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題名 碳投資與環境治理對股票投資報酬之影響 -以歐洲產業為例
The Association between Carbon Reduction Investment, Environmental Governance and Stock Return: The Case of the European Industry
作者 陳正瑄
貢獻者 林良楓
陳正瑄
關鍵詞 減碳投資
環境治理政策
減碳排放行動
股票投資報酬率
Carbon Reduction Investment
Environmental Governance
Carbon Reduction Actions
Stock Return
日期 2012
上傳時間 22-Jul-2013 10:20:02 (UTC+8)
摘要 本研究以英德法三國作為歐洲企業之代表，針對2009年與2010年參與碳揭露計畫之企業所投入減碳投資、環境治理政策、減碳排放行動與其股票投資報酬率之關聯性，做一實證研究分析。研究結果發現歐洲企業樣本整體上只有環境敏感性企業股票投資報酬呈正相關，其餘減排投資與環境治理與股票報酬間無顯著關聯，但是各國分群樣本就呈現非常不一樣的結果。英國企業除其本身財務績效外，環境敏感性企業，有實際從事減排行動之企業的公司不論短中期都顯示有較高的股票報酬率，。就德國企業整體而言，股票投資報酬與公司基本財務績效為顯著正相關，而與環境相關之減碳投資、環境治理與環境敏感性產業與股票投資報酬間無直接關聯。法國企業規模較小及BETA值較大之企業有較高股票投資報酬，而與公司財務績效和環境因素無顯著關聯關，顯示法國企業企業股票投資報酬投機因素影響較大。實證結果說明英德法三國環境政策上差異對其股票投資報酬率特性有顯著差異。
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。
林美倫，2007，研發支出對經營績效及股權評價影響之研究，台南科大學報，第26期，頁115-134。
林璟儒，2012，企業減碳投資對於經營績效之影響－以歐洲為例，國立政治大學會計學系碩士論文。
吳靜怡，1994，污染防治設備投資與企業經營績效之實證研究，國立成功大學會計學研究所碩士論文。
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。
陳振遠、張智堯、王蘭芬與李文智，2005，「應用Ohlson 會計評價模型探究公司治理之價值攸關性—以台灣上市公司電子業為例」，臺大管理論叢，第十五卷第二期，123-142頁。
黃姵蓉，2000，「環保支出資訊價值攸關性之研究」，中正大學會計系之碩士論文。
黃莉盈，2003，企業之環境績效執行力與公司價值相關性之實證研究，國立成功大學會計學研究所碩士論文。
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。
傅鍾仁、張福星，2003，生產力與盈餘資訊於我國電子業股權之評價分析，第四屆實證經濟學論文研討會。
張嘉麟，1995，「環境保護資訊內涵之初探」，國立政治大學會計學系碩士論文。
張棨庭，2011，高污染產業環境資訊揭露與經營績效、股價關係之研究，國立台北大學會計學研究所碩士論文。
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。
楊雅菱，2012，企業推動減碳投資與經營績效之關聯性－以美國為例，國立政治大學會計學系碩士論文。
盧玫君，2002，企業網站揭露財務資訊對股價的影響，國立東吳大學會計學系碩士論文
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.
Ameer, P. G., S. J. Feldman, and P. A. Soyka. 1997. Does improving a firm`s environmental management system and environmental performance result in a higher stock price? The Journal of Investing 6 (4): 87-97.
Barth, M. E., W. Beaver and W. R. Landsman. 2001. “The relevance of the value-relevance literature for financial accounting standard setting: Another view,” Journal of Accounting & Economics 31 Issue 1-3:, 77-103.
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 Journal 29: 1325-1343.
Cashore, B., Auld, G. and Newsom, D. 2004. Governing through markets(New Haven, CT: Yale University Press).
Dension, E. F. 1979. “Accounting for slower economic growth: The United States in the 1970’s,” Brookings Institute.
Dowell, G. and S. Hart and B. Yeung. 2000. “Do corporate global environmental standards create or destroy market value？”Management Science Informs 46 No. 8: August 20001059-1074.
Feltham, G. A., and J. A. Ohlson . 1995. “Valuation and clean surplus accounting for operating and financial activities,” Contemporary Accounting Research, 11: 689-731.
Francis, J. and K. Schipper . 1999. “Have financial statements lost their relevance? Journal of Accounting Research, 37: (2), 319-352.
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.
Gollop, F. M. and M. J. Roberts. 1983. “Environmental regulations and productivity growth: The case of fossil-fueled electric power generation,” Journal of Political Economy, No. 4: 35-42 .
Hassel, L., Nilsson, H. and A. S. Nyquist, 2005. The value relevance of environmental performance. European Accounting Review.14(1): 41–61.
Hoffmann, V. H. 2007. EU ETS and investment decisions: The case of the germen electricity industry. European Management Journal 25(6): 464–474.
Ingram, R. W. Ingram and K. B. Frazier. 1980. “Environmental performance and corporate disclosure,” Journal of Accounting Research 18: No. 2: 23-30
Kiernan, M. J. 2008. Climate change and investment risk. Presentation at the Amsterdam Global Conference on Sustainability and Transparency, GRI, Amsterdam
Klassen, R. D. and C. P. McLaughlin. 1996. “The impact of environmental management on firm performance,” Management Science, 42: No. 8: 32-38
Kolk A. and J. Pinkse, 2004. Market strategies for climate change. European Management Journal 22(3): 304-314.
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
Lev, B., and T. Sougiannis. 1996. “The capitalization, amortization, and value-relevance of R&D,” Journal of Accounting and Economics 21: 107-138.
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.
Newgren, K. E. and A, A. Rasher and M. E. LaRoe. 1984. “An empirical investigation of the relationship between environmental assessment and corporate performance,” Academy of Management Proceeding, 352-356.
Ohlson, J. A. 1995. Earning, book value, and dividends in equity valuation. Contemporary Accounting Research 11 (2): 661-687.
Patten, D. M. 1991. Exposure, legitimacy and social disclosure. Journal of Accounting and Public Policy 10 (4): 23-34.
Patten, D. M. 2002. The relation between environmental performance and environmental disclosure: A research note. Accounting, Organizations, and Society, 27: 763-773.
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 Review 85(10): 22-26.
Ratnayake, R. 1998. “Do stringent environmental regulations reduce international competitiveness？ Evidence from an inter-industry analysis,” International Journal of the Economics of Business Vol 5: No. 1, 77-96.
Reinaud, J. 2003. Emissions trading and its possible impacts on investment decisions in the power sector Paris. International Energy Agency
Stanwick, P. A. and S. D. Stanwick. 1998. “The relationship between corporate social performance, and organizational size, financial performance, and environmental performance : An empirical examination,” Journal of Business Ethics 17: 195-204.
Walley, N., and B. Whitehead., B. 1994. It not easy being green. Harvard Business Review, 72(3): 46-52.
描述 碩士
國立政治大學
會計研究所
100353007
101
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1003530071
資料類型 thesis
dc.contributor.advisor 林良楓zh_TW
dc.contributor.author (Authors) 陳正瑄zh_TW
dc.creator (作者) 陳正瑄zh_TW
dc.date (日期) 2012en_US
dc.date.accessioned 22-Jul-2013 10:20:02 (UTC+8)-
dc.date.available 22-Jul-2013 10:20:02 (UTC+8)-
dc.date.issued (上傳時間) 22-Jul-2013 10:20:02 (UTC+8)-
dc.identifier (Other Identifiers) G1003530071en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/58926-
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) 100353007zh_TW
dc.description (描述) 101zh_TW
dc.description.abstract (摘要) 本研究以英德法三國作為歐洲企業之代表，針對2009年與2010年參與碳揭露計畫之企業所投入減碳投資、環境治理政策、減碳排放行動與其股票投資報酬率之關聯性，做一實證研究分析。研究結果發現歐洲企業樣本整體上只有環境敏感性企業股票投資報酬呈正相關，其餘減排投資與環境治理與股票報酬間無顯著關聯，但是各國分群樣本就呈現非常不一樣的結果。英國企業除其本身財務績效外，環境敏感性企業，有實際從事減排行動之企業的公司不論短中期都顯示有較高的股票報酬率，。就德國企業整體而言，股票投資報酬與公司基本財務績效為顯著正相關，而與環境相關之減碳投資、環境治理與環境敏感性產業與股票投資報酬間無直接關聯。法國企業規模較小及BETA值較大之企業有較高股票投資報酬，而與公司財務績效和環境因素無顯著關聯關，顯示法國企業企業股票投資報酬投機因素影響較大。實證結果說明英德法三國環境政策上差異對其股票投資報酬率特性有顯著差異。zh_TW
dc.description.tableofcontents 目錄 ii
表目錄 iii
圖目錄 iv
第一章、緒論 1
第一節 研究背景 1
第二節 研究動機與目的 2
第三節 研究流程 4
第二章 文獻探討 5
第一節 碳揭露計畫 5
第二節 減碳支出與投資 9
第三節 環境治理與公司價值 13
第四節 歐盟各國環保政策比較 16
第三章 研究方法 31
第一節 觀念架構 31
第二節 研究假說 32
第三節 分析方法 33
第四節 變數衡量 36
第五節 資料來源 39
第四章 研究成果 40
第一節 敘述性統計 40
第二節 迴歸分析 46
第五章 結論與建議 70
第一節 結論 70
第二節 研究建議 73
第三節 研究限制 74
參考文獻 75		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1003530071en_US
dc.subject (關鍵詞) 減碳投資zh_TW
dc.subject (關鍵詞) 環境治理政策zh_TW
dc.subject (關鍵詞) 減碳排放行動zh_TW
dc.subject (關鍵詞) 股票投資報酬率zh_TW
dc.subject (關鍵詞) Carbon Reduction Investmenten_US
dc.subject (關鍵詞) Environmental Governanceen_US
dc.subject (關鍵詞) Carbon Reduction Actionsen_US
dc.subject (關鍵詞) Stock Returnen_US
dc.title (題名) 碳投資與環境治理對股票投資報酬之影響 -以歐洲產業為例zh_TW
dc.title (題名) The Association between Carbon Reduction Investment, Environmental Governance and Stock Return: 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。
林美倫，2007，研發支出對經營績效及股權評價影響之研究，台南科大學報，第26期，頁115-134。
林璟儒，2012，企業減碳投資對於經營績效之影響－以歐洲為例，國立政治大學會計學系碩士論文。
吳靜怡，1994，污染防治設備投資與企業經營績效之實證研究，國立成功大學會計學研究所碩士論文。
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。
陳振遠、張智堯、王蘭芬與李文智，2005，「應用Ohlson 會計評價模型探究公司治理之價值攸關性—以台灣上市公司電子業為例」，臺大管理論叢，第十五卷第二期，123-142頁。
黃姵蓉，2000，「環保支出資訊價值攸關性之研究」，中正大學會計系之碩士論文。
黃莉盈，2003，企業之環境績效執行力與公司價值相關性之實證研究，國立成功大學會計學研究所碩士論文。
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。
傅鍾仁、張福星，2003，生產力與盈餘資訊於我國電子業股權之評價分析，第四屆實證經濟學論文研討會。
張嘉麟，1995，「環境保護資訊內涵之初探」，國立政治大學會計學系碩士論文。
張棨庭，2011，高污染產業環境資訊揭露與經營績效、股價關係之研究，國立台北大學會計學研究所碩士論文。
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。
楊雅菱，2012，企業推動減碳投資與經營績效之關聯性－以美國為例，國立政治大學會計學系碩士論文。
盧玫君，2002，企業網站揭露財務資訊對股價的影響，國立東吳大學會計學系碩士論文
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.
Ameer, P. G., S. J. Feldman, and P. A. Soyka. 1997. Does improving a firm`s environmental management system and environmental performance result in a higher stock price? The Journal of Investing 6 (4): 87-97.
Barth, M. E., W. Beaver and W. R. Landsman. 2001. “The relevance of the value-relevance literature for financial accounting standard setting: Another view,” Journal of Accounting & Economics 31 Issue 1-3:, 77-103.
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 Journal 29: 1325-1343.
Cashore, B., Auld, G. and Newsom, D. 2004. Governing through markets(New Haven, CT: Yale University Press).
Dension, E. F. 1979. “Accounting for slower economic growth: The United States in the 1970’s,” Brookings Institute.
Dowell, G. and S. Hart and B. Yeung. 2000. “Do corporate global environmental standards create or destroy market value？”Management Science Informs 46 No. 8: August 20001059-1074.
Feltham, G. A., and J. A. Ohlson . 1995. “Valuation and clean surplus accounting for operating and financial activities,” Contemporary Accounting Research, 11: 689-731.
Francis, J. and K. Schipper . 1999. “Have financial statements lost their relevance? Journal of Accounting Research, 37: (2), 319-352.
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.
Gollop, F. M. and M. J. Roberts. 1983. “Environmental regulations and productivity growth: The case of fossil-fueled electric power generation,” Journal of Political Economy, No. 4: 35-42 .
Hassel, L., Nilsson, H. and A. S. Nyquist, 2005. The value relevance of environmental performance. European Accounting Review.14(1): 41–61.
Hoffmann, V. H. 2007. EU ETS and investment decisions: The case of the germen electricity industry. European Management Journal 25(6): 464–474.
Ingram, R. W. Ingram and K. B. Frazier. 1980. “Environmental performance and corporate disclosure,” Journal of Accounting Research 18: No. 2: 23-30
Kiernan, M. J. 2008. Climate change and investment risk. Presentation at the Amsterdam Global Conference on Sustainability and Transparency, GRI, Amsterdam
Klassen, R. D. and C. P. McLaughlin. 1996. “The impact of environmental management on firm performance,” Management Science, 42: No. 8: 32-38
Kolk A. and J. Pinkse, 2004. Market strategies for climate change. European Management Journal 22(3): 304-314.
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
Lev, B., and T. Sougiannis. 1996. “The capitalization, amortization, and value-relevance of R&D,” Journal of Accounting and Economics 21: 107-138.
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.
Newgren, K. E. and A, A. Rasher and M. E. LaRoe. 1984. “An empirical investigation of the relationship between environmental assessment and corporate performance,” Academy of Management Proceeding, 352-356.
Ohlson, J. A. 1995. Earning, book value, and dividends in equity valuation. Contemporary Accounting Research 11 (2): 661-687.
Patten, D. M. 1991. Exposure, legitimacy and social disclosure. Journal of Accounting and Public Policy 10 (4): 23-34.
Patten, D. M. 2002. The relation between environmental performance and environmental disclosure: A research note. Accounting, Organizations, and Society, 27: 763-773.
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 Review 85(10): 22-26.
Ratnayake, R. 1998. “Do stringent environmental regulations reduce international competitiveness？ Evidence from an inter-industry analysis,” International Journal of the Economics of Business Vol 5: No. 1, 77-96.
Reinaud, J. 2003. Emissions trading and its possible impacts on investment decisions in the power sector Paris. International Energy Agency
Stanwick, P. A. and S. D. Stanwick. 1998. “The relationship between corporate social performance, and organizational size, financial performance, and environmental performance : An empirical examination,” Journal of Business Ethics 17: 195-204.
Walley, N., and B. Whitehead., B. 1994. It not easy being green. Harvard Business Review, 72(3): 46-52.		zh_TW