永續報告書強制揭露碳排放量對公司價值的影響

Abstract

中文摘要 隨著全球暖化加劇，減碳已成為各國政府和企業關注的核心議題。台灣自2023年起，金管會要求部分上市櫃公司於永續報告書中強制揭露碳排放量。本研究的目的在於探討此強制揭露措施是否會對台灣上市公司的公司價值產生影響。 本研究樣本選自 TEJ 資料庫中的 2022 年台灣上市公司財務與股價資料。研究模型以當期年底的股價來衡量公司價值，設立碳排放量為主要的研究變數，並加入公司資產、負債與營業淨利作為控制變數，使用迴歸分析進行實證，探討揭露碳排放量是否會對公司價值產生影響。 實證結果顯示，碳排放量的揭露對公司價值的影響並不顯著。原因可能是揭露制度的成熟度不足，以及2022年首年實施時的樣本數量較少所致。研究建議若欲加強揭露對公司價值的影響，未來應加強法規的執行並建立明確的罰則。

Abstract As global warming intensifies, carbon reduction has become a central issue for governments and enterprises worldwide. Since 2023, Taiwan’s Financial Supervisory Commission has required some publicly listed companies to disclose their carbon emissions in their sustainability reports. The purpose of this study is to explore whether this mandatory disclosure measure affects the firm value of listed companies in Taiwan. This study uses Taiwanese publicly listed companies in 2022 as the sample, utilizing financial and stock price data from the Taiwan Economic Journal (TEJ) database. The research model assesses firm value through the stock price at the end of the fiscal year and sets carbon emissions as the primary variable, incorporating company assets, liabilities, and net operating income as control variables. Regression analysis is then used to examine whether carbon emissions disclosure impacts firm value. The empirical results show that carbon emissions disclosure does not significantly impact firm value. Possible reasons include the disclosure system's lack of maturity and the limited sample size during its initial implementation in 2022. The study suggests that to strengthen the impact of disclosure on firm value, future regulatory enforcement should be intensified, with the establishment of clear penalties.