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  • 學位論文

碳排減少對股票報酬率之影響

The Effect of Carbon Emission Reduction on Stock Return

指導教授 : 林修葳
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摘要


本篇研究旨在了解碳排減少對公司股票報酬是否有顯著正面效應,同時檢測公司在氣候異常的狀況下,碳排減少對公司股價報酬的正面效應是否能夠被加強,。本篇研究透過S P500公司做為研究樣本,實證結果顯示,(1)發現碳排減少對公司股票財年年化報酬率有正面影響,(2)在氣候異常的狀況下,碳排減少對公司股票財年年化報酬率的正面效果更為明顯。本研究透過實證結果支持,說明在氣候異常惡化的情形之下,公司股票財年年化報酬率會因該公司碳排減少得多而有所助益。

並列摘要


This paper examines whether the companies that have greater reduction of carbon emission would have more positive annual stock returns. Moreover, the study investigates whether the positive market reaction is enhanced during the period when the climate change become more severe. The empirical result shows that stock return would be positively influenced with more carbon reduction tested by GLM model. Furthermore, the effect of reduction of carbon emission on stock returns appear to be moderated by the increase in global temperature, which causes global warming, climate change and other measures for weather extremeness. There exists few, if any prior study that address the extent to which effect of carbon emission reduction would be enhanced with the rate of global temperature rise, which may cause substantial and dramatic climate change.

參考文獻


Addoum, Jawad M. and Ng, David T., Ortiz-Bobea, Ariel, 2021, Temperature Shocks and Industry Earnings News, Available at SSRN: https://ssrn.com/abstract=3480695 or http://dx.doi.org/10.2139/ssrn.3480695
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