碳排放量對企業股價影響之初探研究

The Initial Exploratory Research on the Influence of Carbon Emission to Stock Price

本論文係對台灣2012 至2014 年向彭博（Bloomberg）揭露碳排放量的上市(櫃)公司進行碳排放量對股價的實證研究，發現碳排放量與股價為負相關但不顯著；另將樣本區分為台灣50 及非台灣50 指數成分股，實證結果均不顯著；依環境、社會與公司治理揭露的品質分數評估，分數較高的群組，其碳排放量愈高則股價愈低，惟不顯著；上述結果與美國及加拿大成分股公司呈顯著負相關的結論並不一致（Griffin, Lont, and Sun,2011），其主要原因可能為台灣資本市場較不受國際大型投資機構所關注，故投資者並未將碳排放量資訊反映於股價上；惟若以製造業及非製造業兩群組進行分析，則發現製造業的碳排放量與股價為顯著負相關，且與對美加成分股的實證結果較趨一致，投資者對高碳排放的製造業公司仍較關注碳排放量的資訊，並反映於股價上。

This paper performs the empirical study on the carbon emissions to the stock price for the listed and OTC companies in Taiwan disclosing carbon emissions to Bloomberg from 2012 to 2014. The result shows that carbon emissions are negatively correlated to the stock price but the impact is not significant. The samples are then grouped into Taiwan 50 and non Taiwan 50 index components and the empirical result shows that both grouping also have insignificant impact. ESG score is assessed based on the disclosure quality of environmental, social and corporate governance. For those groups with higher scores, the stock price will be lower but with no significant if its carbon emissions is higher. The empirical results above are not consistent with the conclusions that carbon emissions have significant negatively correlated with stock price from using the samples listed in S&P 500 and TSE 200 (Griffin, Lont, and Sun, 2011). The main reason could be due to the capital market in Taiwan is relatively less concerned by large international investor organizations. Hence, investors do not reflect the carbon emission information on the stock price. However, if analyze based on the grouping of manufacture industries and non-manufacture industries, the carbon emissions of the manufacturing companies have significantly negative impact on the stock price, which is more consistent with Griffin’s empirical result. The investors are relatively more concern on the carbon emissions information for the corporate in manufacture industries and this will reflect in the stock price.