永續時代對水泥業的影響-以台泥、亞泥為例

Abstract

隨著永續時代的來臨，企業開始做出相應措施，而水泥業因佔全球碳排放 7%而受高度關切。本研究 旨在評估水泥業對環境及氣候變化的影響，探討其碳排放及永續發展之策略，以實現可持續之經營方式。 研究對象包括台灣水泥、亞洲水泥、嘉新水泥和環球水泥等四家水泥公司。台泥在規模、技術及永 續承諾方面具有競爭優勢，因此被選為主要研究對象，而亞泥為國內水泥業市值第二大之企業，因此用 作對比研究。研究旨在探討其獲利能力、經營能力、永續措施及發展，透過各項比較分析，以提供精確 且客觀的結論。此外，該研究資料範圍取自 2018 年至 2022 年，透過各種比率計算呈現出該公司整體長、 短期之財務變化情形，並就該結果進行研究及探討。 除了從財務方面作分析，也從永續 ESG 三個關鍵指標出發，透過計算公司在環境方面的資本支出及 相關費用，比較公司在環境方面的投入，加上在社會共融上的捐獻支出及貢獻...等，皆能評估企業在其 經營活動中如何考慮其對永續發展的影響，以及是否能夠實現永續發展的目標。 在財務方面，台泥和亞泥近年受中國市場波動及烏俄戰爭衝擊，導致許多比率略微下降。然而，台 泥透過能源轉型，使得毛利率自 2023 年轉為上升，亞泥則推出低碳水泥等相關建材應對市場。在永續 方面，以 ESG 指標為依據，台泥在減碳和新能源方面積極投入，並在社會及治理方面有良好的成效。相 對地，亞泥於三項指標的支出較低，且缺乏細部資訊說明支出的分配。綜合來看，台泥在財務和永續方 面的發展優於亞泥，顯示其已為未來挑戰做好準備。

With the advent of the sustainable era, companies have begun to implement corresponding measures, and the cement industry is highly concerned as it accounts for 7% of global carbon emissions. This study aims to assess the environmental and climate impacts of the cement industry, explore its carbon emissions, and discuss strategies for sustainable development to achieve a sustainable business operation. The study subjects include four cement companies: Taiwan Cement, Asia Cement, Chia Hsin Cement, and UBE Global Cement. Taiwan Cement, with competitive advantages in scale, technology, and sustainability commitments, is selected as the primary research subject, while Asia Cement, the second-largest domestic market value player, is chosen for comparative analysis. The study aims to investigate their profitability, operational capabilities, sustainability measures, and development. Through various comparative analyses, precise and objective conclusions are provided. Furthermore, the study data range from 2018 to 2022, presenting the overall long-term and short-term financial changes of the companies through ratio calculations, with subsequent research and discussion of the results. In addition to financial analysis, the study also considers the three key ESG indicators for sustainability. It calculates the companies' environmental capital expenditures and related expenses, comparing their environmental investments. Additionally, it assesses companies' contributions to social inclusivity through donation expenses and corporate social responsibility activities. These analyses can help evaluate how companies consider the impact of their operational activities on sustainable development and whether they can achieve sustainable development goals. In terms of finance, both Taiwan Cement and Asia Cement have experienced slight declines in various ratios in recent years due to fluctuations in the Chinese market and the impact of the Russo-Ukrainian War. However, Taiwan Cement, through energy transition, has increased its gross profit margin since 2023, while Asia Cement has responded to the market by introducing low-carbon cement and related building materials. In terms of sustainability, based on ESG indicators, Taiwan Cement actively invests in carbon reduction and new energy, achieving notable results in social and governance aspects. In contrast, Asia Cement's expenditures in the three indicators are lower, and detailed information explaining the allocation of expenditures is lacking. Overall, Taiwan Cement's development in finance and sustainability surpasses that of Asia Cement, indicating its readiness for future challenges.