臺灣博碩士論文加值系統

本研究分析公開發行公司揭露碳排後之市場反應，收集2005至2022年台灣公開發行公司碳排放量之數據，分析公司揭露碳排放量後，市場投資人對企業揭露碳排放量的看法。本研究探討公司揭露碳排放量之後，市場投資人之反應。本研究採用事件研究法 (Event Study) 來衡量在財務報表公告前後公開發行公司的累積異常報酬 (Cumulative Abnormal Returns, CAR)。本研究發現，相較於沒有揭露碳排的公司，有揭露碳排之公司在財務報表公告前後有較高的累積異常報酬。本研究也發現，公開發行公司有揭露碳排的公司中，公司所揭露的碳排放量與財務報表公告後的累積異常報酬有顯著負向的關連性。

This study explores the market reaction following the disclose of carbon emissions. The data of carbon emissions from Public Listed Companies in Taiwan from 2005 to 2022 are collected to investigate how the investors react to the disclosure of carbon emissions from a firm. The Event Study Method is used in this study to measure the Cumulative Abnormal Returns (CAR) of a firm around the announcement of financial statements. The empirical results document that compared to companies which did not disclose carbon emissions, companies which disclose carbon emissions have higher CAR around the announcements of financial statement. Furthermore, this study also finds that among companies which disclose carbon emissions, the carbon emissions is significant negative correlation with the CAR around the announcement of financial statements, which indicates the carbon emission is considered a negative news for investors.

書名頁…………………………………………………………………………….i
論文口試委員審定書…………………………………………………ii
中文摘要…………………………………………………………………………iii
英文摘要…………………………………………………………………………iv
誌謝……………………………………………………………………………….v
目錄……………………………………………………………………………….vi
表目錄…………………………………………………………………………….vii
圖目錄…………………………………………………………………………….viii
第一章、緒論……………………………………………………………………1
第一節 研究動機與背景………………………1
第二節 研究之重要性………………………………5
第三節 研究目的…………………………………………6
第四節 研究流程與架構…………………………7
第二章、文獻回顧與假說發展…………………………………………9
第一節 公司價值………………………………………………9
第二節 投資人的評價………………………………………11
第三節 台灣法規…………………………………………………13
第四節 假說發展………………………………………………………… 15
第三章、研究設計……………………………………………………………….17
第一節 樣本選取與資料來源……….…………17
第二節 事件研究法…………………………………………18
第三節 研究模型………………………………………………20
第四章、實證結果…….………………………………………………………….27
第一節 敍述性統計量……….……………………………27
第二節 實證結果分析……………………………………… 29
第五章、結論…………………………………………………………………….. 38
參考文獻………………………………………………………………………….. 40

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