購以達到環境以及創新的需求，是否同樣與上述兩因子相關。本研究結果發現，對於美國S&P 1500企業，巴黎協定的執行以及碳排放對於併購呈現正向的影響。碳風險因子(如自主揭露與碳排放量)並不是驅使美國企業進行環保、創新需求之併購的原因。
Recently, the rising awareness of environmental protection has prompted the private sector to formulate relevant strategies for sustainable development. Especially after the signing of international environmental conventions such as the Kyoto Protocol and the Paris Agreement, governments are also actively formulating country-leveled carbon reduction plan. Most sectors and even citizens are required to follow the regulation in accordance with national policies. Relevant studies have confirmed that carbon risk factors do have a considerable impact on corporate value. In order to reduce the threat posed by carbon risks in a short period of time and maintain relationships with key stakeholders, companies are likely to externally obtain relevant green resources. This study uses the S&P 1500 companies listed from 2013 to 2019 as a sample to explore whether the carbon risk and international environmental conventions will become important reasons for mergers and acquisitions, and whether these two factors matter when companies are going to obtain some environmental and innovational resources through mergers and acquisitions. This study found that, for US S&P 1500 companies, the implementation of the Paris Agreement and carbon risk factors have a positive impact on mergers and acquisitions. At the same time, the risk factors we study here, self-disclosure and carbon emissions, are not the drivers for S&P 1500 companies to pursue green and innovation oriented M&A.參考文獻 Antonio Salvi, Felice Petruzzella, Anastasia Giakoumelou. (2018). Green M&A Deals and Bidders’ Value Creation: The Role of Sustainability in Post-Acquisition Performance. International Business Research, 頁 96.Bartram Söhnke M. , Kewei Hou, Sehoon Kim. (2022, 2). Real effects of climate policy: Financial constraints and spillovers. Journal of Financial Economics, pp. 668-696.Benabou Roland , Jean Tirole. (2010). Individual and Corporate Social Responsibility. Economica, pp. 1-19.Bolton Patrick , Marcin Kacperczyk. (2021). Do investors care about carbon risk? Journal of Financial Economics, pp. 517-549.Boone Audra , Vahap B.Uysal. (2020). Reputational concerns in the market for corporate control. Journal of Corporate Finance, p. 101399.Clarkson Peter M., Yue Li, Gordon D.Richardson, Florin P.Vasvari. (2008). Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, Organizations and Society, pp. 303-327.Cormier Denis ,Michel Magnan. (2015). The Economic Relevance of EnvironmentalDisclosure and its Impact on Corporate Legitimacy:An Empirical Investigation. Business Strategy and the E, pp. 431-450.Deng Xin , Jun koo Kang, Buen Sin Low. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, pp. 87-109.Griffin Paul A. ,David H. Lont,Estelle Y. Sun. (2017). The Relevance to Investors of Greenhouse Gas Emission Disclosures. Contemporary Accounting Research, pp. 1265-1297.Kim Yeon-Bok ,Hyoung-Tae An,Jong-Dae Kim. (2015). The effect of carbon risk on the cost of equity capital. Journal of Cleaner Production, pp. 279-287.Kouloukoui Daniel , Marcia Mara de Oliveira Marinho, Sônia Maria da Silva Gomes, A Kiperstok, Ednildo Andrade Torres. (2019). Corporate climate risk management and the implementation of climate projects by the world`s largest emitters. Journal of Cleaner Production, p. 117935.Li Bin ,Lei Xu,Ron McIver,Qian Wu,Ailing Pan. (2020). Green M&A, legitimacy and risk-taking: evidence from China’s heavy polluters. Accounting & Finance, pp. 97-127.Lu, J. (2022). Green merger and acquisition and export expansion: Evidence from China`s polluting enterprises. Sustainable Production and Consumption, pp. 204-217.Lyon TP., John W.Maxwell. (2011). Greenwash: Corporate Environmental Disclosure under Threat of Audit. Journal of Economics & Management Strategy, pp. 3-41.Matsumura Ella Mae , Rachna Prakash, Sandra C. Vera-Muñoz. (2014). Firm-Value Effects of Carbon Emissions and Carbon Disclosures. The Accounting Review, pp. 695-724.Michelon Giovanna , Antonio Parbonetti. (2012). The effect of corporate governance on sustainability disclosure. Journal of Management and Governance, pp. 477-509.Milton, F. (1970). The Social Responsibility Of Business Is to Increase Its Profits. The New York Times.Porter Michael E., Claas Van Der Linde. (1995). Toward a New Conception of the Environment-Competitiveness Relationship. Journal of Economic Perspectives, pp. 97-118.Porter, M. E. (1997). Competitive strategy. Measuring Business Excellence, pp. 12-17.Renneboog Luc , Jenke Ter Horst, Chendi Zhang. (2008). The price of ethics and stakeholder governance: The performance of socially responsible mutual funds. Journal of Corporate Finance, pp. 302-322.Salvi Antonio , Felice Petruzzella, Anastasia Giakoumelou. (2018). Green M&A Deals and Bidders’ Value Creation: The Role of Sustainability in Post-Acquisition Performance. International Business Research, p. 96.Sharfman MP., Chitru S. Fernando. (2008). Environmental risk management and the cost of capital. Strategic Management Journal, pp. 569-592.Spence, M. (1973). Signaling Theory: A Review and Assessment. The Quarterly Journal of Economics, pp. 355-374.Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institutional Approaches. The Academy of Management Review, p. 571.United Nation. (2016). The Paris Agreement. Retrieved from UNFCCC: https://unfccc.int/sites/default/files/resource/parisagreement_publication.pdfWalter Ingo , Judith L. Ugelow. (1979). Environmental Policies in Developing Countries. Ambio, pp. 102-109.Zhu Shengjun , Canfei He, Ying Liu. (2014). Going green or going away: Environmental regulation, economic geography and firms’ strategies in China’s pollution-intensive industries. Geoforum, pp. 53-65. 描述 博士
國立政治大學
財務管理學系
109357006資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109357006 資料類型 thesis dc.contributor.advisor 陳嬿如 zh_TW dc.contributor.advisor Chen, Yenn-Ru en_US dc.contributor.author (Authors) 陳彥澄 zh_TW dc.contributor.author (Authors) Chen, Yen-Cheng en_US dc.creator (作者) 陳彥澄 zh_TW dc.creator (作者) Chen, Yen-Cheng en_US dc.date (日期) 2022 en_US dc.date.accessioned 1-Aug-2022 17:17:56 (UTC+8) - dc.date.available 1-Aug-2022 17:17:56 (UTC+8) - dc.date.issued (上傳時間) 1-Aug-2022 17:17:56 (UTC+8) - dc.identifier (Other Identifiers) G0109357006 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141017 - dc.description (描述) 博士 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) 109357006 zh_TW dc.description.abstract (摘要) 在近年環保意識的高漲下，促使了私部門針對永續發展進行相關策略的制定，尤其在如京都議定書、巴黎協定等國際環境公約的簽署下，各國政府也積極制定國家級別的減碳計畫，所有私部門甚至是國民，都需要按照國家的政策逐步減碳。 過去已有相關研究證實碳風險因子確實對於企業價值有相當大的影響，為在短時間內降低碳風險所帶來的威脅，且維護與主要利害關係人的關係，企業能很大的可能對外獲取相關綠色資源。 本研究即以2013到2019年美國S&P 1500的企業為樣本，去探討國際環境公約與企業本身的碳風險是否會成為併購的重要原因，另外企業透過併購以達到環境以及創新的需求，是否同樣與上述兩因子相關。本研究結果發現，對於美國S&P 1500企業，巴黎協定的執行以及碳排放對於併購呈現正向的影響。碳風險因子(如自主揭露與碳排放量)並不是驅使美國企業進行環保、創新需求之併購的原因。 zh_TW dc.description.abstract (摘要) Recently, the rising awareness of environmental protection has prompted the private sector to formulate relevant strategies for sustainable development. Especially after the signing of international environmental conventions such as the Kyoto Protocol and the Paris Agreement, governments are also actively formulating country-leveled carbon reduction plan. Most sectors and even citizens are required to follow the regulation in accordance with national policies. Relevant studies have confirmed that carbon risk factors do have a considerable impact on corporate value. In order to reduce the threat posed by carbon risks in a short period of time and maintain relationships with key stakeholders, companies are likely to externally obtain relevant green resources. This study uses the S&P 1500 companies listed from 2013 to 2019 as a sample to explore whether the carbon risk and international environmental conventions will become important reasons for mergers and acquisitions, and whether these two factors matter when companies are going to obtain some environmental and innovational resources through mergers and acquisitions. This study found that, for US S&P 1500 companies, the implementation of the Paris Agreement and carbon risk factors have a positive impact on mergers and acquisitions. At the same time, the risk factors we study here, self-disclosure and carbon emissions, are not the drivers for S&P 1500 companies to pursue green and innovation oriented M&A. en_US dc.description.tableofcontents 口試委員審定書 ⅰ誌謝 ⅱ摘要 ⅲAbstract ⅳ目錄 ⅴ表目錄 ⅵ第一章 緒論 1第二章 文獻回顧 4第一節 正當性理論(Legitimacy theory)與環境資訊揭露 4第二節 汙染轉移 5第三節 假說建構 6第三章 研究架構與方法 8第一節 資料來源與樣本 8第二節 研究方法 9第四章 實證研究 12第一節 敘述性統計 12第二節 企業碳風險對併購決定之影響 12第三節 企業碳風險對併購目標之影響 13第五章 結論與未來研究建議 15參考文獻 17 zh_TW dc.format.extent 526882 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109357006 en_US dc.subject (關鍵詞) 環境國際公約 zh_TW dc.subject (關鍵詞) 企業併購 zh_TW dc.subject (關鍵詞) 碳風險 zh_TW dc.subject (關鍵詞) 綠色併購 zh_TW dc.subject (關鍵詞) International Covenant on Environment en_US dc.subject (關鍵詞) Corporate Bidding en_US dc.subject (關鍵詞) Carbon Risk en_US dc.subject (關鍵詞) Green M&A en_US dc.title (題名) 環境國際公約與企業併購 zh_TW dc.title (題名) International Covenant on Environment and Corporate Bidding en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Antonio Salvi, Felice Petruzzella, Anastasia Giakoumelou. (2018). Green M&A Deals and Bidders’ Value Creation: The Role of Sustainability in Post-Acquisition Performance. International Business Research, 頁 96.Bartram Söhnke M. , Kewei Hou, Sehoon Kim. (2022, 2). Real effects of climate policy: Financial constraints and spillovers. Journal of Financial Economics, pp. 668-696.Benabou Roland , Jean Tirole. (2010). Individual and Corporate Social Responsibility. Economica, pp. 1-19.Bolton Patrick , Marcin Kacperczyk. (2021). Do investors care about carbon risk? Journal of Financial Economics, pp. 517-549.Boone Audra , Vahap B.Uysal. (2020). Reputational concerns in the market for corporate control. Journal of Corporate Finance, p. 101399.Clarkson Peter M., Yue Li, Gordon D.Richardson, Florin P.Vasvari. (2008). Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, Organizations and Society, pp. 303-327.Cormier Denis ,Michel Magnan. (2015). The Economic Relevance of EnvironmentalDisclosure and its Impact on Corporate Legitimacy:An Empirical Investigation. Business Strategy and the E, pp. 431-450.Deng Xin , Jun koo Kang, Buen Sin Low. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, pp. 87-109.Griffin Paul A. ,David H. Lont,Estelle Y. Sun. (2017). The Relevance to Investors of Greenhouse Gas Emission Disclosures. Contemporary Accounting Research, pp. 1265-1297.Kim Yeon-Bok ,Hyoung-Tae An,Jong-Dae Kim. (2015). The effect of carbon risk on the cost of equity capital. Journal of Cleaner Production, pp. 279-287.Kouloukoui Daniel , Marcia Mara de Oliveira Marinho, Sônia Maria da Silva Gomes, A Kiperstok, Ednildo Andrade Torres. (2019). Corporate climate risk management and the implementation of climate projects by the world`s largest emitters. Journal of Cleaner Production, p. 117935.Li Bin ,Lei Xu,Ron McIver,Qian Wu,Ailing Pan. (2020). Green M&A, legitimacy and risk-taking: evidence from China’s heavy polluters. Accounting & Finance, pp. 97-127.Lu, J. (2022). Green merger and acquisition and export expansion: Evidence from China`s polluting enterprises. Sustainable Production and Consumption, pp. 204-217.Lyon TP., John W.Maxwell. (2011). Greenwash: Corporate Environmental Disclosure under Threat of Audit. Journal of Economics & Management Strategy, pp. 3-41.Matsumura Ella Mae , Rachna Prakash, Sandra C. Vera-Muñoz. (2014). Firm-Value Effects of Carbon Emissions and Carbon Disclosures. The Accounting Review, pp. 695-724.Michelon Giovanna , Antonio Parbonetti. (2012). The effect of corporate governance on sustainability disclosure. Journal of Management and Governance, pp. 477-509.Milton, F. (1970). The Social Responsibility Of Business Is to Increase Its Profits. The New York Times.Porter Michael E., Claas Van Der Linde. (1995). Toward a New Conception of the Environment-Competitiveness Relationship. Journal of Economic Perspectives, pp. 97-118.Porter, M. E. (1997). Competitive strategy. Measuring Business Excellence, pp. 12-17.Renneboog Luc , Jenke Ter Horst, Chendi Zhang. (2008). The price of ethics and stakeholder governance: The performance of socially responsible mutual funds. Journal of Corporate Finance, pp. 302-322.Salvi Antonio , Felice Petruzzella, Anastasia Giakoumelou. (2018). Green M&A Deals and Bidders’ Value Creation: The Role of Sustainability in Post-Acquisition Performance. International Business Research, p. 96.Sharfman MP., Chitru S. Fernando. (2008). Environmental risk management and the cost of capital. Strategic Management Journal, pp. 569-592.Spence, M. (1973). Signaling Theory: A Review and Assessment. The Quarterly Journal of Economics, pp. 355-374.Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institutional Approaches. The Academy of Management Review, p. 571.United Nation. (2016). The Paris Agreement. Retrieved from UNFCCC: https://unfccc.int/sites/default/files/resource/parisagreement_publication.pdfWalter Ingo , Judith L. Ugelow. (1979). Environmental Policies in Developing Countries. Ambio, pp. 102-109.Zhu Shengjun , Canfei He, Ying Liu. (2014). Going green or going away: Environmental regulation, economic geography and firms’ strategies in China’s pollution-intensive industries. Geoforum, pp. 53-65. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202200707 en_US
