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題名 企業推動減碳投資與經營績效之關聯性-以美國為例
The association between carbon reduction investment and operating performance: the case of the US industry
作者 楊雅菱
貢獻者 林良楓
楊雅菱
關鍵詞 減碳投資
減碳績效
經營績效
investment in carbon reduction
performance of carbon reduction
operating performance
日期 2011
上傳時間 30-Oct-2012 14:35:33 (UTC+8)
摘要 企業為了符合環保法規並提升環境績效而投入大量資金在設備及流程改善上，為了瞭解這些投資對企業帶來的減碳績效及營運績效之效果，本研究以美國企業為研究對象，利用內容分析法及多元迴歸分析法，探討企業減碳投資與其減碳績效、營運績效之關聯性。
實證結果顯示企業推動減碳投資與其減碳績效，環境敏感產業投資金額與其減碳量呈現顯著的倒U型之非線性關係，亦即投資金額越多其減碳績效越好，但投資到一定金額減碳績效則會降低。不論環境敏感性或非敏感性產業流動性強，規模大的企業經營績效較佳，但是投資程度與經營績效無顯著關聯，另外本研究首創將減碳的數量依國際平均碳交易價格轉換成企業之機會成本（視為企業收入或成本降低），發現減碳投資與經營績效仍無顯著關聯，而非環境敏感性企業如果公司對氣候變遷有相關激勵政策，經營績效較高，而環境敏感性企業如果公司，經營績效反而較低。因此本研究認為美國制訂之相關法案，在減碳績效上雖尚屬有效，但仍未使企業可因減碳投資創造出營運績效。
Corporations invest a great deal of money in equipment and process improvement in order to comply with environmental regulations and enhance environmental performance. To understand the effects on the performance of carbon reduction and operating performance by these investments, this paper examines and compares the relationship between the corporation investment in carbon reduction and performance of carbon reduction, and also operating performance in the U.S., using the content analysis method and the multiple regression analysis method.
The empirical results are summarized as follows. Investments in carbon reduction and performance of carbon reduction in corporations in the environmental sensitivity industry have a significant nonlinear relationship, in the form of an inverted-U shape relationship. The more dollars invested, the better the performance of carbon reduction. However, the performance of carbon reduction will reduce when invested to a certain amount.
No matter environmental sensitivity industry or non-environmental sensitivity industry with a strong current ratio and large size business has a better operating performance, and the degree of emission reduction investment does not associate with operating performance. The paper applies CO2 market price to emission reduction amount to construct an emission reduction opportunity cost (regarding as business`s income or cost reduction), and finds that the emission reduction investment still does not associate with revised operating performance. However, the non-environmental sensitivity industry with climate change incentive policy has a better revised operating performance than that of environmental sensitivity industry. Therefore , the study concludes that although the USA`s climate change related Acts have some positive influence on emission reduction, the Acts do not make the business`s emission reduction investment to create some operating performance.
參考文獻 一、中文參考文獻
工業技術研究院，2010，美國因應溫室氣體減量的發展趨勢。
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，2009，國際推動低碳社會之策略與經驗，能源報導，經濟部能源局。
韋敦平，2004，企業環境資訊揭露行為之實證研究─成本效益觀點分析，東吳大學會計學系碩士論文。
莫冬立，2011，台灣企業因應國際碳揭露專案之現況及趨勢，永續產業發展季刊，54期。
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。
黃莉盈，2003，企業環境績效執行力與公司價值相關性之實證研究，成功大學會計學系碩士論文。
廖英智，2007，因應京都議定書有關溫室氣體排放之環境（會計）資訊揭露-以全球500 大公司為例，東吳大學會計學系碩士論文。
鄭傑珊，2003，企業揭露環境資訊影響因素探討，東吳大學會計學系碩士論文。
羅時芳，2005，溫室氣體減量政策對產業發展之影響及因應政策，行政院經濟建設委員會委託，中華經濟研究院。
＿＿＿，2006，美國因應全球氣候變遷之立場與策略，經濟前瞻，105，40-46。
顧洋與申永順，2005，國際間溫室氣體管理標準化之發展及因應策略，科學與工程技術期刊，1:3，1-22。


二、英文參考文獻
Alnajjar, F.K. 2000.Determinants of social responsibility disclosure of U.S. fortune 500 Firms: An application of content analysis. Advances in Environmental Accounting & Management 1:163-200.
Anderson, P., and M. L. Tushman. 1990. Technological discontinuities and dominant designs: A cyclical model of technological change. Administrative Science Quarterly 35: 604–633.
Christensen, C. M. 1997. The Innovator’s dilemma: When new technologies cause great firms to fail (Boston: Harvard Business School Press).
Clarkson, P. M., G. D. Richardson, and F. P. Vasvari. 2008. Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, Organizations and Society 33:303–327.
Fekrat, M. A., I. Inclan, and D. Petroni,1996. Corporate environmental disclosures: competitive disclosure hypothesis using 1991 annual report data. The International Journal of Accounting 31 (2):175-195.
Freedman, M., and B. Jaggi. 2005. Global warming, commitment to the Kyoto protocol, and accounting disclosures by the largest global public firms from polluting industries. The International Journal of Accounting 40 (3): 215-232.
Freedman, M., and C. Wasley. 1990. The association between environmental performance and environmental disclosure in annual reports and 10 Ks. Advances in Public Interest Accounting 3:183–193.
Hossian, M., L. M. Tan, and M. Adams. 1994. Voluntary disclosure in an emerging capital market: Some empirical evidence from companies listed on the Kuala Lumpur Stock Exchange. International Journal of Accounting 19:334-351.
Hughes, S. B., A. Anderson, and S. Golden. 2001. Corporate environmental disclosures: Are they useful in determining environmental performance? Journal of Accounting and Public Policy 20:217–240.
Hughes, S. B., J. F. Sander, and J. C. Reier. 2000. Do environmental disclosures in U.S. annual reports differ by environmental performance? Advances in Environmental Accounting & Management, 1:141-161.
Ingram, R., and K. Frazier. 1980. Environmental performance and corporate disclosure. Journal of Accounting Research 18:612–622.
Johnston, D. 2005. An investigation of regulatory and voluntary environmental capital expenditures. Journal of Accounting and Public Policy 24:175–206.
Kolk, A., and D. Levy. 2004. Multinationals and global climate change: Issues for the automotive and oil industries. Multinationals, Environment and Global Competition: 171–193
Kolk, A., and J. Pinkse. 2008. A perspective on multinational enterprises and climate change: Learning from "an inconvenient truth"? Journal of International Business Studies 39 (8):1359-1378.
Levy, D. L. 2005. Business and the evolution of the climate regime. The Business of Global Environmental Governance: 73–104.
Morgan, N. A., D. Vorhies, and W. Mason. 2009.Market orientation, marketing capabilities, and firm performance. Strategic Management Journal, 30:909-920.
Patten, D. M. 1991. Exposure, legitimacy, and social disclosure. Journal of Accounting and Public Policy 10: 297-308.
Patten, D. M. 2002. The relation between environmental performance andenvironmental disclosure: A research note. Accounting, Organizations, and Society 27:763–773.
Sonia, L., and R.W. Rodney. 2008. Carbon finance: The financial implication of climate change.
Sulaiman, A., A. Tuwaijri, E.T. Christensen, and K.E. Hughes. 2004. The relations among environmental disclosure, environmental performance, and economic performance: a simultaneous equations approach. Accounting, Organizations and Society 29:447-471.
Walley, N., and B. Whitehead. 1994. It’s not easy being green. Harvard Business Review 72:46-52.
Wiseman, J., 1982. An evaluation of environmental disclosures made in corporate annual reports. Accounting, Organizations and Society 7 (1):553--563.
描述 碩士
國立政治大學
會計研究所
99353049
100
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0099353049
資料類型 thesis
dc.contributor.advisor 林良楓zh_TW
dc.contributor.author (Authors) 楊雅菱zh_TW
dc.creator (作者) 楊雅菱zh_TW
dc.date (日期) 2011en_US
dc.date.accessioned 30-Oct-2012 14:35:33 (UTC+8)-
dc.date.available 30-Oct-2012 14:35:33 (UTC+8)-
dc.date.issued (上傳時間) 30-Oct-2012 14:35:33 (UTC+8)-
dc.identifier (Other Identifiers) G0099353049en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54995-
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) 99353049zh_TW
dc.description (描述) 100zh_TW
dc.description.abstract (摘要) 企業為了符合環保法規並提升環境績效而投入大量資金在設備及流程改善上，為了瞭解這些投資對企業帶來的減碳績效及營運績效之效果，本研究以美國企業為研究對象，利用內容分析法及多元迴歸分析法，探討企業減碳投資與其減碳績效、營運績效之關聯性。
實證結果顯示企業推動減碳投資與其減碳績效，環境敏感產業投資金額與其減碳量呈現顯著的倒U型之非線性關係，亦即投資金額越多其減碳績效越好，但投資到一定金額減碳績效則會降低。不論環境敏感性或非敏感性產業流動性強，規模大的企業經營績效較佳，但是投資程度與經營績效無顯著關聯，另外本研究首創將減碳的數量依國際平均碳交易價格轉換成企業之機會成本（視為企業收入或成本降低），發現減碳投資與經營績效仍無顯著關聯，而非環境敏感性企業如果公司對氣候變遷有相關激勵政策，經營績效較高，而環境敏感性企業如果公司，經營績效反而較低。因此本研究認為美國制訂之相關法案，在減碳績效上雖尚屬有效，但仍未使企業可因減碳投資創造出營運績效。		zh_TW
dc.description.abstract (摘要) Corporations invest a great deal of money in equipment and process improvement in order to comply with environmental regulations and enhance environmental performance. To understand the effects on the performance of carbon reduction and operating performance by these investments, this paper examines and compares the relationship between the corporation investment in carbon reduction and performance of carbon reduction, and also operating performance in the U.S., using the content analysis method and the multiple regression analysis method.
The empirical results are summarized as follows. Investments in carbon reduction and performance of carbon reduction in corporations in the environmental sensitivity industry have a significant nonlinear relationship, in the form of an inverted-U shape relationship. The more dollars invested, the better the performance of carbon reduction. However, the performance of carbon reduction will reduce when invested to a certain amount.
No matter environmental sensitivity industry or non-environmental sensitivity industry with a strong current ratio and large size business has a better operating performance, and the degree of emission reduction investment does not associate with operating performance. The paper applies CO2 market price to emission reduction amount to construct an emission reduction opportunity cost (regarding as business`s income or cost reduction), and finds that the emission reduction investment still does not associate with revised operating performance. However, the non-environmental sensitivity industry with climate change incentive policy has a better revised operating performance than that of environmental sensitivity industry. Therefore , the study concludes that although the USA`s climate change related Acts have some positive influence on emission reduction, the Acts do not make the business`s emission reduction investment to create some operating performance.		en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究背景及動機 1
第二節 研究目的及範圍 2
第三節 研究架構及流程 2
第二章 文獻探討 3
第一節 歐美環境政策 4
第二節 氣候變遷對企業之影響 15
第三節 環境績效與環境揭露 18
第四節 環保支出與財務績效 23
第三章 研究方法 25
第一節 觀念架構 25
第二節 研究假說 25
第三節 分析方法與模型之建立 28
第四節 變數之衡量 32
第五節 資料來源 36
第四章 實證結果與分析 45
第一節 敘述性統計 45
第二節 變數相關分析 52
第三節 迴歸分析 54
第五章 結論與建議 63
第一節 研究結論 63
第二節 研究限制與建議 64
參考文獻 66		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0099353049en_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.subject (關鍵詞) investment in carbon reductionen_US
dc.subject (關鍵詞) performance of carbon reductionen_US
dc.subject (關鍵詞) operating performanceen_US
dc.title (題名) 企業推動減碳投資與經營績效之關聯性-以美國為例zh_TW
dc.title (題名) The association between carbon reduction investment and operating performance: the case of the US industryen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 一、中文參考文獻
工業技術研究院，2010，美國因應溫室氣體減量的發展趨勢。
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，2009，國際推動低碳社會之策略與經驗，能源報導，經濟部能源局。
韋敦平，2004，企業環境資訊揭露行為之實證研究─成本效益觀點分析，東吳大學會計學系碩士論文。
莫冬立，2011，台灣企業因應國際碳揭露專案之現況及趨勢，永續產業發展季刊，54期。
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。
黃莉盈，2003，企業環境績效執行力與公司價值相關性之實證研究，成功大學會計學系碩士論文。
廖英智，2007，因應京都議定書有關溫室氣體排放之環境（會計）資訊揭露-以全球500 大公司為例，東吳大學會計學系碩士論文。
鄭傑珊，2003，企業揭露環境資訊影響因素探討，東吳大學會計學系碩士論文。
羅時芳，2005，溫室氣體減量政策對產業發展之影響及因應政策，行政院經濟建設委員會委託，中華經濟研究院。
＿＿＿，2006，美國因應全球氣候變遷之立場與策略，經濟前瞻，105，40-46。
顧洋與申永順，2005，國際間溫室氣體管理標準化之發展及因應策略，科學與工程技術期刊，1:3，1-22。


二、英文參考文獻
Alnajjar, F.K. 2000.Determinants of social responsibility disclosure of U.S. fortune 500 Firms: An application of content analysis. Advances in Environmental Accounting & Management 1:163-200.
Anderson, P., and M. L. Tushman. 1990. Technological discontinuities and dominant designs: A cyclical model of technological change. Administrative Science Quarterly 35: 604–633.
Christensen, C. M. 1997. The Innovator’s dilemma: When new technologies cause great firms to fail (Boston: Harvard Business School Press).
Clarkson, P. M., G. D. Richardson, and F. P. Vasvari. 2008. Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, Organizations and Society 33:303–327.
Fekrat, M. A., I. Inclan, and D. Petroni,1996. Corporate environmental disclosures: competitive disclosure hypothesis using 1991 annual report data. The International Journal of Accounting 31 (2):175-195.
Freedman, M., and B. Jaggi. 2005. Global warming, commitment to the Kyoto protocol, and accounting disclosures by the largest global public firms from polluting industries. The International Journal of Accounting 40 (3): 215-232.
Freedman, M., and C. Wasley. 1990. The association between environmental performance and environmental disclosure in annual reports and 10 Ks. Advances in Public Interest Accounting 3:183–193.
Hossian, M., L. M. Tan, and M. Adams. 1994. Voluntary disclosure in an emerging capital market: Some empirical evidence from companies listed on the Kuala Lumpur Stock Exchange. International Journal of Accounting 19:334-351.
Hughes, S. B., A. Anderson, and S. Golden. 2001. Corporate environmental disclosures: Are they useful in determining environmental performance? Journal of Accounting and Public Policy 20:217–240.
Hughes, S. B., J. F. Sander, and J. C. Reier. 2000. Do environmental disclosures in U.S. annual reports differ by environmental performance? Advances in Environmental Accounting & Management, 1:141-161.
Ingram, R., and K. Frazier. 1980. Environmental performance and corporate disclosure. Journal of Accounting Research 18:612–622.
Johnston, D. 2005. An investigation of regulatory and voluntary environmental capital expenditures. Journal of Accounting and Public Policy 24:175–206.
Kolk, A., and D. Levy. 2004. Multinationals and global climate change: Issues for the automotive and oil industries. Multinationals, Environment and Global Competition: 171–193
Kolk, A., and J. Pinkse. 2008. A perspective on multinational enterprises and climate change: Learning from "an inconvenient truth"? Journal of International Business Studies 39 (8):1359-1378.
Levy, D. L. 2005. Business and the evolution of the climate regime. The Business of Global Environmental Governance: 73–104.
Morgan, N. A., D. Vorhies, and W. Mason. 2009.Market orientation, marketing capabilities, and firm performance. Strategic Management Journal, 30:909-920.
Patten, D. M. 1991. Exposure, legitimacy, and social disclosure. Journal of Accounting and Public Policy 10: 297-308.
Patten, D. M. 2002. The relation between environmental performance andenvironmental disclosure: A research note. Accounting, Organizations, and Society 27:763–773.
Sonia, L., and R.W. Rodney. 2008. Carbon finance: The financial implication of climate change.
Sulaiman, A., A. Tuwaijri, E.T. Christensen, and K.E. Hughes. 2004. The relations among environmental disclosure, environmental performance, and economic performance: a simultaneous equations approach. Accounting, Organizations and Society 29:447-471.
Walley, N., and B. Whitehead. 1994. It’s not easy being green. Harvard Business Review 72:46-52.
Wiseman, J., 1982. An evaluation of environmental disclosures made in corporate annual reports. Accounting, Organizations and Society 7 (1):553--563.		zh_TW