企業參與碳揭露計畫與其經營效率之關聯性-以美國S&P500為例

The relationship between firms participating in CDP and their Operational Efficiency -Evidence from USA S&P500

李銘哲(Ming-Che Li)

指導教授 ： 郭樂平

淡江大學/商管學院/會計學系碩士班/碩士(2018年)

https://doi.org/10.6846/TKU.2018.00589

摘要

碳揭露計畫(CDP)為全球擁有最完整碳資訊的機構，透過其公開發布之報告書中給予各企業之碳揭露分數，可型塑企業之碳聲譽訊號，藉此非財務面訊號，試圖連結到企業財務面的表現，即-企業經營效率，探討之間的關聯性。據此，本研究蒐集S&P500企業自願參與或拒絕CDP調查的企業與其經營效率間之關連；再者，若企業自願參與CDP調查，將企業碳揭露分數由高到低排序，檢視碳揭露分數高低與企業經營效率間之關係，樣本期間為2008至2015年，並採用資料包絡分析法計算企業經營效率值。
首先，不參加CDP調查之企業其經營效率皆優於參與者，2008及2009年金融海嘯期間尤其明顯，藉此發現不參與CDP之企業，其管理階層在選擇資源配置時傾向以本身營運有直接相關之活動為主，此舉與股東財富最大化的理論相同。再者，整體研究期間，參與CDP且其碳揭露分數為於前25%之企業，其經營效率皆顯著優於後25%，不論是環境敏感企業或大規模企業皆有相同結果。
目前，訊號理論較少直接探討CDP所揭露之資訊與其經營效率間之關聯，本研究結果發現願意參與CDP調查且獲得較高碳揭露分數之企業，其財務面的經營績效亦較優，未來社會投資基金可以透過CDP此一碳聲譽訊號(非財務面訊號)，尋找兼顧經濟及環境永續雙贏的企業。

關鍵字

資料包絡分析法 ； 企業經營效率 ； 碳揭露計畫 ； 訊號理論

並列摘要

The Carbon Disclosure Project (CDP) is the organization that has the most complete carbon information in the world. Through the carbon disclosure scores given to companies in its publicly released report, it can shape the carbon reputation signal of the company and use it as a non-financial signal. Linked to the performance of the company's financial side, namely - business operating efficiency, and explore the relevance. Based on this, the research collects the relationship between S&P500 companies' willingness to participate in or reject CDP surveys and their operating efficiency; in addition, if companies voluntarily participate in the CDP survey, they rank the corporate carbon disclosure scores from high to low, and examine the carbon disclosure scores. The relationship between enterprise operating efficiency, the sample period from 2008 to 2015, and the use of data envelopment analysis method to calculate the operating efficiency value of the company.
First, companies that do not participate in the CDP survey are more efficient than their participants. This was particularly evident during the financial tsunami in 2008 and 2009. As a result, companies that do not participate in CDP have been found to have direct management in their choice of resource allocation. The related activities are mainly based on the same theory as the maximization of shareholder wealth. Furthermore, during the overall study period, companies that participated in the CDP and whose carbon disclosure score was the top 25% had significantly better operating efficiency than the latter 25%. Both the environmentally sensitive and large-scale companies had the same results.
At present, signal theory does not directly discuss the correlation between the information disclosed by CDP and its operating efficiency. This study found that companies willing to participate in the CDP survey and obtaining higher carbon disclosure scores have better financial performance and future social performance. Investment funds can use CDP's carbon reputation signals (non-financial signals) to find companies that balance economic and environmental sustainability.

並列關鍵字

data envelopment analysis (DEA) ； business opeating efficiency ； carbon disclosure project ； Signaling Theory

參考文獻

中文文獻

高強、黃旭男、Toshiyuki Sueyoshi，2003，管理績效評估：資料包絡分析法，台北：華泰書局。

郭惠雯，2010，企業營運的效率性整合環境投資的評估，淡江大學會計研究所未出版碩士論文。

英文文獻

Adams, C. A. (2004). The Ethical, Social and Environmental Reporting-Performing Portrayal gap. Accounting, Auditing and Accountability Journal ,17 (5), pp.731-757.