氣候曝險與財務報表可讀性之相關性

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鄭元琪(Yuan-Chi Cheng) 查詢紙本館藏

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財務金融學系

論文名稱

氣候曝險與財務報表可讀性之相關性

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至系統瀏覽論文 (2027-6-30以後開放)

摘要(中)

近年來極端氣候事件頻率增強，氣候變遷加重生態系統惡化，使企業更加重視環境保護(Environment)、社會責任(Social)及公司治理(Governance)。本研究針對2001年至2020年期間所發生之氣候曝險對財務報表可讀性之相關性進行研究，並使用Sautner, Van Lent, Vilkov and Zhang (2020)公開之氣候曝險資料，以及Brian Miller個人網站公開之Bog Index資料，以最小平方法(Least Squares Method, OLS)進行分析及探討。實證結果指出，當公司分析師在電話會議中對於氣候變遷風險的關注度上升，會使財務報表可讀性降低。此外，氣候風險越大的公司在財務報表可讀性越低的情況下，雖然不會使公司股票波動度越大，但會使分析師盈利預測越容易出錯。在銀行貸款(Bank Debt)監督的情況下能有效監督公司，公司對於氣候變遷風險的關注度上升，財務報表可讀性亦會提升；氣候曝險越大、財務報表可讀性越低的公司在內部審計委員會監督的情況下，會使分析師盈利預測準確性變高。本文參照Ginglinger and Moreau (2019)使用巴黎協定(POST2015)作為外生變數，進行內生性測試，結果發現巴黎協定(POST2015)亦為一種市場監督機制，使公司讓整體財務報表可讀性增加，進而讓分析師盈利預測準確性變高。

摘要(英)

In recent years, the frequency of extreme climate events has increased, and climate change has aggravated the deterioration of ecosystems. Firms pay more attention to environmental protection, social responsibility and corporate governance (ESG). This study examines the impact of climate exposure on the readability of financial statements from 2001 to 2020. Firm-level climate exposure data published by Sautner, Van Lent, Vilkov and Zhang (2020) and Bog Index data published by Brian Miller′s personal website are used. The Least Squares Method (OLS) is used to analyze the study. The major finding is firms with higher climate risk exposure is associated with lower readability of financial statements. In addition, companies with higher climate risk and less readability of financial statements do not make their stock more volatile, but they do make analysts′ earnings forecasts more likely to be wrong. The company can be effectively monitored under the supervision of Bank Debt, and the company will pay more attention to the risk of climate change, thus improving the readability of financial statements. Companies with higher climate exposure and less readable financial statements, under the oversight of the internal audit committee, tend to make analysts′ earnings forecasts more accurate. Referring to Ginglinger and Moreau (2019), we employ the 2015 Paris agreement as an exogenous event in this paper. The results show that 2015 Paris agreement serves as a market monitoring tool, enabling companies to make overall financial statements more readable. Thus, the accuracy of analysts′ earnings forecast becomes higher.

關鍵字(中)

★ 氣候曝險
★ 氣候變遷
★ 財務報表
★ 財務報表可讀性

關鍵字(英)

論文目次

中文摘要 i
英文摘要 ii
誌謝 iii
目錄 iv
表目錄 vi
一、緒論 1
二、文獻探討 3
2-1 氣候曝險之相關文獻 3
2-2 財務報表可讀性之相關文獻 4
2-3 假說建立 6
三、研究方法與資料 7
3-1 樣本選取與資料來源 7
3-2 變數定義 7
3-2-1 被解釋變數—Bog Index 7
3-2-2 解釋變數—氣候曝險(CC_Exposure) 8
3-2-3 控制變數及固定效果 8
3-2-4 其他變數 11
3-3 實證模型 14
四、實證結果 15
4-1 敘述性統計與相關性分析 15
4-2 實證結果 18
4-2-1 氣候曝險與財務報表可讀性之相關性 18
4-2-2 穩健性測試 20
4-2-3 交乘項分析 24
4-2-4 內、外部監督 27
4-2-5 內生性測試 37
五、結論與建議 42
參考文獻 44

參考文獻

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指導教授

彭淑卿(Shu-Cing Peng)

審核日期

2022-5-31

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