水風險下企業水資源重大議題揭露之分析

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題名:	水風險下企業水資源重大議題揭露之分析
作者:	黃薇樺;Huang, Wei-Hua
貢獻者:	財務金融學系
關鍵詞:	水風險;重大議題矩陣
日期:	2025-06-24
上傳時間:	2025-10-17 11:58:45 (UTC+8)
出版者:	國立中央大學
摘要:	隨著氣候變遷風險日益加劇，水資源重大議題逐漸成為企業永續治理的重要課題。極端乾旱、降雨不均與水資源配置失衡等現象，對企業營運穩定性與產業供應鏈造成潛在威脅。儘管全球永續揭露規範日益成熟，水資源相關議題在企業永續報告書中的揭露程度仍存在高度差異，顯示企業對水風險之認知與回應策略尚不一致。本研究從水風險因子視角切入企業永續資訊揭露行為，蒐集臺灣2014年至2021年上市櫃企業之永續報告書為研究樣本，並從臺灣氣候變遷推估資訊與調適知識平台（TCCIP）、內政部與台灣經濟新報等資料庫，建立暴露度與脆弱度等風險因子變數。實證模型採用普通最小平方法進行迴歸分析，分別探討水風險因子與SASB準則對企業水資源重視程度及其揭露導向（如偏向利害關係人或營運衝擊）之影響。實證結果顯示，企業對水資源的重視程度與其所處的風險環境密切相關。設址於北部與高人口密度的企業，較重視水資源對於營運衝擊之影響；而屬於高耗水產業及用水強度較高之企業，亦展現較高的重視程度，且在2020至2021年乾旱高峰期效果尤為顯著，驗證水風險敏感度為企業關注水資源議題的重要驅動因子。此外，企業總資產、規模與年齡作為調適能力之變數，在水資源議題位於高重視區域之模型中亦顯示正向的顯著影響，顯示資源充足與治理經驗有助於提升企業水資源之重視程度。然而，SASB準則對揭露行為影響有限，反應現行準則與企業實際揭露行為之間，仍存在一定落差。;As climate change risks intensify, water-related issues have increasingly become a critical dimension of corporate sustainability governance. Phenomena such as extreme droughts, uneven precipitation, and imbalanced water resource allocation pose substantial threats to business continuity and supply chain resilience. Despite the growing maturity of global sustainability disclosure frameworks, the extent of water-related disclosures in corporate sustainability reports remains highly inconsistent, reflecting divergent levels of corporate awareness and strategic responses to water risks. This study examines corporate sustainability disclosure behavior from the perspective of water risk factors. Using sustainability reports published by Taiwanese listed companies from 2014 to 2021, the study constructs firm-level variables representing exposure and vulnerability based on data from the Taiwan Climate Change Projection Information and Adaptation Knowledge Platform (TCCIP), the Ministry of the Interior, and the Taiwan Economic Journal (TEJ). An ordinary least squares (OLS) regression model is employed to analyze the impact of water risk factors and institutional standards—particularly the Sustainability Accounting Standards Board (SASB) guidelines—on firms’ level of attention to water issues and their disclosure orientation (i.e., stakeholder-focused vs. operational impact–focused). The empirical findings reveal that corporate attention to water issues is strongly associated with the surrounding risk environment. Firms headquartered in northern Taiwan and densely populated areas place greater emphasis on the operational impacts of water risks. Additionally, companies operating in water-intensive industries or exhibiting high water usage intensity tend to engage more actively in water-related disclosures, especially during the severe droughts of 2020–2021. These results underscore the importance of water risk sensitivity as a key driver of disclosure. Furthermore, firm-level attributes—such as total assets, size, and age—used as proxies for adaptive capacity, show positive and significant effects in models where water issues are positioned as high-priority topics. This suggests that firms with greater resources and governance experience are more likely to recognize and respond to water risks. However, the influence of the SASB framework on disclosure behavior is limited, indicating a persistent gap between regulatory guidance and actual corporate practices.
顯示於類別:	[財務金融研究所] 博碩士論文

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