加密貨幣挖礦之環境資訊揭露對公司價值的影響

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姓名

陳品璇(Pin Hsuan Chen) 查詢紙本館藏

畢業系所

會計研究所

論文名稱

加密貨幣挖礦之環境資訊揭露對公司價值的影響
(The value relevance of firms′ environmental disclosures about cryptocurrency mining)

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至系統瀏覽論文 (2025-7-14以後開放)

摘要(中)

加密貨幣已成為重要的金融工具，然而挖礦活動伴隨而來的環境問題，引起公眾的擔憂和關注，甚至影響投資人的投資決策。公司透過揭露環境資訊，不僅能傳遞積極正向的環保態度，管理公眾形象，還能提升公司價值。本研究以有從事加密貨幣挖礦的美國上市櫃公司為樣本，研究其加密貨幣挖礦之相關環境資訊揭露與公司價值的關聯性。本研究以內容分析法量化報告中所揭露之環境資訊，實證結果發現，若公司有揭露與加密貨幣挖礦有關之環境資訊，其公司價值較其他未揭露的公司高。然進一步分析不同揭露方式對公司價值的影響時，發現不論公司揭露的詳細程度、內容多寡、是否提及時間規劃、是否含有視覺圖像及是否提及額外環境資訊，皆與公司價值無顯著相關。

摘要(英)

Cryptocurrencies have become important financial instruments. However, the environmental issues associated with mining have raised public concerns and attention, even impacts investors’ investment decisions. By disclosing environmental information, companies can not only convey a positive environmental attitude but also manage their public image and enhance their firm value. By using publicly listed US companies engaged in cryptocurrency mining as a sample, this study examines the value relevance of environmental disclosures in 10-K filings of firms that involve in cryptocurrency mining business. Content analysis is used to quantify mining-related environmental disclosures. The empirical results show that companies disclosing environmental information related to cryptocurrency mining have higher firm value compared to those that do not disclose such information. However, additional analysis of the impact of different disclosure methods indicates no significant association between firm value and the level of detail, amount of content, inclusion of time planning, presence of visual images, and existence of additional environmental information.

關鍵字(中)

★ 加密貨幣
★ 環境資訊揭露
★ 公司價值

關鍵字(英)

★ cryptocurrency
★ environmental information disclosure
★ firm value

論文目次

摘要 i
Abstract i
目錄 ii
表目錄 iii
第一章緒論 1
第二章文獻探討與假說建立 3
2.1 加密貨幣概述 3
2.2 加密貨幣所產生的環境問題 4
2.3 環境資訊揭露與公司價值之關聯性 5
2.4 假說建立 8
第三章研究方法 11
3.1 資料來源與樣本選取 11
3.2 環境資訊衡量方式 12
3.2 實證模型與變數衡量 14
1.實證模型 14
2.依變數 17
3.控制變數 17
4.實驗變數 18
第四章實證結果 23
4.1 敘述性統計 23
4.2 相關性檢定 25
4.3 迴歸結果 27
第五章結論與建議 35
5.1 研究結論與貢獻 35
5.2 研究限制與建議 35
附錄 36
參考文獻 37

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指導教授

顏如君(Ju-Chun Yen)

審核日期

2023-7-18

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