- 學位論文
碳風險對企業投資決策影響之研究
Study on the Impact of Carbon Risk on Corporate Investment
摘要
本文研究碳風險對企業投資決策與投資效率性的影響。研究結果發現，碳風險會對企業投資決策造成實質影響，碳風險愈高的企業傾向以相對保守的態度來面對減碳成本帶來的現金流不穩定，因此將減少總投資支出及研發費用支出。另外一方面，企業將提高資本支出，直接將資金投資於減碳相關生產設備來因應碳風險。其次，本文的研究結果亦發現，碳風險愈高的企業愈有可能造成企業投資不效率，引發過度投資或投資不足的問題，代表企業對投資決策的判斷會受到碳風險的影響，使得投資效率性降低。最後，本文的研究結果發現，擁有較好公司治理的企業，愈能抑制因碳風險引起之投資不效率的問題，強調公司治理機制對於碳風險較高企業投資效率性的重要性。
並列摘要
The study examines the impact of carbon risk on corporate investment decisions and investment efficiency. The empirical results indicate that carbon risk significantly affects corporate investment decisions. Firms with higher carbon risk tend to reduce overall investment expenditures and research and development (R D) expenses but increase capital expenditures. This suggests that firms tend to adopt a conservative approach towards R D expenses and overall investment expenditure to stabilize the cash flow uncertainty associated with carbon risk. Firms also invest money directly in carbon reduction equipment in response to carbon risk. The empirical results also find that firms with higher carbon risk are more likely to experience investment inefficiency, leading to issues of overinvestment or underinvestment. This indicates that under the threat of carbon risk, corporate investment decision-making is influenced, resulting in reduced investment efficiency. However, well-established corporate governance mechanisms can mitigate the problem of investment inefficiency caused by carbon risk. The empirical results show that firms with strong corporate governance can reduce investment inefficiency arising from carbon risk. This evidence highlights the importance of strong corporate governance in reducing investment inefficiency for firms with higher carbon risk.