董事會特性與氣候相關財務揭露

Board Characteristics and Climate-Related Financial Disclosures

林哲丞(TSE-CHENG LIN)

指導教授 ： 黃朝信

中原大學/商學院/會計學系/碩士(2022年)

https://doi.org/10.6840/cycu202201189

摘要

永續經營的概念近年來蓬勃發展，越來越多的投資人不再僅將目光聚焦在公司的績效層面，也開始關注企業的永續發展資訊。因應氣候環境的變化以及投資人日益加重的資訊需求，國際金融穩定委員會所成立的氣候相關財務揭露小組(TCFD)提供了一套氣候相關財務揭露標準。本研究探討公司簽署並加入TCFD的行列是否影響公司的價值評估。同時，本研究亦討論董事會特性是否會影響公司簽署TCFD的意願。

本研究以1:2將有簽署TCFD的公司配對沒有簽署TCFD的公司，研究結果顯示，簽署TCFD對於公司市場績效的影響並不顯著，說明台灣的投資人目前並沒有因為企業簽署TCFD而改變投資策略。董事會規模與企業簽署TCFD呈正向顯著的關係，顯示董事會規模越大，越能集思廣益提出關於永續發展的建議;董事長兼任總經任與簽署TCFD顯著為負，顯示過大的權力有可能會影響企業推動永續經營。

關鍵字

董事會特性 ； 公司市場價值

並列摘要

The concept of sustainability has been developed vigorously in recent years. More and more investors not only focus on companies’ performance but also begin to pay attention to sustainability information. In response to the climate changes, the Task Force on Climate-related Financial Disclosures (TCFD), which is established by the Financial Stability Board, has provided a reporting framework for climate-related financial information. This study explores whether the firm publicly declaring support for the TCFD has an impact on the firm’s value and examines the associations between the firm’s board characteristics and the support of TCFD.

In the study, the firms who declared support for the TCFD are matched with the firms who have not declared support at the ratio of 1:2. The results show that there is no significant impact on the firm value for those declaring support for the TCFD, indicating that the investing strategy in Taiwan probably remains unchanged. The board size is positively related to the support for the TCFD, revealing that the bigger the board focuses more on the sustainable issue. The CEO duality is negatively related to the support for the TCFD, showing that overwhelming power is resistant to promoting sustainability.

並列關鍵字

TCFD

參考文獻

中文部分

BBC News中文，2021，台灣缺水為何吸引了全世界關注，這次到底有多嚴重？https://www.bbc.com/zhongwen/trad/chinese-news-56814382，搜尋日期:2022年6月18日。

Competitive，2021，什麼是 TCFD 氣候相關財務揭露？https://www.compet.com.tw/news.asp?NID=100，搜尋日期:2022年6月22日。

今周刊，2021，上市櫃公司近年熱議的ESG，為何必談TCFD、SASB？https://esg.businesstoday.com.tw/article/category/180687/post/202104160033/%E4%B8%8A%E5%B8%82%E6%AB%83%E5%85%AC%E5%8F%B8%E8%BF%91%E5%B9%B4%E7%86%B1%E8%AD%B0%E7%9A%84ESG%EF%BC%8C%E7%82%BA%E4%BD%95%E5%BF%85%E8%AB%87TCFD%E3%80%81SASB%EF%BC%9F%20%E4%B8%80%E5%88%87%E9%83%BD%E8%A6%81%E5%BE%9E2011%E5%B9%B4%E8%AA%AA%E8%B5%B7，搜尋日期:2022年6月22日。

天下雜誌，2021，IPCC氣候變遷報告出爐，https://www.cw.com.tw/article/5117709，搜尋日期:2022年6月16日。