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題名 綠色融資、氣候風險與創新
Green Finance, Climate Risk, and Innovation作者 張涵雅
Chang, Han-Ya貢獻者 陳嬿如
Chen, Yenn-Ru
張涵雅
Chang, Han-Ya關鍵詞 氣候風險
創新
揭露
綠色融資
TCFD
供應商
Climate risk
Innovation
Disclosure
Green finance
TCFD
Suppliers日期 2024 上傳時間 5-Aug-2024 13:41:34 (UTC+8) 摘要 在《巴黎協定》推出後，越來越多國際組織與政府相繼推行相關之政策與規範，使得企業及其利害關係人對於氣候相關風險的關注程度均有顯著的提升。《氣候相關財務揭露建議》（Recommendations of the Task Force on Climate-related Financial Disclosures, TCFD Recommendation）的發佈更是讓大型企業因受到較大的外部壓力而會轉而要求其供應商需進行相關之改善措施，而供應商則是因擔心會失去其重要客戶，因此除了會實際進行轉型與創新外，也會更加積極地做相關之揭露。 過去較無文獻探討TCFD的發佈對企業進行相關創新的揭露的影響，本研究採用2014年至2016年與2018年至2020年共2,238份供應商年報資料進行研究，並以TCFD發佈之年份，2017年作為重要外部事件之分水嶺，利用雙重差分法進行分析。研究結果發現，在TCFD發佈後，高碳排產業供應商會較有急迫性需進行較多面臨氣候風險下之相關創新的揭露，再者，高碳排產業供應商在有取得綠色融資的情況下，也會進行較多面臨氣候風險下之相關創新的揭露。最後，當供應商在TCFD發佈前具有綠色融資經驗時，則在TCFD發佈後，其中之高碳排產業供應商不會顯著地進行較多面臨氣候風險下之相關創新的揭露。
After the Paris Agreement, international organizations and governments have implemented relevant policies and regulations, which have significantly raised awareness of climate-related risks. The publication of TCFD Recommendation has increased external pressure on large companies, prompting them to require their suppliers to implement related measures. Suppliers, fearing the loss of those important customers, have not only made actual innovations, but have also become more proactive in related disclosures. There has been limited literature exploring the impact of TCFD on the disclosure of related innovations by companies. This study examines 2,238 suppliers’ annual reports from 2014 to 2016 and 2018 to 2020, using 2017, as the key event year. The study employs the difference-in-differences approach and finds that, after the publication of TCFD, suppliers in high carbon-emission industries have a more urgent need to disclose more innovations related to climate risks. Furthermore, when those suppliers have obtained green financing, they will also disclose more related innovations. Lastly, if suppliers had experiences with green financing before TCFD, those in high carbon-emission industries will not significantly increase their disclosure of related innovations after TCFD was published.參考文獻 Beck, A.C., Campbell, D. and Shrives, P.J. (2010). Content analysis in environmental reporting research: Enrichment and rehearsal of the method in a British–German context. The British Accounting Review, Volume 42, Issue 3, pp. 207-222. Benincasa, E., Betz, F. and Gattini, L. (2024). How do firms cope with losses from extreme weather events? Journal of Corporate Finance, Volume 84, 102508. Benlemlih, M., Qiu, Y., Shaukat, A. and Trojanowski, G. (2018). Environmental and social disclosures and firm risk. Journal of Business Ethics, Volume 152, pp. 613- 626. Brown, D., Hayes, R.M., Marshall, R.S. and Plumlee, M. (2015). Voluntary environmental disclosure quality and firm value: Further evidence. Journal of Accounting and Public Policy, Volume 34, Issue 4, pp. 336-361. Brown, J. R., Martinsson, G. and Thomann, C. (2022). Can Environmental Policy Encourage Technical Change? Emissions Taxes and R&D Investment in Polluting Firms. The Review of Financial Studies, Volume 35, Issue 10, pp. 4518-4560. Byun, S.K. and Oh, J.-M. (2018). Local Corporate Social Responsibility, Media Coverage, and Shareholder Value. Journal of Banking and Finance, Volume 87, pp. 68-86. Chang, M., Shan, Y.G. and Zhang, L. (2021). Can CSR disclosure protect firm reputation during financial restatements? Journal of Business Ethics, Volume 173, pp.157-184. Cochran, I., Morel, R. and Shishlov, I. (2016). Beyond transparency: unlocking the full potential of green bonds. Institute for Climate Economics, Volume 2, Issue 32, pp. 1-28. Dai, R., Liang, H. and Ng, L. (2021). Socially responsible corporate customers. Journal of Financial Economics, Volume 142, Issue 2, pp. 598-626. Dang, T.V., Wang, Y. and Wang, Z. (2022). The role of financial constraints in firm investment under pollution abatement regulation. Journal of Corporate Finance, Volume 76, 102252. Dhaliwal, D.S., Li, O.Z., Tsang, A. and Yang, Y.G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. Accounting Review, Volume 86, Issue 1, pp. 59-100. Elbannan, M.A. and Loffler, G. (2024). How effectively do green bonds help the environment? Journal of Banking and Finance, Volume 158, 107051. Endrikat, J., Guenther, E., Trumpp, C. and Zopf, C. (2015). Definition, conceptualization, and measurement of corporate environmental performance: A critical examination of a multidimensional construct. Journal of Business Ethics, Volume 126, pp. 185-204. Engle, R. F., Giglio, S., Kelly, B., Lee, H,. and Stroebel, J. (2020). Hedging Climate Change News. The Review of Financial Studies, 33(3), 1184-1216. Furman, J.L., Porter, M.E. and Stern, S. (2002). The determinants of national innovative capacity. Research Policy, Volume 31, Issue 6, pp. 899-933. Gray, R., Javad, M., Power, D.M. and Sinclair, C.D. (2001). Social and Environmental Disclosure and Corporate Characteristics: A Research Note and Extension. Journal of Business Finance and Accounting, Volume 28, pp. 327- 356. Hu, G., Wang, X. and Wang, Y. (2021). Can the green credit policy stimulate green innovation in heavily polluting enterprises? Evidence from a quasi-natural experiment in China. Energy Economics, Volume 98, 105134. Ilhan, E., Sautner, Z. and Vilkov, G. (2021). Carbon Tail Risk. The Review of Financial Studies, Volume 34, Issue 3, pp.1540-1571. Kim, I., Pantzalis, C. and Zhang, Z. (2021). Multinationality and the value of green innovation. Journal of Corporate Finance, Volume 69. Li, K., Mai, F., Shen R., and Yan, X. (2021). Measuring Corporate Culture Using Machine Learning. The Review of Financial Studies, 34(7), 3265-3315. Li, Y.S., Liu, X., Peng, N., Sake, A., Yao, T.T. and Zhang, X.J. (2021). The developing trends and driving factors of environmental information disclosure in China. Journal of Environmental Management, Volume 288, 112386. Liu, X. and Zhang, C. (2017). Corporate governance, social responsibility information disclosure, and enterprise value in China. Journal of Cleaner Production, Volume 142, Part 2, pp. 1075-1084. Lu, B. and Zhen, Z. (2024). The impact of green finance on corporate carbon disclosure: Financial regulation as a moderator. Finance Research Letters, Volume 63, 105273. Meng, L., Su, T. and Zhang, J. (2024). Retreat in order to advance: Environmental performance below legality aspiration and corporate disclosure strategy. International Review of Financial Analysis, Volume 93, 103135. Rogge, K.S. and Schleich, J. (2018). Do policy mix characteristics matter for low-carbon innovation? A survey-based exploration of renewable power generation technologies in Germany. Research Policy, Volume 47, Issue 9, pp. 1639-1654. Shahzad, U., Li, S., Xu, Y., Zhao, X. and Zhou, X. (2022). How environmental regulations affect the development of green finance: recent evidence from polluting firms in China. Renewable Energy, Volume 189, pp. 917-926. Tian, X. and Wang, T.Y. (2014). Tolerance for Failure and Corporate Innovation. The Review of Financial Studies, Volume 27, Issue 1, pp. 211-255. Wang, S.Y., Wang, H.L., Wang, J. and Yang, F. (2020). Does environmental information disclosure contribute to improve firm financial performance? An examination of the underlying mechanism. Science of the Total Environment, Volume 714, 136855. Wu, X., Luo, L. and You, J. (2023). Actions speak louder than words: Environmental law enforcement externalities and access to bank loans. Journal of Banking and Finance, Volume 153, 106882. European Union (2021). Short overview of the Regional Comprehensive Economic Partnership (RCEP). Retrieved May 30, 2024, from https://www.europarl.europa.eu/RegData/etudes/BRIE/2021/653625/EXPO_BRI(2021)653625_EN.pdf McKinsey & Company (2013). Urban world: The shifting global business landscape. Retrieved May 30, 2024, from https://www.mckinsey.com/~/media/McKinsey/Featured%20Insights/Urbanization/Urban%20world%20The%20shifting%20global%20business%20landscape/MGI_Urban_world3_ES_Oct2013.pdf Taiwan-Asia Exchange Foundation (2022). Taiwan and India Strategizing the Relations. Retrieved May 30, 2024, from https://www.taef.org/doc/22bef8-TAEF%202022%20Report%20-%20Taiwan%20&%20India%20Strategizing%20the%20Relations.pdf World Bank Group (2020). Making It Big. Why Developing Countries Need More Large Firms? Retrieved May 30, 2024, from https://thedocs.worldbank.org/en/doc/717891604534837739-0090022020/original/110520MakingItBigWhyDevelopingCountriesNeedMoreLargeFirms.pdf 描述 碩士
國立政治大學
財務管理學系
111357004資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111357004 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) 張涵雅 zh_TW dc.contributor.author (Authors) Chang, Han-Ya en_US dc.creator (作者) 張涵雅 zh_TW dc.creator (作者) Chang, Han-Ya en_US dc.date (日期) 2024 en_US dc.date.accessioned 5-Aug-2024 13:41:34 (UTC+8) - dc.date.available 5-Aug-2024 13:41:34 (UTC+8) - dc.date.issued (上傳時間) 5-Aug-2024 13:41:34 (UTC+8) - dc.identifier (Other Identifiers) G0111357004 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152717 - 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) 111357004 zh_TW dc.description.abstract (摘要) 在《巴黎協定》推出後，越來越多國際組織與政府相繼推行相關之政策與規範，使得企業及其利害關係人對於氣候相關風險的關注程度均有顯著的提升。《氣候相關財務揭露建議》（Recommendations of the Task Force on Climate-related Financial Disclosures, TCFD Recommendation）的發佈更是讓大型企業因受到較大的外部壓力而會轉而要求其供應商需進行相關之改善措施，而供應商則是因擔心會失去其重要客戶，因此除了會實際進行轉型與創新外，也會更加積極地做相關之揭露。 過去較無文獻探討TCFD的發佈對企業進行相關創新的揭露的影響，本研究採用2014年至2016年與2018年至2020年共2,238份供應商年報資料進行研究，並以TCFD發佈之年份，2017年作為重要外部事件之分水嶺，利用雙重差分法進行分析。研究結果發現，在TCFD發佈後，高碳排產業供應商會較有急迫性需進行較多面臨氣候風險下之相關創新的揭露，再者，高碳排產業供應商在有取得綠色融資的情況下，也會進行較多面臨氣候風險下之相關創新的揭露。最後，當供應商在TCFD發佈前具有綠色融資經驗時，則在TCFD發佈後，其中之高碳排產業供應商不會顯著地進行較多面臨氣候風險下之相關創新的揭露。 zh_TW dc.description.abstract (摘要) After the Paris Agreement, international organizations and governments have implemented relevant policies and regulations, which have significantly raised awareness of climate-related risks. The publication of TCFD Recommendation has increased external pressure on large companies, prompting them to require their suppliers to implement related measures. Suppliers, fearing the loss of those important customers, have not only made actual innovations, but have also become more proactive in related disclosures. There has been limited literature exploring the impact of TCFD on the disclosure of related innovations by companies. This study examines 2,238 suppliers’ annual reports from 2014 to 2016 and 2018 to 2020, using 2017, as the key event year. The study employs the difference-in-differences approach and finds that, after the publication of TCFD, suppliers in high carbon-emission industries have a more urgent need to disclose more innovations related to climate risks. Furthermore, when those suppliers have obtained green financing, they will also disclose more related innovations. Lastly, if suppliers had experiences with green financing before TCFD, those in high carbon-emission industries will not significantly increase their disclosure of related innovations after TCFD was published. en_US dc.description.tableofcontents 第一章 緒論 1 第一節 研究動機 1 第二節 研究結果與貢獻 3 第三節 研究架構 5 第二章 文獻回顧 6 第一節 氣候相關財務揭露建議 6 第二節 客戶對供應商企業社會責任作為與揭露之影響 7 第三節 研究假說 8 第三章 研究方法 12 第一節 樣本選取與資料來源 12 第二節 變數定義與說明 14 第三節 實證模型 20 第四章 實證結果與分析 22 第一節 敘述統計 22 第二節 實證結果分析 23 第五章 結論 36 參考文獻 38 附錄 42 zh_TW dc.format.extent 4336714 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111357004 en_US dc.subject (關鍵詞) 氣候風險 zh_TW dc.subject (關鍵詞) 創新 zh_TW dc.subject (關鍵詞) 揭露 zh_TW dc.subject (關鍵詞) 綠色融資 zh_TW dc.subject (關鍵詞) TCFD zh_TW dc.subject (關鍵詞) 供應商 zh_TW dc.subject (關鍵詞) Climate risk en_US dc.subject (關鍵詞) Innovation en_US dc.subject (關鍵詞) Disclosure en_US dc.subject (關鍵詞) Green finance en_US dc.subject (關鍵詞) TCFD en_US dc.subject (關鍵詞) Suppliers en_US dc.title (題名) 綠色融資、氣候風險與創新 zh_TW dc.title (題名) Green Finance, Climate Risk, and Innovation en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Beck, A.C., Campbell, D. and Shrives, P.J. (2010). Content analysis in environmental reporting research: Enrichment and rehearsal of the method in a British–German context. The British Accounting Review, Volume 42, Issue 3, pp. 207-222. Benincasa, E., Betz, F. and Gattini, L. (2024). How do firms cope with losses from extreme weather events? Journal of Corporate Finance, Volume 84, 102508. Benlemlih, M., Qiu, Y., Shaukat, A. and Trojanowski, G. (2018). Environmental and social disclosures and firm risk. Journal of Business Ethics, Volume 152, pp. 613- 626. Brown, D., Hayes, R.M., Marshall, R.S. and Plumlee, M. (2015). Voluntary environmental disclosure quality and firm value: Further evidence. Journal of Accounting and Public Policy, Volume 34, Issue 4, pp. 336-361. Brown, J. R., Martinsson, G. and Thomann, C. (2022). Can Environmental Policy Encourage Technical Change? Emissions Taxes and R&D Investment in Polluting Firms. The Review of Financial Studies, Volume 35, Issue 10, pp. 4518-4560. Byun, S.K. and Oh, J.-M. (2018). Local Corporate Social Responsibility, Media Coverage, and Shareholder Value. Journal of Banking and Finance, Volume 87, pp. 68-86. Chang, M., Shan, Y.G. and Zhang, L. (2021). Can CSR disclosure protect firm reputation during financial restatements? Journal of Business Ethics, Volume 173, pp.157-184. Cochran, I., Morel, R. and Shishlov, I. (2016). Beyond transparency: unlocking the full potential of green bonds. Institute for Climate Economics, Volume 2, Issue 32, pp. 1-28. Dai, R., Liang, H. and Ng, L. (2021). Socially responsible corporate customers. Journal of Financial Economics, Volume 142, Issue 2, pp. 598-626. Dang, T.V., Wang, Y. and Wang, Z. (2022). The role of financial constraints in firm investment under pollution abatement regulation. Journal of Corporate Finance, Volume 76, 102252. Dhaliwal, D.S., Li, O.Z., Tsang, A. and Yang, Y.G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. Accounting Review, Volume 86, Issue 1, pp. 59-100. Elbannan, M.A. and Loffler, G. (2024). How effectively do green bonds help the environment? Journal of Banking and Finance, Volume 158, 107051. Endrikat, J., Guenther, E., Trumpp, C. and Zopf, C. (2015). Definition, conceptualization, and measurement of corporate environmental performance: A critical examination of a multidimensional construct. Journal of Business Ethics, Volume 126, pp. 185-204. Engle, R. F., Giglio, S., Kelly, B., Lee, H,. and Stroebel, J. (2020). Hedging Climate Change News. The Review of Financial Studies, 33(3), 1184-1216. Furman, J.L., Porter, M.E. and Stern, S. (2002). The determinants of national innovative capacity. Research Policy, Volume 31, Issue 6, pp. 899-933. Gray, R., Javad, M., Power, D.M. and Sinclair, C.D. (2001). Social and Environmental Disclosure and Corporate Characteristics: A Research Note and Extension. Journal of Business Finance and Accounting, Volume 28, pp. 327- 356. Hu, G., Wang, X. and Wang, Y. (2021). Can the green credit policy stimulate green innovation in heavily polluting enterprises? Evidence from a quasi-natural experiment in China. Energy Economics, Volume 98, 105134. Ilhan, E., Sautner, Z. and Vilkov, G. (2021). Carbon Tail Risk. The Review of Financial Studies, Volume 34, Issue 3, pp.1540-1571. Kim, I., Pantzalis, C. and Zhang, Z. (2021). Multinationality and the value of green innovation. Journal of Corporate Finance, Volume 69. Li, K., Mai, F., Shen R., and Yan, X. (2021). Measuring Corporate Culture Using Machine Learning. The Review of Financial Studies, 34(7), 3265-3315. Li, Y.S., Liu, X., Peng, N., Sake, A., Yao, T.T. and Zhang, X.J. (2021). The developing trends and driving factors of environmental information disclosure in China. Journal of Environmental Management, Volume 288, 112386. Liu, X. and Zhang, C. (2017). Corporate governance, social responsibility information disclosure, and enterprise value in China. Journal of Cleaner Production, Volume 142, Part 2, pp. 1075-1084. Lu, B. and Zhen, Z. (2024). The impact of green finance on corporate carbon disclosure: Financial regulation as a moderator. Finance Research Letters, Volume 63, 105273. Meng, L., Su, T. and Zhang, J. (2024). Retreat in order to advance: Environmental performance below legality aspiration and corporate disclosure strategy. International Review of Financial Analysis, Volume 93, 103135. Rogge, K.S. and Schleich, J. (2018). Do policy mix characteristics matter for low-carbon innovation? A survey-based exploration of renewable power generation technologies in Germany. Research Policy, Volume 47, Issue 9, pp. 1639-1654. Shahzad, U., Li, S., Xu, Y., Zhao, X. and Zhou, X. (2022). How environmental regulations affect the development of green finance: recent evidence from polluting firms in China. Renewable Energy, Volume 189, pp. 917-926. Tian, X. and Wang, T.Y. (2014). Tolerance for Failure and Corporate Innovation. The Review of Financial Studies, Volume 27, Issue 1, pp. 211-255. Wang, S.Y., Wang, H.L., Wang, J. and Yang, F. (2020). Does environmental information disclosure contribute to improve firm financial performance? An examination of the underlying mechanism. Science of the Total Environment, Volume 714, 136855. Wu, X., Luo, L. and You, J. (2023). Actions speak louder than words: Environmental law enforcement externalities and access to bank loans. Journal of Banking and Finance, Volume 153, 106882. European Union (2021). Short overview of the Regional Comprehensive Economic Partnership (RCEP). Retrieved May 30, 2024, from https://www.europarl.europa.eu/RegData/etudes/BRIE/2021/653625/EXPO_BRI(2021)653625_EN.pdf McKinsey & Company (2013). Urban world: The shifting global business landscape. Retrieved May 30, 2024, from https://www.mckinsey.com/~/media/McKinsey/Featured%20Insights/Urbanization/Urban%20world%20The%20shifting%20global%20business%20landscape/MGI_Urban_world3_ES_Oct2013.pdf Taiwan-Asia Exchange Foundation (2022). Taiwan and India Strategizing the Relations. Retrieved May 30, 2024, from https://www.taef.org/doc/22bef8-TAEF%202022%20Report%20-%20Taiwan%20&%20India%20Strategizing%20the%20Relations.pdf World Bank Group (2020). Making It Big. Why Developing Countries Need More Large Firms? Retrieved May 30, 2024, from https://thedocs.worldbank.org/en/doc/717891604534837739-0090022020/original/110520MakingItBigWhyDevelopingCountriesNeedMoreLargeFirms.pdf zh_TW
