油價對綠色能源產業公司價值之影響：以台灣與美國為例

The Impact of Oil Price on Firm Value of Green Energy Firms: An Empirical Study of Taiwan and the U.S.

原油價格飆漲的情勢有利於綠色能源產業的發展，為適當評價綠色能源公司股價，有必要深入探討綠色能源產業公司價值與油價之間的關係，故引用Ohlson (1995) 之評價模型，探討非會計資訊－－國際原油價格對台灣與美國之兩個綠色能源產業－－太陽光電及LED 照明應用公司價值之影響。實證結果發現，油價對於台灣與美國之綠色能源產業皆具有價值攸關性，且美國綠色能源公司價值與油價的正向關係顯著高於台灣。另就公司營業特質而言，美國太陽能光電產業其公司價值與油價的正向關係顯著大於LED 照明應用產業，且油價對於美國太陽能光電產業公司價值與LED 公司價值相對的正向影響程度，亦顯著大於台灣。

This paper aims to examine the impact of crude oil price on firm value in two green energy industries, namely solar photovoltaic industry (hereafter, SOLAR) and LED lighting application (hereafter, LED) in Taiwan and the U.S. This paper applies and extends Ohlson (1995)’s valuation model to examine the role of oil price as a pricing factor in the valuation models in two green energy industries between two countries. The empirical results support that oil price has positive association with firm value of green energy industries. The positive relationship between oil price and firm value is different across industries and across countries. Compared with that in LED, the link is more positive in SOLAR only in the U.S. Further, the link is more positive in the U.S. than in Taiwan, especially for the solar industry.