參與碳揭露計畫對企業市場價值與經營績效之影響：以海洋運輸產業為例

The Impact of Participating Carbon Disclosure Project on Enterprise Market Value and Operational Performance: Evidence from Marine Transportation Industry

本研究分別應用事件研究法、持有期間法與差額變數模式資料包絡分析法（Slacks-Based Measure-Data Envelopment Analysis, SBM-DEA）估計海洋運輸企業宣告參與碳揭露計畫（Carbon Disclosure Project, CDP）的短期異常報酬，以及參與CDP後的企業股價報酬與經營效率值的改變，評估參與CDP對於海洋運輸企業市場價值與經營效率的影響。實證結果發現，海洋運輸企業宣告參與CDP時沒有顯著為正的異常報酬，因此不構成促使企業參與CDP的誘因。但是，參與CDP並確實執行CDP的要求事項，對企業的市場價值大約在第三年會有顯著的正向影響。同時，參與CDP並確實執行CDP要求事項的企業在一年後經營效率值會顯著提高。這些結果表示，海洋運輸企業參與CDP後，必須確實執行CDP要求的問卷繳交與揭露事項，這樣才能在確知企業本身存在問題的情況下，經由CDP所提供建議改善企業本身的碳排放問題，這個過程能改善經營績效並提高企業的市場價值，僅僅是宣告參加CDP，卻沒有落實CDP的要求，對企業不會有任何利益。

This study uses Event Study, Buy-and-Hold Approach and Slacks-based Measure-Data Envelopment Analysis (SBM-DEA) to estimate that ocean transportation companies have announced their participation in carbon disclosure projects (CDP) short-term abnormal return, and the company's stock price return and operating efficiency value changes after participating in CDP, to evaluate the impact of participating in CDP on the market value and operating efficiency of ocean transportation companies. The empirical results show that there is no significant positive abnormal return when the ocean transportation company declares to participate in the CDP, soit does not constitute an incentive for the company to participate in the CDP. However, participating in the CDP and actually implementing the requirements of the CDP will have a significant positive impact on the company's market value in about the thirdyear. At the same time, companies that participate in the CDP and actually implement the requirements of the CDP will have a significant increase in operating efficiency after one year. These results show that after participating in the CDP, the ocean transportation company must actually implement the questionnaire submission and disclosure required by the CDP, so that it can improve the carbon emission problem of the company itself through the suggestions provided by the CDP when it is sure that the company itself has problems. The process can improve business performance and increase the market value of the enterprise. It will not have any benefits for the enterprise if it only declares to participate in the CDP but fails to implement the requirements of the CDP.