碳排放對企業財務績效的影響 : 以高階經理人現金紅利為調節變數

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Title:	碳排放對企業財務績效的影響 : 以高階經理人現金紅利為調節變數
Authors:	周郁宸;Chou, Yu-Chen
Contributors:	企業管理學系
Keywords:	碳排放量;高階經理人現金紅利;景氣循環;企業生命週期;Carbon Emissions Levels;Top Managers’ Cash Bonus;Business Cycle;Corporate Life Cycle
Date:	2021-08-11
Issue Date:	2021-12-07 11:49:46 (UTC+8)
Publisher:	國立中央大學
Abstract:	本研究以台灣經濟新報(TEJ)作為數據來源，探討減碳與企業財務績效之關聯性，進而探討以高階經理人現金紅利作為調節效果之變數，激勵經理人推動環保政策，是否將有助於企業財務績效的表現。此外，將區分高、低碳排產業，分析結果差異，並以景氣、企業生命週期為依據分類樣本，討論在不同情況下，現金紅利的調節效果是否有所不同。藉由迴歸分析的結果可得以下結論 : 假說一，在不分類樣本的情況下，企業減少單位成本碳排放量將有助於財務績效的表現，進而分類高、低碳排產業後，發現負相關在高碳排產業呈現顯著關聯性，但低碳排產業則不顯著。假說二，對於高碳排產業來說，現金紅利具有正向調節效果，可作為誘因激勵高階經理人推動環保政策，強化碳排因素與財務績效間的負向關係，優化財務績效的表現 ; 對低碳排產業來說，則會強化碳排因素與財務績效間的正向關係，雖就結果之論述亦是具有正向調節效果，但效果的意義與高碳排產業相反，將對企業財務績效的表現產生反效果。假說三以景氣循環作為分類樣本的依據，然而單以景氣好壞分類樣本，現金紅利的調節效果不明確，因此，本研究進而納入高、低碳排產業分類樣本，結果顯示以高、低碳排產業分類樣本所得到的現金紅利調節效果結論不受景氣好壞而改變。假說四以企業生命週期作為分類樣本的依據，建議若企業希望以現金紅利作為激勵經理人推動環保政策的手段，應判斷自身屬於何種產業類型以及落在何種生命週期，對高碳排產業來說，成長期若資金尚有餘裕，可以考慮以現金紅利作為誘因激勵經理人推動環保政策，或將使財務績效表現更為優異，而成熟期優化財務績效的效果較成長期更為顯著，但衰退期的企業則需另謀他法。對低碳排產業來說，則不論何種時期，都不應採用此種現金紅利的運用方式。 ;This study uses the Taiwan Economic News (TEJ) as a data source to explore the correlation between carbon reduction and corporate financial performance, and then to explore whether the use of high-level managers’ cash dividends as a variable for the adjustment effect and incentives for managers to promote environmental protection policies will help the performance of corporate financial performance. In addition, it will distinguish between high- and low-carbon industries, analyze the differences in results, and classify samples based on the prosperity and business life cycle, and discuss whether the adjustment effect of the cash dividend is different under different circumstances. The following conclusions can be drawn from the results of the regression analysis: Hypothesis 1: Without classifying the samples, the reduction of carbon emissions per unit cost will help the performance of financial performance. After classifying high- and low-carbon industries, it is found that negative Correlation shows significant correlation in high-carbon industries, but not in low-carbon industries. Hypothesis 2 : For high-carbon emission industries, cash dividends have a positive regulatory effect, which can be used as incentives to encourage senior managers to promote environmental protection policies, strengthen the negative relationship between carbon emission factors and financial performance, and optimize financial performance; For low-carbon industries, it will strengthen the positive relationship between carbon emission factors and financial performance. Although the results have a positive regulatory effect, the effect is opposite to that of high-carbon industries, and will have an impact on corporate finances. The performance of performance is counterproductive. Hypothesis 3 uses the business cycle as the basis for the classification of samples. However, the adjustment effect of cash dividends is not clear if the samples are classified based on the good or bad economy. Therefore, this study further included the classification samples of high and low carbon emission industries. The conclusion on the adjustment effect of cash dividends obtained from the sample industry classification is not subject to changes in the economy. Hypothesis 4 uses the corporate life cycle as the basis for the classification of sample. It is recommended that if a company wants to use cash dividends as a means to motivate managers to promote environmental protection policies, it should determine what type of industry it belongs to and what life cycle it is. In other words, if there is still enough funds in the growth period, cash dividends can be considered as an incentive to encourage managers to promote environmental protection policies, or it will make financial performance better, and the effect of optimizing financial performance in the mature period is more significant than in the growth period. But companies in recession need to find another way. For low-carbon industries, this kind of cash dividend should not be used regardless of the period.
Appears in Collections:	[Graduate Institute of Business Administration] Electronic Thesis & Dissertation

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