由於全球目前面臨著氣候暖化的危機,減緩溫室氣體排放儼然是當務之急,因此,環保與經濟融合而產生的永續經營概念逐漸成為各國政府與各大企業的主要經營方針之一。近年,台灣金融業逐漸引進環境永續的理念作為經營方針,進而促成了綠色金融的蓬勃發展,因此本研究以台灣金融控股公司為研究樣本,探討其二氧化碳排放量與公司經營績效之間的關係。 本研究以2011至2015年台灣16家金融控股公司在企業社會責任報告書(CSR Report)裡主動揭露的用電、用水及用油量概算出該金控之二氧化碳排放量,並擷取CSR報告書內有關綠化投資策略實施與否的資料,以追蹤資料(Panel Data)方法分別分析金控碳排放量和公司績效的關聯性以及實施綠化投資策略與金控碳排放量之間的交互作用對公司績效的影響。 實證結果發現,金控碳排放量與公司績效之間呈現負向關係,且有實施綠化投資策略的金控公司其碳排放量與公司經營績效之負向關係更為顯著。故本文研究結果支持金控低碳排放量有助於其公司經營績效之表現,以及實施綠化投資策略之金控公司其碳排放量越低對於公司經營績效的表現越有助益。
As the world is facing a crisis of global warming, reducing green house gas emisions seems to be a priority. Therefore, sustainable development has become one of the main operating principles among the government and large enterprises. In recent years, this trend of sustainable development has blown into the financial industry. It led to the rapid development of green finance. Hence, we investigate the association between carbon emissions and firm performance. We used hand-collected carbon emissions and green investment strategy data for 2011 to 2015 that were voluntarily disclosed on CSR reports by Taiwan’s financial holdings. And we used tracking data(Panel Data) method to analyze it. The empirical results show that carbon emissions are negatively related to firm performance. In addition, we find that the relationship between carbon emissions and firm performance is more negative for the firms adopting green investment strategy than the firm without adopting green investment strategy. As a result, our results indicate that low carbon emissions can improve the firm performance and firms adopting green investment strategy with low carbon emissions will be more beneficial to their firm performance.