The Impact of Extreme Rainfall on the Market Value and Investment of Listed Companies in Taiwan

NCUIR > School of Management at National Central University > Graduate Institute of Finance > Electronic Thesis & Dissertation > Item 987654321/95161

Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/95161

Title:	The Impact of Extreme Rainfall on the Market Value and Investment of Listed Companies in Taiwan
Authors:	劉重鑫;Liu, Chung-Hsin
Contributors:	財務金融學系
Keywords:	氣候變遷;極端降雨;公司價值;投資策略;台灣上市公司;Climate Change;Extreme Rainfall;Firm Value;Investment Strategy;Listed Company in Taiwan
Date:	2024-07-04
Issue Date:	2024-10-09 16:22:29 (UTC+8)
Publisher:	國立中央大學
Abstract:	近年來，氣候變遷給帶來的許多挑戰，尤其是極端降雨颱風和梅雨季的影響。由於台灣特殊的地理位置關係，容易受到來自太平洋的颱風影響。每年的颱風季節，通常在夏季和初秋（七月至十月），會帶來強風和豪雨，對農業、漁業、基礎設施和人類安全構成重大威脅，這樣的氣候狀況對於各行各業來說都是一個很大的挑戰。由於過往氣候變遷或降雨的文獻大多是與土木工程或水文有關，少有文獻在探討極端氣候對於公司價值及投資策略的影響。本研究旨在了解當企業面臨極端降雨情況時，公司價值和投資行為是否會受到影響。通過分析歷史降雨數據和台灣上市公司的財務信息，研究不同投資策略在應對各種極端降雨情況下所產生的價值。觀察這些公司的市場價值和投資方式，以確定極端降雨是否會影響公司價值，以及是否會導致其投資活動的變化。最後也會分析在面對降雨後，公司作出正確的策略決策是否會增加公司價值。從研究結果發現，企業會根據降雨模式採取不同的投資措施。當面臨過量降雨時，企業會增加投資。相反，在降雨不足的情況下，企業會減少或維持原本的投資。最終，當公司做出正確的投資決策時，其價值顯著增加。這篇研究為極端降雨的氣候變遷提供了初步的研究方向，期望能為台灣產業在應對氣候變遷時做出一份貢獻。;Taiwan has faced many challenges from climate change in recent years, particularly the impacts of extreme weather events such as typhoons and the rainy (plum rain) season. Taiwan’s geographical location makes it susceptible to typhoons from the Pacific Ocean. Each typhoon season, typically in summer and early autumn (from July to October), brings strong winds and heavy rain, posing significant threats to agriculture, fisheries, infrastructure, and human safety, posing challenges for every industry in Taiwan. This study aims to understand whether company value and investment behavior are affected when firms face extreme rainfall by analyzing historical rainfall data and the financial information of publicly listed companies in Taiwan. It will follow differential investment strategies to generate value in response to diverse extreme rainfall conditions. This study will observe these firms’ market valuations and investment patterns to deter- mine if extreme rainfall influences company value and whether it leads to changes in their investment activities. The study will also assess whether making the correct strategic decisions in response to rains increases company value. The results found that companies adopt various hedging measures in response to rain- fall patterns. When facing excess rainfall-departure, companies will increase investments to improve infrastructure and disaster prevention equipment to ensure business continu- ity and reduce losses. In contrast, during deficit rainfall-departure, companies will reduce unnecessary investments and focus resources on drought-resistant measures and water re- source management. Finally, when a company makes the right investment decisions, its value increases significantly.
Appears in Collections:	[Graduate Institute of Finance] Electronic Thesis & Dissertation

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