臺灣博碩士論文加值系統

本研究旨在討論企業是否會為了降低碳風險進而投入綠色投資，同時探討綠色投資是否能有效改善碳風險。使用2005年至2022年間揭露碳排放資料的台灣上市櫃公司，並計算碳排放強度、每單位資產碳排放量以及碳排放強度變化量，將這三項相對碳排放量作為碳風險之代理變數，並且利用投資效率模型將綠色投資從資本支出分離出來，先確認企業碳風險對於綠色投資的影響，再確認綠色投資對碳風險的效果。首先，本研究發現當期綠色投資與碳風險呈顯著正相關，說明企業會即時評估碳排放情況，投入相關資源去進行綠色投資藉以減少碳排放。實證結果顯示當期碳風險與前期綠色投資呈顯著負相關，說明當企業投入超額資本支出，能有效降低次期的碳風險。同時將前期過度投資區分成過度投資及支出不足進行分析，發現企業在前期積極投入綠色投資，會在次期出現顯著的減碳效果從而降低碳風險，但若企業在前期未能適時進行綠色投資，缺乏必要的支出將導致次期碳風險的上升。本研究對綠色投資能有效降低碳風險的理論提供支持，證實綠色投資對於企業達到碳排放目標的至關重要，企業應將減碳投資納入環保投資策略的考量。

This study investigates the association between carbon risk and green investment. Using the carbon emission data from listed companies in Taiwan, this study investigates that if the firms with high carbon risk would increase green investment to reduce the carbon risk. Furthermore, this research also investigates if the invest in green investment of a firm can effectively reduce the carbon risk. There are three proxies prepared for carbon risk: carbon intensity, carbon emissions per unit of assets, and changes in carbon intensity. The investment model is used to separate the green investment from the total capital expenditures. The empirical results of this study document that current green investment is positively associated with current carbon risk, indicating that firms with high carbon risk would invest more in green investment. Furthermore, the current carbon risk is negatively associated with the green investment in the prior period. This result indicates that the invest in green investment can effectively reduce the carbon risk in the next period for a firm. The over-investments and under-investments sub-sample are further prepared and used for empirical tests. The research results indicate that firms that proactively invest in green investment in the prior period shows significant carbon reduction effects in the subsequent period, thereby reducing carbon risk. On the other hand, firms that fail to make timely green investment in the prior period leads to an increase in carbon risk in the subsequent period due to insufficient necessary expenditures. The research results suggest that green investment can effectively reduce carbon risk, confirming the crucial role of green investment in achieving corporate carbon emission targets. Firms should consider integrating green investment into their environmental investment strategies.

書名頁 ii
論文口試委員審定書 iii
授權書 iv
中文摘要 v
英文摘要 vi
誌謝 vii
目錄 viii
表目錄 x
圖目錄 xi
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究貢獻 7
第四節 研究流程與架構 8
第二章 文獻回顧與假說建立 9
第一節 碳風險之相關文獻 10
第二節 企業投資之相關文獻 13
第三節 資本支出之相關文獻 15
第四節 研究假說建立 16
第三章 研究方法與模型建立 18
第一節 資料來源與樣本選取 18
第二節 實證模型及變數定義 21
第四章 實證結果 25
第一節 敘述性統計 25
第二節 迴歸結果分析 29
第三節 穩健性測試 35
第五章 結論與建議 37
參考文獻 40

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