碳揭露、碳排放和碳管理對公司價值之影響

鑑於碳排放量是被認為是潛在的全球氣候變化和相關未來成本和負債的主要影響因素，本研究旨在調查自願性碳揭露、碳排放量以及碳管理對公司價值的影響。結果發現，相較於未揭露碳排放量的公司，揭露碳排放量的公司對公司價值產生負向影響。然而未發現碳排放量和碳管理對企業價值有顯著影響的證據。使用與合併財務報表範圍一致的碳排放盤查邊界進一步分析發現，以母子公司作為碳盤查邊界計算的碳排放量對公司價值有負面影響。同時，高質量的碳管理對碳排放量的價格資訊能扮演正向調節角色，碳排放與企業價值之間的負向關係可以藉由碳管理的實施而得到緩解。

關鍵字

碳揭露；碳排放；碳管理

並列摘要

Given that carbon emissions are perceived as a major contributing factor to potential global climate change and associated future costs and liabilities, this paper intends to investigate the effect of voluntary carbon disclosures, carbon emissions, and carbon management on firm value. The results indicate that firms disclosing their carbon emissions have a negative effect on firm value compared to firms that do not disclose their carbon emissions. However, no evidence was found to suggest a significant effect of carbon emissions and carbon management on firm value. Further analysis using carbon inventory boundary that is consistent with the scope of consolidated financial statements indicates that the carbon emissions calculated by the parent company and subsidiaries as the inventory boundary have a negative effect on the firm value. Moreover, a high-quality carbon management strategy can play a positive moderating role in the price informativeness of carbon emissions, and the negative relationship between carbon emissions and firm value can be mitigated through the implementation of carbon management.