题名

減碳會增加公司價值嗎？兼論高階經理人現金紅利之調節效果

并列篇名

Does Carbon Reduction Add to Firm Value? The Moderating Effect of Top Managers’ Cash Bonus

DOI

10.6538/TAR.2017.1301.01

作者

張育琳(Yu-Lin Chang)

关键词

減碳 ； 公司價值 ； 高階經理人現金紅利 ； carbon reduction ； firm value ； top managers' cash bonus

期刊名称

中華會計學刊

卷期/出版年月

13卷1期（2017 / 07 / 01）

页次

1 - 47

内容语文

繁體中文
中文摘要

企業減碳僅是迫於時勢還是利之所趨？本研究針對台灣上市櫃公司探討高階經理人現金紅利、減碳（碳排放量降低與碳排放密集度降低）與公司價值三者之關係。經控制公司規模、營收成長率、負債比率、上市年數、研發程度等公司特質變數後，實證結果發現，碳排放密集度降低與公司價值（Tobin’s Q與市值）呈顯著正向關係，但碳排放量降低與公司價值卻呈顯著負向關係；另高階經理人現金紅利對於碳排放密集度降低或碳排放量降低與公司價值之關係具有顯著調節效果；最後，現金紅利對於碳排放密集度降低與高碳排放產業公司價值之關係的正向調節效果顯著大於其他產業。
英文摘要

Does firms' carbon reduction only comply with global trends or it can further add value to firms? This study examines the relationship among top managers’ cash bonus, carbon reduction, such as carbon emissions reduction and carbon intensity reduction, and firm value in Taiwan. The empirical results are robust after controlling for firm size, sales growth rate, debt rate, R&D ratio et al. They show the relationship between carbon intensity reduction and firm value is significantly positive. In contrast, the relationship between carbon emissions reduction and firm value is negative. The results also support the contention that top managers’ cash bonus has significant moderating effect on the positive relationship between firm value and carbon intensity reduction and the negative relationship between firm value and carbon emissions reduction. The moderating effect of top managers’ cash bonus on the relationship between firm value and carbon intensity reduction is more positive for firms in the high carbon industries than those in other industries.
主题分类 社會科學 > 財金及會計學
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被引用次数
  1. 劉俊儒,張育琳(2018)。低水電有助於公司績效嗎。管理學報，35(1)，103-136。
  2. 張育琳(2019)。節能減碳、企業綠色環境管理策略與公司績效之關連性。中山管理評論，27(2)，279-326。
  3. (2024)。碳排放量、企業社會責任與公司治理對公司價值之影響。Journal of Data Analysis，19(1)，15-49。
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