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題名 污染還是不污染：風險投資股權與企業環境表現
To pollute or not to pollute: Venture capital ownership and corporate environmental performance作者 邵子杰
Shao, Tzu-Chieh貢獻者 傅浚映<br>翁嘉祥
Fu, Jyun-Ying<br>Weng, Chia-Hsiang
邵子杰
Shao, Tzu-Chieh關鍵詞 中國企業
創投股權
環境表現
獨立董事人數比例
Board independence
Chinese companies
Venture capital ownership
Environmental performance日期 2023 上傳時間 9-三月-2023 18:34:41 (UTC+8) 摘要 創投股權對於公司表現有不同的影響，創投可使企業快速發展，但另一方面因創投較看重短期利益，因此會忽視企業其他重要的營運績效。過去研究曾表示創投股權與公司的 CSR 表現呈負面影響。另一方面近年中國持續推動環境政策，讓企業必須更加重視公司的環境表現。但因為創投注重短期利益的特質，本研究認為創投股權可能會對於公司的環境表現有負面影響。本研究以 2010 年至 2015 年上海與深圳交易所上市之 A 股公司為樣本，其環境分數資料從和訊網中所得並且進行迴歸分析，最終得出知結論與假說相同。因此本研究主要有兩大理論貢獻。首先本研究發現創投股權對上市公司的環境表現有負面影響。此外當公司獨立董事人數比例越多時會減弱創投股權對公司環境表現的負面影響。
Venture capital ownership has different impacts on a company`s performance. Venture capital can make the company develop rapidly. But on the other hand, as venture capitalists pay more attention to short-term financial performance, they tend to ignore other important operating performance of the company. Past studies have shown that venture capital ownership has a negative impact on a company`s CSR performance. In recent years, China has continued to promote environmental policies, making companies pay more attention to their environmental performance. However, because venture capitalists focus on short-term financial performance, this study examines whether venture capital ownership may have a negative impact on a company`s environmental performance. In this study, A-share companies listed on the Shanghai and Shenzhen stock exchanges from 2010 to 2015 were used as the research sample, and their environmental score data were obtained from Hexun.com. I conduct regression analysis to examine these hypotheses. I found that my hypotheses are supported. This study has two main contributions. First of all, this study finds that venture capital ownership has a negative impact on the environmental performance of listed companies. In addition, when the proportion of independent directors in a company increases, the negative impact of venture capital ownership on a company`s environmental performance is weakened.參考文獻 1.山東省人民規章(2010，10月19日)山東省用水總量控制管理辦法。山東省人民規章。資料來源：http://103.239.155.39/module/download/downfile.jsp?filename=1e1bd0c44c0842bfa74e83b14ee5d606.pdf&classid=02.王金南, 雷宇, & 宁淼(2014)。实施《大气污染防治行动计划》: 向 PM_ (2.5) 宣战. 环境保护, (6), 28-31。3.西安科技大市場(2013，08月14日)。「總有一天 水比油貴 糧比金貴 我們欲哭無淚！」。西安科技大市場。資料來源：http://www.xatrm.com/cjgdzbzzcydt/222527.jhtml4.北京、深圳、上海是中國領先的風險投資區域(Pan, F., Zhao，2016）。5.吳倩銀(2008)。公司治理對共同基金績效與風險之影響-以門檻迴歸模型分析。6.余璐（2020，06月18日)。中國治沙70年 為全球荒漠化治理貢獻智慧。人民網。資料來源：http://env.people.com.cn/BIG5/n1/2020/0618/c1010-31751883.html7.保护部,国家,统计局, &农业部(2010)。第一次全国污染源普查公报。8.徐石泉(2008)。共同基金持股与上市公司绩效的实证分析 (Master`s thesis, 浙江工商大学)。9.徐忠猶(2001)。從另一個觀點看南水北調。10.唐紅（2022，12月02日)。焦點訪談丨久久為功建造綠色長城。中青在線。資料來源：http://m.cyol.com/gb/articles/2022-12/02/content_zx95mPSYlq.html11.盛立軍(2001)。《創業投資：操作、機制與策略》。 臺北：五南。12.國家林業和草原局政府網（2019，06月18日) 中國防治荒漠化：把千年沙漠變成“綠洲”。國家林業和草原局政府網。資料來源：https://www.forestry.gov.cn/main/135/20190618/111215237654094.html13.國務院 (2021，10月24日)。國務院關於印發2030年前碳達峰行動方案的通知。國務院。資料來源：http://www.gov.cn/zhengce/content/2021-10/26/content_5644984.htm14.張素美(2020，09月23日)。中國承諾2030年以前達到碳排放峰值，及到2060年實現碳中和。能源知識庫。資料來源：https://km.twenergy.org.tw/Data/db_more?id=380215.新華社(2021，10月24日)。中共中央國務院關於完整準確全面貫徹新發展理念做好碳達峰碳中和工作的意見。新華社。資料來源：http://www.gov.cn/zhengce/2021-10/24/content_5644613.htm16.楊之遠, & 吳俊儀(2014)。中國碳排放權交易發展現況及對我國可能之影響. 華岡農科學報, (33), 23-45。17.劉文琳(2013)。創投聲譽, 新上市公司長期績效與公司治理: 以台灣上市公司為例。18.劉常勇(1997)。「創業投資評估決策程序」，會計研究月刊，第134期。19.劉常勇(1997)。如何成為相中千里駒的伯樂：創業投資評估決策程序，會計研究月刊，第134期，p12-30。20.謝志柔(2013)。創投所扶持的新創公司之財務績效. 文大商管學報, 18(1), 21-48。21.蘇拾忠(2017)。《兩岸經貿月刊》。財團法人兩岸交流基金會。22.Ivo Naumann,方溪源,石俊娜,何君杰,朱越,李卓然(2021)。透视中国创投生态 抓住十年黄金期。麥肯錫諮詢。資料來源：https://www.mckinsey.com.cn/%E9%80%8F%E8%A7%86%E4%B8%AD%E5%9B%BD%E5%88%9B%E6%8A%95%E7%94%9F%E6%80%81%EF%BC%8C%E6%8A%93%E4%BD%8F%E5%8D%81%E5%B9%B4%E9%BB%84%E9%87%91%E6%9C%9F/References23.Ahlstrom, D., Bruton, G. 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國立政治大學
企業管理研究所(MBA學位學程)
109363011資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109363011 資料類型 thesis dc.contributor.advisor 傅浚映<br>翁嘉祥 zh_TW dc.contributor.advisor Fu, Jyun-Ying<br>Weng, Chia-Hsiang en_US dc.contributor.author (作者) 邵子杰 zh_TW dc.contributor.author (作者) Shao, Tzu-Chieh en_US dc.creator (作者) 邵子杰 zh_TW dc.creator (作者) Shao, Tzu-Chieh en_US dc.date (日期) 2023 en_US dc.date.accessioned 9-三月-2023 18:34:41 (UTC+8) - dc.date.available 9-三月-2023 18:34:41 (UTC+8) - dc.date.issued (上傳時間) 9-三月-2023 18:34:41 (UTC+8) - dc.identifier (其他 識別碼) G0109363011 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/143824 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 企業管理研究所(MBA學位學程) zh_TW dc.description (描述) 109363011 zh_TW dc.description.abstract (摘要) 創投股權對於公司表現有不同的影響，創投可使企業快速發展，但另一方面因創投較看重短期利益，因此會忽視企業其他重要的營運績效。過去研究曾表示創投股權與公司的 CSR 表現呈負面影響。另一方面近年中國持續推動環境政策，讓企業必須更加重視公司的環境表現。但因為創投注重短期利益的特質，本研究認為創投股權可能會對於公司的環境表現有負面影響。本研究以 2010 年至 2015 年上海與深圳交易所上市之 A 股公司為樣本，其環境分數資料從和訊網中所得並且進行迴歸分析，最終得出知結論與假說相同。因此本研究主要有兩大理論貢獻。首先本研究發現創投股權對上市公司的環境表現有負面影響。此外當公司獨立董事人數比例越多時會減弱創投股權對公司環境表現的負面影響。 zh_TW dc.description.abstract (摘要) Venture capital ownership has different impacts on a company`s performance. Venture capital can make the company develop rapidly. But on the other hand, as venture capitalists pay more attention to short-term financial performance, they tend to ignore other important operating performance of the company. Past studies have shown that venture capital ownership has a negative impact on a company`s CSR performance. In recent years, China has continued to promote environmental policies, making companies pay more attention to their environmental performance. However, because venture capitalists focus on short-term financial performance, this study examines whether venture capital ownership may have a negative impact on a company`s environmental performance. In this study, A-share companies listed on the Shanghai and Shenzhen stock exchanges from 2010 to 2015 were used as the research sample, and their environmental score data were obtained from Hexun.com. I conduct regression analysis to examine these hypotheses. I found that my hypotheses are supported. This study has two main contributions. First of all, this study finds that venture capital ownership has a negative impact on the environmental performance of listed companies. In addition, when the proportion of independent directors in a company increases, the negative impact of venture capital ownership on a company`s environmental performance is weakened. en_US dc.description.tableofcontents 摘要.........................................1目錄 ........................................3第一章 緒論...................................4第二章 研究背景................................6第一節 創投定義................................6第二節 中國創投歷史............................8第三節 中國創投近年變化與實例 ...................10第四節 中國環境表現............................11第三章 文獻探討................................17第一節 股東異質性對於上市公司的影響...............17第二節 研究假說................................21第四章 研究方法................................24第一節 資料來源與樣本選擇........................24第二節 變數衡量................................25第三節 實證模型................................28第五章 研究結果................................29第六章 結論與建議..............................35第一節 理論貢獻、管理意涵與政策意涵...............35第二節 研究限制................................36第七章 參考文獻................................38第八章 附錄...................................46 zh_TW dc.format.extent 1022322 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109363011 en_US dc.subject (關鍵詞) 中國企業 zh_TW dc.subject (關鍵詞) 創投股權 zh_TW dc.subject (關鍵詞) 環境表現 zh_TW dc.subject (關鍵詞) 獨立董事人數比例 zh_TW dc.subject (關鍵詞) Board independence en_US dc.subject (關鍵詞) Chinese companies en_US dc.subject (關鍵詞) Venture capital ownership en_US dc.subject (關鍵詞) Environmental performance en_US dc.title (題名) 污染還是不污染：風險投資股權與企業環境表現 zh_TW dc.title (題名) To pollute or not to pollute: Venture capital ownership and corporate environmental performance en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 1.山東省人民規章(2010，10月19日)山東省用水總量控制管理辦法。山東省人民規章。資料來源：http://103.239.155.39/module/download/downfile.jsp?filename=1e1bd0c44c0842bfa74e83b14ee5d606.pdf&classid=02.王金南, 雷宇, & 宁淼(2014)。实施《大气污染防治行动计划》: 向 PM_ (2.5) 宣战. 环境保护, (6), 28-31。3.西安科技大市場(2013，08月14日)。「總有一天 水比油貴 糧比金貴 我們欲哭無淚！」。西安科技大市場。資料來源：http://www.xatrm.com/cjgdzbzzcydt/222527.jhtml4.北京、深圳、上海是中國領先的風險投資區域(Pan, F., Zhao，2016）。5.吳倩銀(2008)。公司治理對共同基金績效與風險之影響-以門檻迴歸模型分析。6.余璐（2020，06月18日)。中國治沙70年 為全球荒漠化治理貢獻智慧。人民網。資料來源：http://env.people.com.cn/BIG5/n1/2020/0618/c1010-31751883.html7.保护部,国家,统计局, &农业部(2010)。第一次全国污染源普查公报。8.徐石泉(2008)。共同基金持股与上市公司绩效的实证分析 (Master`s thesis, 浙江工商大学)。9.徐忠猶(2001)。從另一個觀點看南水北調。10.唐紅（2022，12月02日)。焦點訪談丨久久為功建造綠色長城。中青在線。資料來源：http://m.cyol.com/gb/articles/2022-12/02/content_zx95mPSYlq.html11.盛立軍(2001)。《創業投資：操作、機制與策略》。 臺北：五南。12.國家林業和草原局政府網（2019，06月18日) 中國防治荒漠化：把千年沙漠變成“綠洲”。國家林業和草原局政府網。資料來源：https://www.forestry.gov.cn/main/135/20190618/111215237654094.html13.國務院 (2021，10月24日)。國務院關於印發2030年前碳達峰行動方案的通知。國務院。資料來源：http://www.gov.cn/zhengce/content/2021-10/26/content_5644984.htm14.張素美(2020，09月23日)。中國承諾2030年以前達到碳排放峰值，及到2060年實現碳中和。能源知識庫。資料來源：https://km.twenergy.org.tw/Data/db_more?id=380215.新華社(2021，10月24日)。中共中央國務院關於完整準確全面貫徹新發展理念做好碳達峰碳中和工作的意見。新華社。資料來源：http://www.gov.cn/zhengce/2021-10/24/content_5644613.htm16.楊之遠, & 吳俊儀(2014)。中國碳排放權交易發展現況及對我國可能之影響. 華岡農科學報, (33), 23-45。17.劉文琳(2013)。創投聲譽, 新上市公司長期績效與公司治理: 以台灣上市公司為例。18.劉常勇(1997)。「創業投資評估決策程序」，會計研究月刊，第134期。19.劉常勇(1997)。如何成為相中千里駒的伯樂：創業投資評估決策程序，會計研究月刊，第134期，p12-30。20.謝志柔(2013)。創投所扶持的新創公司之財務績效. 文大商管學報, 18(1), 21-48。21.蘇拾忠(2017)。《兩岸經貿月刊》。財團法人兩岸交流基金會。22.Ivo Naumann,方溪源,石俊娜,何君杰,朱越,李卓然(2021)。透视中国创投生态 抓住十年黄金期。麥肯錫諮詢。資料來源：https://www.mckinsey.com.cn/%E9%80%8F%E8%A7%86%E4%B8%AD%E5%9B%BD%E5%88%9B%E6%8A%95%E7%94%9F%E6%80%81%EF%BC%8C%E6%8A%93%E4%BD%8F%E5%8D%81%E5%B9%B4%E9%BB%84%E9%87%91%E6%9C%9F/References23.Ahlstrom, D., Bruton, G. 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