「碳揭露專案」與企業績效關係性之研究－以美國S&P500為例

The Study of Relationships between“Carbon Disclosure Project”and Corporate Performance：Evidence from S&P 500

馮婕蓉(Chieh-Jung Feng)

指導教授 ： 黃啟瑞

國立臺北大學/商學院/金融與合作經營學系/碩士(2011年)

摘要

全球暖化造成氣候變化的問題日趨嚴重，為了減緩氣候變化對地球的危害，「碳揭露專案」是從投資機構之角度切入來探討氣候變化之議題對企業影響與衝擊，藉由收集分享碳管理資訊，使股東與投資者能進一步了解，該投資企業應對氣候變化與發展綠色經濟之態度、策略與績效，分析企業是否符合低碳經濟發展之需求，而隨時調整投資決策，利用資本市場之壓力來改善全球暖化之危機。

本研究之研究目的為探討2008年至2010年，美國S&P500大企業間企業社會責任資訊揭露(「碳揭露專案」揭露評分)與財務績效之關聯性、企業社會資訊揭露與社會績效(「碳揭露專案」績效評分)之關聯性，以及企業財務績效與企業社會績效之關聯性。本研究運用的研究方法為敘述統計、相關係數檢定、複迴歸分析，以進行資料整理與分析，則發現結論有以下四點：

(一)當企業市場價值對帳面價值比越高時，企業會傾向揭露更多碳管理資訊予利害關係人。為了滿足投資人對企業之期望，比值越高者會揭露更多碳管理資訊，展現企業管理能力與成長性符合投資人之預測，進而創造更高之比率。

(二)企業揭露越多碳管理資訊會提升其財務績效。「碳揭露專案」成功地為上市企業與其利害關係人創造了一個平台，在這平台上，投資人與利害關係人可了解該企業更多碳管理資訊及其能力，隨時改變投資組合，成功地藉助資本市場的力量，促使企業更有效的應對氣候變化，引導與刺激更多企業投資流向低碳領域。

(三)企業揭露越多碳管理資訊會提升企業氣候變化管理績效，對社會貢獻度越高。

(四)當市場價值對帳面價值比越高時，則代表企業成長力越強，越有機會與能力實施減碳計畫，發展綠色產品，執行減碳減排活動，導致該企業氣候變化管理績效上升。
然而，永續發展為企業最終目標，若要達成目標就必須誠實地了解企業自身的社會責任。如今，沒有甚麼問題比減緩氣候變化更需要全球各國政府與企業攜手合作。因此，在全球探索減排的道路中，企業碳管理資訊透明化對建立永續發展體系、提高管理能力、增強社會責任與提高競爭力至關重要，唯有能夠正確認識風險、抓住機會的企業與投資者才能佔據全球競爭力曲線的最高點。

關鍵字

碳揭露專案 ； 企業社會責任 ； 企業績效 ； 企業資訊揭露

並列摘要

Because climate change caused by global warming becomes more and more serious problems now, for retarding the kind of damage to the Earth, “Carbon Disclosure Project” (CDP) is a viewpoint from investment institutions, wanting to research an issue that climate change will affect and impact on enterprises. Through collecting and sharing information about carbon management, that will make shareholders and investors further understand that investment enterprises should have a sense of attitudes toward, policies toward and performance of climate change and developing green economy, analyze whether their investment accords with the request of low-carbon economy or not, and whenever necessary, not only adjust their investment policies, but also make use of the pressure from capital market to decrease the global warming crisis.

The purpose of this study researches the relation between corporate social responsibility for information disclosure (“CDP” carbon disclosure score) and financial performance, between corporate social information disclosure and social performance (“CDP” carbon performance score), and between corporate financial performance and his social performance in S&P500 in United States from 2008 to 2010. The study applies descriptive statistics, correlation coefficient test, and multiple regression to analyze research data, and we get following four conclusions:

1. When the ratio of market value to book value becomes higher, enterprises will incline to disclose more information about carbon management to their stakeholders. In order to satisfy investor prospect for enterprises, the enterprise getting higher ratio will disclose more information about carbon management, and that presents ability of enterprise management and economic increase, as well as accords with investor expectation. Therefore, enterprises will create higher rate.

2. The more enterprises disclose information about carbon management, the more they will increase their financial performance. “Carbon Disclosure Project” successfully builds up a platform for enterprises and stakeholders. On this platform, investors and stakeholders can understand more information about carbon management and competition about the very enterprise as well as change their portfolio. Enlisting the help of the power of capital market, they could push enterprises effectually to handle the problem of climate change, and lead as well as urge more enterprise to invest low carbon industries.

3. Disclosing more information about carbon management will elevate management performance about handling climate change from enterprise, and therefore that will bring more contribution to society.

4. When the ratio of market value to book value becomes higher, that means that enterprises have more economic increase, and that they have chance and ability to carry out decreasing carbon emission project, to develop green products, and to implement activities of decreasing carbon emission. So that will elevate enterprises management performance about handling climate change.

However, sustainable development is the final goal of all enterprises. Provided enterprises honestly understanding their own social responsibility, they will achieve the goal. Now, nothing makes all nations and enterprises around the world so urgent as working together to decrease climate change. Therefore, on the way to search for a good method to decreasing carbon emission, it is very important for enterprises that transparency of information about carbon management will help to establish a sustainable development system, to elevate the ability of management, to strengthen social responsibility, and to increase their competition in market. Only enterprises so correctly understand this risk, and grasp the chance to invest low carbon industries, that they could stand the top place of global competition.

並列關鍵字

Carbon Disclosure Project ； Corporate Society Responsibility ； Corporate Performance ； Corporate Information Disclosure

參考文獻

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