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題名 課徵碳費對於企業財務表現之影響-以台灣上市上櫃公司為例
THE IMPACT OF CARBON LEVY ON THE FINANCIAL PERFORMANCE OF ENTERPRISES - EVIDENCE FROM LISTED COMPANIES IN TWSE AND TPEX作者 周帝維
Chou, Ti-Wei貢獻者 郭維裕<br>簡立忠
周帝維
Chou, Ti-Wei關鍵詞 碳定價
碳排放
碳費
企業財務績效
Carbon pricing
Carbon emissions
Carbon levy
Corporate financial performance日期 2024 上傳時間 1-Feb-2024 11:31:37 (UTC+8) 摘要 人類進入現代社會的過程中，持續燃燒化石燃料和砍伐森林，導致二氧化碳等溫室氣體濃度上升，引起全球暖化。為因應全球平均溫度持續上升的問題，學者提出將外部環境成本納入內部考量，並設置排放權限，因此國際間已開始推行碳定價（Carbon Pricing）的措施。 我國已於2023年通過「氣候變遷因應法」並宣布將對企業課徵碳費。為瞭解此政策對企業財務表現造成的影響，本研究透過我國政府部門公布的溫室氣體排放數據掌握排放概況。此外，彙整公開資訊觀測站所揭露的企業ESG資訊，以三種情境模擬試算課徵碳費可能產生的環境成本，並觀察對產業及企業的衝擊。 研究發現我國碳排放情形高度集中於上市公司，其中「航運業、油氣燃電業、半導體業、鋼鐵工業及塑膠工業」為高碳排放產業。在實施課徵碳費政策下，即使在最保守的情境，油氣燃電業可能出現轉為虧損的情形。若為達到全球淨零排放的長期目標，高碳排放產業幾乎無法負荷環境成本，課徵碳費對企業營運已造成壓力。
In the process of entering modern society, humans have continuously burned fossil fuels and deforested, resulting in an increase in concentrations of greenhouse gases such as carbon dioxide, causing global warming. To address the ongoing rise in global average temperatures, scholars have proposed internalizing external environmental costs and establishing emission limits. Consequently, measures such as Carbon Pricing have begun to be implemented internationally. Taiwan has passed the "Climate Change Response Act" in 2023 and declared the imposition of carbon levy on businesses. To understand the impact of this policy on corporate financial performance, this study utilizes greenhouse gas emission data released by our government to grasp the emission situation. Furthermore, by consolidating ESG information disclosed on MOPS, this research conducts simulations in three scenarios to estimate the potential environmental costs and observes their impact on industries and businesses. Research has found that carbon emissions are highly concentrated among listed companies, with the "shipping industry, oil and gas power generation, semiconductor industry, steel industry, and plastics industry" being high carbon-emitting sectors. Under the implementation of carbon levy policies, even in the most conservative scenario, the oil and gas power generation industry might face a situation of turning into a loss. If the long-term goal of achieving global net-zero emissions is pursued, high carbon-emitting industries may struggle to bear environmental costs, thereby putting pressure on their business operations.參考文獻 一、中文部分 1.中華經濟研究院, & CSRone. (2022). 臺灣企業環境外部成本報告. 2.中鋼公司. (2023). 111年度永續報告書. 3.中鋼公司企業永續網站，上網日期2023年12月9日：檢自：https://www.csc.com.tw/csc/hr/csr/env/env3.htm 4.古珮嫆. (2021). 碳稅作為減緩氣候變遷財政工具之研究 國立中正大學. 嘉義縣. https://hdl.handle.net/11296/xjrtx9 5.行政院環境保護署. (2023). 中華民國國家溫室氣體排放清冊報告 https://unfccc.saveoursky.org.tw/nir/2023nir/uploads/00_nir_full.pdf?0913 6.吳清山. (2018). Spillover effect. Journal of Education Research(294), 135-136. https://doi.org/https://doi.org/10.3966/168063602018100294009 7.李宜樺, 蔡亦臺, 廖容翎, & 鄭嵐尹. (2022). 全球淨零轉型－碳定價機制在財務報表上的化身. 會計研究月刊(434), 50-57. https://doi.org/10.6650/arm.202201_(434).0006 8.黃正忠, 林泉興, & 葉怡秀. (2019). 循環經濟下的外部成本內部化－碳與水. 會計研究月刊(403), 88-95. https://doi.org/10.6650/arm.201906_(403).0014 9.楊永杰. (2013). 碳排放的外部性理论和内部化路径. 生产力研究(12), 53-54. 10.經濟部能源署. (2023). 111年度我國燃料燃燒之二氧化碳排放統計與分析. 11.臺灣2050淨零排放路徑及策略總說明. (2022). 12.蕭代基, 洪志銘, & 羅時芳. (2010). 碳稅與碳交易之比較與搭配. 台電工程月刊(747), 2. 13.聯合國氣候變化綱要公約京都議定書. (1998). Retrieved 2023, July 2, from https://unfccc.int/resource/docs/convkp/kpchinese.pdf 14.林良齊，碳費徵收8月草案出爐 明年上路，中國時報。上網日期2023年4月28日，檢自：https://www.chinatimes.com/newspapers/20230414000451-260110 15.翁至威，碳費課徵首波鎖定512家 涵蓋鋼鐵、電力、水泥、半導體業，經濟日報。上網日期2023年10月20日，檢自：https://udn.com/news/story/7238/7485067 16.陳嘉怡，台灣明年開徵碳費 民團喊起徵價每公噸500元，自由時報。上網日期2023年11月10日，檢自：https://news.ltn.com.tw/news/life/breakingnews/4275102 17.環境部氣候變遷署氣候公民對話平臺。上網日期2023年11月26日，檢自：https://www.climatetalks.tw/%E6%88%91%E5%9C%8B%E6%BA%AB%E5%AE%A4%E6%B0%A3%E9%AB%94%E6%8E%92%E6%94%BE%E5%8F%8A%E6%B8%9B%E9%87%8F%E7%B8%BD%E8%A6%BD 二、英文部分 1.Carbon Pricing Options for Taiwan. (Dec. 2020). The Grantham Research Institute on Climate Change and the Environment. https://www.lse.ac.uk/granthaminstitute/publication/carbon-pricing-options-for-taiwan/ 2.Che, P., Zhang, Y., & Lang, J. (2019). Emission-Intensity-Based Carbon Tax and Its Impact on Generation Self-Scheduling. Energies (Basel), 12(5), 777. https://doi.org/10.3390/en12050777 3.Duan, Y., Han, Z., Mu, H., Yang, J., & Li, Y. (2019). Research on the Impact of Various Emission Reduction Policies on China’s Iron and Steel Industry Production and Economic Level under the Carbon Trading Mechanism. Energies (Basel), 12(9), 1624. https://doi.org/10.3390/en12091624 4.Goulder, L. H., & Schein, A. R. (2013). Carbon Taxes Versus Cap and Trade: A Critical Review. Climate Change Economics, 04(03). https://doi.org/10.1142/s2010007813500103 5.He, Y., Wang, L., & Wang, J. (2012). Cap-and-trade vs. carbon taxes: A quantitative comparison from a generation expansion planning perspective. Computers & Industrial Engineering, 63(3), 708-716. 6.INTERNATIONAL ELECTRICITY FACTORS. (2023). Carbon Footprint. Retrieved 2023, Oct. 15 from https://www.carbonfootprint.com/international_electricity_factors.html 7.Li, Z., Li, Y., & Shao, S. (2019). Analysis of Influencing Factors and Trend Forecast of Carbon Emission from Energy Consumption in China Based on Expanded STIRPAT Model. Energies (Basel), 12(16), 3054. https://doi.org/10.3390/en12163054 8.Marshall, A. (2013). Principles of Economics. Palgrave Macmillan. https://doi.org/10.1057/9781137375261 9.Ockenfels, A., MacKay, D. J. C., & Cramton, P. C. (2017). Global Carbon Pricing : The Path to Climate Cooperation / edited by Peter Cramton, David JC MacKay, Axel Ockenfels, and Steven Stoft. MIT Press. https://doi.org/https://doi.org/10.7551/mitpress/10914.001.0001 10.Parry, I. W. H., Black, S., & Zhunussova, K. (2022). Carbon Taxes or Emissions Trading Systems?: Instrument Choice and Design. Staff Climate Notes, 2022(006), A001. https://doi.org/10.5089/9798400212307.066.A001 11.Pigou, A. C. (1924). The economics of welfare. Macmillan. 12.State and Trends of Carbon Pricing 2023. (2023). World Bank 13.Tsai, W.-H. (2020). Carbon emission reduction-carbon tax, carbon trading, and carbon offset. Energies (Basel), 13(22), 6128. https://doi.org/10.3390/en13226128 14.Wang, H., Li, Y., & Bu, G. (2023). How carbon trading policy should be integrated with carbon tax policy—laboratory evidence from a model of the current state of carbon pricing policy in China. Environmental science and pollution research international, 30(9), 23851-23869. https://doi.org/10.1007/s11356-022-23787-y 15.Wang, M., Li, Y., Li, M., Shi, W., & Quan, S. (2019). Will carbon tax affect the strategy and performance of low-carbon technology sharing between enterprises? Journal of Cleaner Production, 210, 724-737. https://doi.org/https://doi.org/10.1016/j.jclepro.2018.10.321 16.World Population Prospects. (2022). Retrieved 2023, July 07, from https://population.un.org/wpp/ 描述 碩士
國立政治大學
國際金融碩士學位學程
111zb1013資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111ZB1013 資料類型 thesis dc.contributor.advisor 郭維裕<br>簡立忠 zh_TW dc.contributor.author (Authors) 周帝維 zh_TW dc.contributor.author (Authors) Chou, Ti-Wei en_US dc.creator (作者) 周帝維 zh_TW dc.creator (作者) Chou, Ti-Wei en_US dc.date (日期) 2024 en_US dc.date.accessioned 1-Feb-2024 11:31:37 (UTC+8) - dc.date.available 1-Feb-2024 11:31:37 (UTC+8) - dc.date.issued (上傳時間) 1-Feb-2024 11:31:37 (UTC+8) - dc.identifier (Other Identifiers) G0111ZB1013 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/149615 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際金融碩士學位學程 zh_TW dc.description (描述) 111zb1013 zh_TW dc.description.abstract (摘要) 人類進入現代社會的過程中，持續燃燒化石燃料和砍伐森林，導致二氧化碳等溫室氣體濃度上升，引起全球暖化。為因應全球平均溫度持續上升的問題，學者提出將外部環境成本納入內部考量，並設置排放權限，因此國際間已開始推行碳定價（Carbon Pricing）的措施。 我國已於2023年通過「氣候變遷因應法」並宣布將對企業課徵碳費。為瞭解此政策對企業財務表現造成的影響，本研究透過我國政府部門公布的溫室氣體排放數據掌握排放概況。此外，彙整公開資訊觀測站所揭露的企業ESG資訊，以三種情境模擬試算課徵碳費可能產生的環境成本，並觀察對產業及企業的衝擊。 研究發現我國碳排放情形高度集中於上市公司，其中「航運業、油氣燃電業、半導體業、鋼鐵工業及塑膠工業」為高碳排放產業。在實施課徵碳費政策下，即使在最保守的情境，油氣燃電業可能出現轉為虧損的情形。若為達到全球淨零排放的長期目標，高碳排放產業幾乎無法負荷環境成本，課徵碳費對企業營運已造成壓力。 zh_TW dc.description.abstract (摘要) In the process of entering modern society, humans have continuously burned fossil fuels and deforested, resulting in an increase in concentrations of greenhouse gases such as carbon dioxide, causing global warming. To address the ongoing rise in global average temperatures, scholars have proposed internalizing external environmental costs and establishing emission limits. Consequently, measures such as Carbon Pricing have begun to be implemented internationally. Taiwan has passed the "Climate Change Response Act" in 2023 and declared the imposition of carbon levy on businesses. To understand the impact of this policy on corporate financial performance, this study utilizes greenhouse gas emission data released by our government to grasp the emission situation. Furthermore, by consolidating ESG information disclosed on MOPS, this research conducts simulations in three scenarios to estimate the potential environmental costs and observes their impact on industries and businesses. Research has found that carbon emissions are highly concentrated among listed companies, with the "shipping industry, oil and gas power generation, semiconductor industry, steel industry, and plastics industry" being high carbon-emitting sectors. Under the implementation of carbon levy policies, even in the most conservative scenario, the oil and gas power generation industry might face a situation of turning into a loss. If the long-term goal of achieving global net-zero emissions is pursued, high carbon-emitting industries may struggle to bear environmental costs, thereby putting pressure on their business operations. en_US dc.description.tableofcontents 第一章 緒論 1 第二章 文獻探討 4 第一節 傳統理論 4 第二節 氣候協議 7 第三節 減碳工具 9 第三章 我國碳排放現況 15 第一節 管制歷程 15 第二節 溫室氣體排放情形 18 第三節 電力排放係數 24 第四節 碳費課徵 28 第四章 課徵碳費對於企業財務表現之影響 33 第一節 排放數據來源 33 第二節 上市上櫃公司碳排放現況 36 第三節 課徵碳費對高碳排放產業之企業的實證影響 43 第四節 企業因應之道 52 第五章 結論與建議 58 第一節 研究結論 58 第二節 研究建議 60 參考文獻 61 附錄 64 zh_TW dc.format.extent 1834024 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111ZB1013 en_US dc.subject (關鍵詞) 碳定價 zh_TW dc.subject (關鍵詞) 碳排放 zh_TW dc.subject (關鍵詞) 碳費 zh_TW dc.subject (關鍵詞) 企業財務績效 zh_TW dc.subject (關鍵詞) Carbon pricing en_US dc.subject (關鍵詞) Carbon emissions en_US dc.subject (關鍵詞) Carbon levy en_US dc.subject (關鍵詞) Corporate financial performance en_US dc.title (題名) 課徵碳費對於企業財務表現之影響-以台灣上市上櫃公司為例 zh_TW dc.title (題名) THE IMPACT OF CARBON LEVY ON THE FINANCIAL PERFORMANCE OF ENTERPRISES - EVIDENCE FROM LISTED COMPANIES IN TWSE AND TPEX en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、中文部分 1.中華經濟研究院, & CSRone. (2022). 臺灣企業環境外部成本報告. 2.中鋼公司. (2023). 111年度永續報告書. 3.中鋼公司企業永續網站，上網日期2023年12月9日：檢自：https://www.csc.com.tw/csc/hr/csr/env/env3.htm 4.古珮嫆. (2021). 碳稅作為減緩氣候變遷財政工具之研究 國立中正大學. 嘉義縣. https://hdl.handle.net/11296/xjrtx9 5.行政院環境保護署. (2023). 中華民國國家溫室氣體排放清冊報告 https://unfccc.saveoursky.org.tw/nir/2023nir/uploads/00_nir_full.pdf?0913 6.吳清山. (2018). Spillover effect. Journal of Education Research(294), 135-136. https://doi.org/https://doi.org/10.3966/168063602018100294009 7.李宜樺, 蔡亦臺, 廖容翎, & 鄭嵐尹. (2022). 全球淨零轉型－碳定價機制在財務報表上的化身. 會計研究月刊(434), 50-57. https://doi.org/10.6650/arm.202201_(434).0006 8.黃正忠, 林泉興, & 葉怡秀. (2019). 循環經濟下的外部成本內部化－碳與水. 會計研究月刊(403), 88-95. https://doi.org/10.6650/arm.201906_(403).0014 9.楊永杰. (2013). 碳排放的外部性理论和内部化路径. 生产力研究(12), 53-54. 10.經濟部能源署. (2023). 111年度我國燃料燃燒之二氧化碳排放統計與分析. 11.臺灣2050淨零排放路徑及策略總說明. (2022). 12.蕭代基, 洪志銘, & 羅時芳. (2010). 碳稅與碳交易之比較與搭配. 台電工程月刊(747), 2. 13.聯合國氣候變化綱要公約京都議定書. (1998). Retrieved 2023, July 2, from https://unfccc.int/resource/docs/convkp/kpchinese.pdf 14.林良齊，碳費徵收8月草案出爐 明年上路，中國時報。上網日期2023年4月28日，檢自：https://www.chinatimes.com/newspapers/20230414000451-260110 15.翁至威，碳費課徵首波鎖定512家 涵蓋鋼鐵、電力、水泥、半導體業，經濟日報。上網日期2023年10月20日，檢自：https://udn.com/news/story/7238/7485067 16.陳嘉怡，台灣明年開徵碳費 民團喊起徵價每公噸500元，自由時報。上網日期2023年11月10日，檢自：https://news.ltn.com.tw/news/life/breakingnews/4275102 17.環境部氣候變遷署氣候公民對話平臺。上網日期2023年11月26日，檢自：https://www.climatetalks.tw/%E6%88%91%E5%9C%8B%E6%BA%AB%E5%AE%A4%E6%B0%A3%E9%AB%94%E6%8E%92%E6%94%BE%E5%8F%8A%E6%B8%9B%E9%87%8F%E7%B8%BD%E8%A6%BD 二、英文部分 1.Carbon Pricing Options for Taiwan. (Dec. 2020). The Grantham Research Institute on Climate Change and the Environment. https://www.lse.ac.uk/granthaminstitute/publication/carbon-pricing-options-for-taiwan/ 2.Che, P., Zhang, Y., & Lang, J. (2019). Emission-Intensity-Based Carbon Tax and Its Impact on Generation Self-Scheduling. Energies (Basel), 12(5), 777. https://doi.org/10.3390/en12050777 3.Duan, Y., Han, Z., Mu, H., Yang, J., & Li, Y. (2019). Research on the Impact of Various Emission Reduction Policies on China’s Iron and Steel Industry Production and Economic Level under the Carbon Trading Mechanism. Energies (Basel), 12(9), 1624. https://doi.org/10.3390/en12091624 4.Goulder, L. H., & Schein, A. R. (2013). Carbon Taxes Versus Cap and Trade: A Critical Review. Climate Change Economics, 04(03). https://doi.org/10.1142/s2010007813500103 5.He, Y., Wang, L., & Wang, J. (2012). Cap-and-trade vs. carbon taxes: A quantitative comparison from a generation expansion planning perspective. Computers & Industrial Engineering, 63(3), 708-716. 6.INTERNATIONAL ELECTRICITY FACTORS. (2023). Carbon Footprint. Retrieved 2023, Oct. 15 from https://www.carbonfootprint.com/international_electricity_factors.html 7.Li, Z., Li, Y., & Shao, S. (2019). Analysis of Influencing Factors and Trend Forecast of Carbon Emission from Energy Consumption in China Based on Expanded STIRPAT Model. Energies (Basel), 12(16), 3054. https://doi.org/10.3390/en12163054 8.Marshall, A. (2013). Principles of Economics. Palgrave Macmillan. https://doi.org/10.1057/9781137375261 9.Ockenfels, A., MacKay, D. J. C., & Cramton, P. C. (2017). Global Carbon Pricing : The Path to Climate Cooperation / edited by Peter Cramton, David JC MacKay, Axel Ockenfels, and Steven Stoft. MIT Press. https://doi.org/https://doi.org/10.7551/mitpress/10914.001.0001 10.Parry, I. W. H., Black, S., & Zhunussova, K. (2022). Carbon Taxes or Emissions Trading Systems?: Instrument Choice and Design. Staff Climate Notes, 2022(006), A001. https://doi.org/10.5089/9798400212307.066.A001 11.Pigou, A. C. (1924). The economics of welfare. Macmillan. 12.State and Trends of Carbon Pricing 2023. (2023). World Bank 13.Tsai, W.-H. (2020). Carbon emission reduction-carbon tax, carbon trading, and carbon offset. Energies (Basel), 13(22), 6128. https://doi.org/10.3390/en13226128 14.Wang, H., Li, Y., & Bu, G. (2023). How carbon trading policy should be integrated with carbon tax policy—laboratory evidence from a model of the current state of carbon pricing policy in China. Environmental science and pollution research international, 30(9), 23851-23869. https://doi.org/10.1007/s11356-022-23787-y 15.Wang, M., Li, Y., Li, M., Shi, W., & Quan, S. (2019). Will carbon tax affect the strategy and performance of low-carbon technology sharing between enterprises? Journal of Cleaner Production, 210, 724-737. https://doi.org/https://doi.org/10.1016/j.jclepro.2018.10.321 16.World Population Prospects. (2022). Retrieved 2023, July 07, from https://population.un.org/wpp/ zh_TW
