公司碳排放對資金成本之影響;The Impacts of Firms’ Carbon Emissions on Cost of Capital

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题名:	公司碳排放對資金成本之影響;The Impacts of Firms’ Carbon Emissions on Cost of Capital
作者:	周姸;Chou, Yan
贡献者:	會計研究所
关键词:	碳排放;負債資金成本;權益資金成本;carbon emission;cost of debt;cost of equity
日期:	2025-08-04
上传时间:	2025-10-17 12:19:03 (UTC+8)
出版者:	國立中央大學
摘要:	近年來，企業的碳排放表現日益受到國際社會的關注，學者們一致認為高碳排放對企業有害，可能會增加營運不確定性及風險，進而使得企業的融資能力受限。本研究即是想探討碳排放在企業籌措資金時所產生的負面影響。本研究使用資料均來自台灣經濟新報(TEJ)資料庫，以台灣2019年至2023年間有揭露碳排放量之上市櫃公司作為研究樣本，分別檢驗碳排放強度對債務資金成本與權益資金成本的影響。實證結果顯示，高碳排放會顯著增加企業的債務資金成本；對權益資金成本的影響並不一致。進一步探討減碳與資金成本之關聯時則發現，企業的減碳行為可以降低權益資金成本，但無法有效減少負債資金成本。然分別檢視範疇一與範疇二減碳行為時，發現範疇一減碳對負債資金成本具顯著負相關，範疇二則仍無顯著關聯。;In recent years, corporate carbon emission performance have attracted increasing attention from the international community. Scholars generally agree that high carbon emissions are detrimental to firms, as they may heighten operational uncertainty and risk, thereby constraining firms’ financing capacity. This study aims to investigate the negative impact of carbon emissions on firms′ ability to raise capital. The data used in this study are all from the TEJ database, the study examines public-listed companies in Taiwan that disclosed their carbon emissions from 2019 to 2023, investigating the effects of carbon emission intensity on the cost of debt and the cost of equity. The empirical results show that higher carbon emissions significantly increase firms′ cost of debt, while the impact on the cost of equity is inconsistent.Additional analysis reveals that carbon reduction behavior can lower the cost of equity, but do not effectively reduce the cost of debt. When separately examining Scope 1 and Scope 2 carbon reduction behavior, the results indicate that Scope 1 carbon reduction is significantly negatively associated with the cost of debt, while Scope 2 carbon reduction remains insignificant.
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