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題名 企業減碳投資對於經營績效之影響-以歐洲為例
The Association between Carbon Reduction Investment and Operating Performance:The Case of the European Industry
作者 林璟儒
貢獻者 林良楓
林璟儒
關鍵詞 減碳投資
減碳績效
經營績效
日期 2011
上傳時間 30-Oct-2012 14:21:17 (UTC+8)
摘要 本研究就參與碳揭露計畫當中之歐盟地區企業投入減碳投資金額與其經營績效及減碳績效做一實證性分析，並選擇以英國、德國及法國企業為歐盟地區企業代表。
研究結果顯示歐盟地區企業投入越多減碳投資，對其排放量的控制及減少有所助益，當中英國企業投資所產生之減排效益最高，德國企業投資金額及減排量皆為最高，故目前投資效益雖無英國佳，但相信未來減碳績效將大幅提升。至於法國企業由於減碳行動相較於其他兩國較不積極，減碳績效亦較不佳。此外，減碳投資對於隔年度經營績效影響為何?當中英國企業結果顯示為負向關係，德國企業顯示兩者無太大相關，至於法國企業結果顯示為正向關係。另若將企業減碳所得之無形報酬加計於資產報酬率，英法兩國企業經營績效皆明顯提升，故可知企業投入減碳行動，當中有利益產生，證明了企業致力於減碳行動確實有所助益。
參考文獻 一、中文文獻
CEA News，法國國家原子能署的低碳能源行動，2009 春季季刊，頁8-15。
宋建緯，2011，碳價波動影響因素之探討─以歐洲能源交易所碳交易為例，國立政治大學財政研究所碩士論文。
李堅明，2007英國氣候變遷法案概述，碳經濟，第6期(8月)，頁9-17。
李堅明、利秀蘭，2008，「歐盟後京都責任分擔與排放權核配規劃對台灣的啟示」，碳經濟，第9 期(5月)，頁3。
李堅明、官雲卿，2007，「排放權核配方式對產業經濟與環境效率影響之研究」，環境資源經濟、管理暨系統分析研討會，國立台北大學。
李陳國，2010，全球碳金融交易市場下的金融創新之研究，臺灣銀行季刊，62:2。
李顯峰，2006，「歐盟執行「《京都議定書》」之策略機制」，淡江大學歐洲研究所歐盟通訊，第9 期，頁15-16。
侯萬善，2006，歐盟的CO2 排放交易機制，碳經濟，第2 期(10 月)，頁7。
莊璦慈，2010，德國梅克爾政府之氣候保護政策，淡江大學歐洲研究所碩士論文
康文尚、賴宇松，2008，「歐盟溫室氣體排放交易制度」，《科技發展政策報導》，第4期(7月)，頁51-73
黃宗煌、李堅明、莊富欽，2007，「廠商在排放交易制度下之污防性投資與創新行為」，經濟論文叢刊，35:1 , 87–114。
陳雅琳，2010，碳揭露計畫與減碳績效關係之探討，東吳大學會計學系碩士論文。
甯國懿，2009，德國梅克爾政府氣候政策之研究，東吳大學德國文化學系碩士論文。


二、英文文獻
Ambec,S., and P.Lanoie. 2008. Does it pay to be green? A systematic overview.
The Academy of Management Perspectives. 22(4): 45-62
Brammer, S., and A. Millington. 2008. Does it pay to be different? An analysis of the relationship between corporate social and financial performance. Strategic Management Journal29: 1325-1343.
Cashore, B., Auld, G. and Newsom, D. 2004. Governing through markets(New Haven, CT: Yale University Press).
Clarkson, P.M., Li, Y. and Richardson, G.D. 2004. The market valuation ofenvironmental capital expenditures by pulp and paper companies.The AccountingReview 79 (2): 329–353.
Dowell, G., S. Hart, B. Yeung. 2000. Do corporate global environmental standards create or destroy market value? Management Science46(8): 1059-1074.
Delmas and Nairn-Birch.2010.Is the tail wagging the dog: An empirical analysis of corporatecarbon footprint and financial performance." Recent Work, Institute of the Environment and Sustainability,UC Los Angeles.
Elsayed, K., D. Paton. 2005. The impact of environmental performance on firm performance: Static and dynamic panel data evidence.Structural Change and Economic Dynamics16(3): 395-412.
Fogler, R. H. and Nutt, F. 1975.A note on social responsibility and stock valuation. Academy of Management Journal18(1): 155-160.
Hart, S. 1997. Beyond greening: strategies for a suitable world.Harvard Business Review 75. 66
Hassel, L., Nilsson, H. and Nyquist, A. S. 2005. The value relevance of environmental performance. European Accounting ReviewNo.14(1): 41–61.
Johnston, D. 2005. An investigation of regulatory and voluntary environmental capital expenditures. Journal of Accounting and Public Policy 24: 175–206.
Khaled Elsayed and David Paton. 2005. The impact of environmental performance on firm performance: Static and dynamic panel data evidence.Structural Change and Economic Dynamics,16 (2005): 395–412
Kiernan, M. J. 2008. Climate change and investment risk. Presentation at the Amsterdam Global Conference on Sustainability and Transparency, GRI,Amsterdam.
King, A., M. Lenox. 2001. Does it really pay to be green? An empirical study of firm environmental and financial performance. Journal of Industrial Ecology 5(1): 105-115.
King, A.,Lenox,M. 2002. Exploring the locus of profitable pollution reduction. Management Science 48: 289–299.
Konar, S. and Cohen, M.A. 2001. Does the market value environmental performance ?The Review of Economics andStatistics83(2): 281-289.
Kolk, A. 2001. Multinational enterprises and international climate policy, in: B.Arts,M. Noorman and B. Reinalda (Eds) Non-State Actors in International Relations.211–225.
Kolk, A. and Levy, D. 2004. Multinationals and global climate change.Issues for the automotive and oil industries. in: S. Lundan (Ed.) Multinationals,Environment and Global Competition. 171–193
Kolk A.and Pinkse,J. 2004. Market strategies for climate change. European Management Journal 22(3):304-314.
_________________.2008. A perspective on multinational enterprises and climate change: Learning from "an inconvenient truth"? Journal of International Business Studies. No.39 (8): 1359-1378.
Levy, D. L. 2005. Business and the evolution of the climate regime, in: D. L.Levy and P. J. Newell (Eds) The Business of Global Environmental Governance.73–104.
Orlitsky, M., F. Schmidt, S. Rynes. 2003. Corporate social and financial performance: A meta-analysis.Journal of Investing14(3). 48-52.
Pinkse, J. 2007. Corporate intentions to participate in emission trading. Business Strategy and the Environment 16(1). 12–25.
Porter, M., F. Reinhardt. 2007. Grist: A strategic approach to climate. Forethought. Harvard Business Review85(10): 22-26.
Reid, R., M. Toffel. 2009. Responding to public and private politics: Corporate Disclosure of climate change strategies. Strategic Management Journal30: 1157 – 1178.
Reinhardt,F. 1999. Market failure and the environmental policies of firms. Journal of Industrial Ecology 3: 9–21.
Reinaud, J. 2003. Emissions trading and its possible impacts on investment decisions in the power sector Paris.International Energy Agency.
Rockness J., Schlachter, P. and Rockness, H. O. 1986. Hazardous waste disposal, corporate disclosure, and financial performance inthe chemical industry. Advances in Public interest accounting. 1. 167-194.
Tuwaijri, A., Christensen, S. A. and Hughes, T. E. 2004. The relations among environmental disclosure, environmental performance, and economic performance：A simultaneous equations approach. Accounting, Organizations and Society 29(5): 447-472.
Sueyoshi,T., and Goto,M. 2009. Can environmental investment and expenditure enhance financial Performance of US electricutility firms under the clean air act amendment of 1990?Energy Policy 37(2009): 4819–4826.
Volker H. Hoffmann. 2007. EU ETS and Investment Decisions:The case of the german electricity industry.European Management Journal 25(6): 464–474.
Walley, N., & Whitehead, B. 1994. It not easy being green. Harvard Business Review, 72(3): 46-52.
Ziegler, A., T. Busch, V. Hoffmann. 2009. Corporate responses to climate change and financial performance: The impact of climate policy. Economics Working Paper Series, Center for Economic Research at ETH Zurich.
描述 碩士
國立政治大學
會計研究所
99353044
100
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0099353044
資料類型 thesis
dc.contributor.advisor 林良楓zh_TW
dc.contributor.author (Authors) 林璟儒zh_TW
dc.creator (作者) 林璟儒zh_TW
dc.date (日期) 2011en_US
dc.date.accessioned 30-Oct-2012 14:21:17 (UTC+8)-
dc.date.available 30-Oct-2012 14:21:17 (UTC+8)-
dc.date.issued (上傳時間) 30-Oct-2012 14:21:17 (UTC+8)-
dc.identifier (Other Identifiers) G0099353044en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54912-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計研究所zh_TW
dc.description (描述) 99353044zh_TW
dc.description (描述) 100zh_TW
dc.description.abstract (摘要) 本研究就參與碳揭露計畫當中之歐盟地區企業投入減碳投資金額與其經營績效及減碳績效做一實證性分析，並選擇以英國、德國及法國企業為歐盟地區企業代表。
研究結果顯示歐盟地區企業投入越多減碳投資，對其排放量的控制及減少有所助益，當中英國企業投資所產生之減排效益最高，德國企業投資金額及減排量皆為最高，故目前投資效益雖無英國佳，但相信未來減碳績效將大幅提升。至於法國企業由於減碳行動相較於其他兩國較不積極，減碳績效亦較不佳。此外，減碳投資對於隔年度經營績效影響為何?當中英國企業結果顯示為負向關係，德國企業顯示兩者無太大相關，至於法國企業結果顯示為正向關係。另若將企業減碳所得之無形報酬加計於資產報酬率，英法兩國企業經營績效皆明顯提升，故可知企業投入減碳行動，當中有利益產生，證明了企業致力於減碳行動確實有所助益。		zh_TW
dc.description.tableofcontents 第一章 前言 1
第一節 研究背景 1
第二節 研究動機及目的 2
第三節 研究流程 4
第二章 文獻探討 6
第一節 碳揭露計畫 6
第二節 減碳支出與投資 10
第三節 環境績效與經營績效 14
第四節 政策比較 17
第三章 研究方法 35
第一節 研究架構 35
第二節 研究假說 36
第三節 分析方法 38
第四節 變數衡量 42
第五節 資料來源 45
第四章 研究結果 47
第一節 敘述性統計 47
第二節 迴歸分析 54
第五章 結論與建議 78
第一節 結論 78
第二節 研究限制 80
第三節 研究建議 81		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0099353044en_US
dc.subject (關鍵詞) 減碳投資zh_TW
dc.subject (關鍵詞) 減碳績效zh_TW
dc.subject (關鍵詞) 經營績效zh_TW
dc.title (題名) 企業減碳投資對於經營績效之影響-以歐洲為例zh_TW
dc.title (題名) The Association between Carbon Reduction Investment and Operating Performance:The Case of the European Industryen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 一、中文文獻
CEA News，法國國家原子能署的低碳能源行動，2009 春季季刊，頁8-15。
宋建緯，2011，碳價波動影響因素之探討─以歐洲能源交易所碳交易為例，國立政治大學財政研究所碩士論文。
李堅明，2007英國氣候變遷法案概述，碳經濟，第6期(8月)，頁9-17。
李堅明、利秀蘭，2008，「歐盟後京都責任分擔與排放權核配規劃對台灣的啟示」，碳經濟，第9 期(5月)，頁3。
李堅明、官雲卿，2007，「排放權核配方式對產業經濟與環境效率影響之研究」，環境資源經濟、管理暨系統分析研討會，國立台北大學。
李陳國，2010，全球碳金融交易市場下的金融創新之研究，臺灣銀行季刊，62:2。
李顯峰，2006，「歐盟執行「《京都議定書》」之策略機制」，淡江大學歐洲研究所歐盟通訊，第9 期，頁15-16。
侯萬善，2006，歐盟的CO2 排放交易機制，碳經濟，第2 期(10 月)，頁7。
莊璦慈，2010，德國梅克爾政府之氣候保護政策，淡江大學歐洲研究所碩士論文
康文尚、賴宇松，2008，「歐盟溫室氣體排放交易制度」，《科技發展政策報導》，第4期(7月)，頁51-73
黃宗煌、李堅明、莊富欽，2007，「廠商在排放交易制度下之污防性投資與創新行為」，經濟論文叢刊，35:1 , 87–114。
陳雅琳，2010，碳揭露計畫與減碳績效關係之探討，東吳大學會計學系碩士論文。
甯國懿，2009，德國梅克爾政府氣候政策之研究，東吳大學德國文化學系碩士論文。


二、英文文獻
Ambec,S., and P.Lanoie. 2008. Does it pay to be green? A systematic overview.
The Academy of Management Perspectives. 22(4): 45-62
Brammer, S., and A. Millington. 2008. Does it pay to be different? An analysis of the relationship between corporate social and financial performance. Strategic Management Journal29: 1325-1343.
Cashore, B., Auld, G. and Newsom, D. 2004. Governing through markets(New Haven, CT: Yale University Press).
Clarkson, P.M., Li, Y. and Richardson, G.D. 2004. The market valuation ofenvironmental capital expenditures by pulp and paper companies.The AccountingReview 79 (2): 329–353.
Dowell, G., S. Hart, B. Yeung. 2000. Do corporate global environmental standards create or destroy market value? Management Science46(8): 1059-1074.
Delmas and Nairn-Birch.2010.Is the tail wagging the dog: An empirical analysis of corporatecarbon footprint and financial performance." Recent Work, Institute of the Environment and Sustainability,UC Los Angeles.
Elsayed, K., D. Paton. 2005. The impact of environmental performance on firm performance: Static and dynamic panel data evidence.Structural Change and Economic Dynamics16(3): 395-412.
Fogler, R. H. and Nutt, F. 1975.A note on social responsibility and stock valuation. Academy of Management Journal18(1): 155-160.
Hart, S. 1997. Beyond greening: strategies for a suitable world.Harvard Business Review 75. 66
Hassel, L., Nilsson, H. and Nyquist, A. S. 2005. The value relevance of environmental performance. European Accounting ReviewNo.14(1): 41–61.
Johnston, D. 2005. An investigation of regulatory and voluntary environmental capital expenditures. Journal of Accounting and Public Policy 24: 175–206.
Khaled Elsayed and David Paton. 2005. The impact of environmental performance on firm performance: Static and dynamic panel data evidence.Structural Change and Economic Dynamics,16 (2005): 395–412
Kiernan, M. J. 2008. Climate change and investment risk. Presentation at the Amsterdam Global Conference on Sustainability and Transparency, GRI,Amsterdam.
King, A., M. Lenox. 2001. Does it really pay to be green? An empirical study of firm environmental and financial performance. Journal of Industrial Ecology 5(1): 105-115.
King, A.,Lenox,M. 2002. Exploring the locus of profitable pollution reduction. Management Science 48: 289–299.
Konar, S. and Cohen, M.A. 2001. Does the market value environmental performance ?The Review of Economics andStatistics83(2): 281-289.
Kolk, A. 2001. Multinational enterprises and international climate policy, in: B.Arts,M. Noorman and B. Reinalda (Eds) Non-State Actors in International Relations.211–225.
Kolk, A. and Levy, D. 2004. Multinationals and global climate change.Issues for the automotive and oil industries. in: S. Lundan (Ed.) Multinationals,Environment and Global Competition. 171–193
Kolk A.and Pinkse,J. 2004. Market strategies for climate change. European Management Journal 22(3):304-314.
_________________.2008. A perspective on multinational enterprises and climate change: Learning from "an inconvenient truth"? Journal of International Business Studies. No.39 (8): 1359-1378.
Levy, D. L. 2005. Business and the evolution of the climate regime, in: D. L.Levy and P. J. Newell (Eds) The Business of Global Environmental Governance.73–104.
Orlitsky, M., F. Schmidt, S. Rynes. 2003. Corporate social and financial performance: A meta-analysis.Journal of Investing14(3). 48-52.
Pinkse, J. 2007. Corporate intentions to participate in emission trading. Business Strategy and the Environment 16(1). 12–25.
Porter, M., F. Reinhardt. 2007. Grist: A strategic approach to climate. Forethought. Harvard Business Review85(10): 22-26.
Reid, R., M. Toffel. 2009. Responding to public and private politics: Corporate Disclosure of climate change strategies. Strategic Management Journal30: 1157 – 1178.
Reinhardt,F. 1999. Market failure and the environmental policies of firms. Journal of Industrial Ecology 3: 9–21.
Reinaud, J. 2003. Emissions trading and its possible impacts on investment decisions in the power sector Paris.International Energy Agency.
Rockness J., Schlachter, P. and Rockness, H. O. 1986. Hazardous waste disposal, corporate disclosure, and financial performance inthe chemical industry. Advances in Public interest accounting. 1. 167-194.
Tuwaijri, A., Christensen, S. A. and Hughes, T. E. 2004. The relations among environmental disclosure, environmental performance, and economic performance：A simultaneous equations approach. Accounting, Organizations and Society 29(5): 447-472.
Sueyoshi,T., and Goto,M. 2009. Can environmental investment and expenditure enhance financial Performance of US electricutility firms under the clean air act amendment of 1990?Energy Policy 37(2009): 4819–4826.
Volker H. Hoffmann. 2007. EU ETS and Investment Decisions:The case of the german electricity industry.European Management Journal 25(6): 464–474.
Walley, N., & Whitehead, B. 1994. It not easy being green. Harvard Business Review, 72(3): 46-52.
Ziegler, A., T. Busch, V. Hoffmann. 2009. Corporate responses to climate change and financial performance: The impact of climate policy. Economics Working Paper Series, Center for Economic Research at ETH Zurich.		zh_TW