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題 名 | 綠色能源產業之價值動因=The Value Drivers of Green Energy Industry |
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作 者 | 張育琳; 傅鍾仁; 翁鶴云; | 書刊名 | 商管科技季刊 |
卷 期 | 12:1 2011.03[民100.03] |
頁 次 | 頁53-78 |
分類號 | 555.8 |
關鍵詞 | 綠色能源; 選擇權評價模式; 國際原油價格; 公司價值; Green energy; Optional valuation model; Crude oil price; Firm value; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究因應國際油價飆漲之情勢,以「國際原油價格」與「綠色能源產品比重」做為非會計資訊之替代變數,延伸 Burgstahler and Dichev (1997) 選擇權評價模式概念,逐步探討油價對具綠色能源特質產業公司價值之影響。並以台灣之太陽能及 LED照明應用等兩子產業為對象,試圖建立台灣綠色能源產業之企業評價模型。研究結果顯示,國際原油價格與綠色能源產品比重等兩價值動因會正向影響綠色能源產業之股權評價,且對於產品比重大者影響程度較比重小者顯著。而 2008年的金融海嘯應可視為重要干擾因素之一,在金融海嘯期間,所評估之綠色能源公司價值不受油價之影響,但在非金融海嘯期間,油價對於綠色能源產業公司價值有正向影響。 |
英文摘要 | With the rising up of stock price of green energy industry in recent years, investors should be cautious about whether the stock price reflects firm value reasonably. Due to the pop up of international crude oil price, this study takes “crude oil price” and “relative weight of green energy products” as proxy variables of non-accounting information, extending the concept of Burgstahler and Dichev (1997) optional evaluation model to discuss the effect of crude oil price and relative weight of green energy products on firms value. We take two domestic industries, solar energy and LED, trying to establish the evaluation model of Taiwan green energy industry. The result shows that the impact of oil price and the relative weight of green energy products are found to have positive effects on the firm values of green energy industry. The larger the relative weight of green energy products will positively affect the stock price more than the smaller relative weight of green energy products. Furthermore, the 2008 financial crisis can be one of key interference factors, the crude oil price doesn’t have effect on the firm value of green energy industry during the financial crisis, but it has positive influence during non financial crisis. |
本系統中英文摘要資訊取自各篇刊載內容。