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| 題 名 | 碳排放量、企業社會責任與公司治理對公司價值之影響=The Impacts of Carbon Emissions, CSR, and Corporate Governance on Firm Value |
|---|---|
| 作 者 | 包沂靄; 張淑清; 吳冠勳; 鄭淩淇; 張慧珊; | 書刊名 | 數據分析 |
| 卷 期 | 19:1 2024.03[民113.03] |
| 頁 次 | 頁15-49 |
| 分類號 | 490.15 |
| 關鍵詞 | 碳排放量; 企業社會責任; 公司治理; 公司價值; 公司績效; Carbon emission; CSR; Corporate governance; Firm value; Firm performance; |
| 語 文 | 中文(Chinese) |
| DOI | 10.6338/JDA.202403_19(1).0002 |
| 中文摘要 | 本研究主要探討環境(E)、社會(S)與治理(G)三個面向之非財務績效,並建構 一個 ESG 之綜合指標,檢驗企業 ESG 績效是否對企業公司價值存在顯著影響。 本文將碳排放密集度、企業社會責任、公司治理與 ESG 績效作為衡量變數,進 行迴歸分析,並預期企業在碳排績效、企業社會責任、公司治理與 ESG 等面向 之良好績效有助於企業價值與績效之提升。 本文以 2018 至 2020 年之台灣上市(櫃)公司為研究對象,實證結果顯示, 碳排放績效、企業社會責任績效與公司治理績效各自構面皆與公司價值呈現顯著 正相關。再者,將其各面向之指標組成一個 ESG 綜合指標同樣與公司價值呈現 顯著正相關。最後,額外測試結果顯示,企業社會責任績效與公司治理績效與公 司績效呈顯著正相關。然而,企業碳排放績效與公司績效呈顯著負相關,此結果 隱含當公司在致力於碳排放量的改善,的確會增加支出,使得短期績效無法提升, 但從長期觀點來看,效益將漸浮現,投資人也願意給予正面評價。 |
| 英文摘要 | This study mainly discusses the non-financial performance of the three aspects of environment, society and governance, and constructs a comprehensive indicator of ESG to test whether the ESG performance has a significant impact on the firm value. This paper uses the carbon emission intensity, corporate social responsibility, corporate governance and ESG performance as measurement variables, and predicts the variables contribute to the improvement of firm value and performance. Based on a sample of firms listed in Taiwan Stock Exchange from 2018 to 2020, the empirical results show that carbon emission performance, corporate social responsibility performance and corporate governance performance are all significantly positively correlated with firm value. Furthermore, combining the indicators of various aspects into a comprehensive ESG indicator also shows that firms with better ESG performance have a significant positive impact on firm value. Finally, additional test results show that the corporate social responsibility performance and corporate governance performance are significantly positively correlated with corporate performance. However, the relationship between carbon emission performance and firm value is significantly negative. This implies that when a company is committed to improving carbon emissions, it will indeed increase expenditures, so that the performance is hard to be improved in the short term, but in the long run, the benefits will gradually emerge, and investors are willing to give the positive praise. |
本系統中英文摘要資訊取自各篇刊載內容。