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| Title: | 氣候風險對併購績效之影響
Climate Risk and Merger Performance |
| Authors: | 楊雅涵
Yang, Ya-Han |
| Contributors: | 陳嬿如
Chen, Yenn-Ru
楊雅涵
Yang, Ya-Han |
| Keywords: | 企業併購
氣候風險
併購績效
股東提案
M&As
Climate Risk
Merger Performance
Shareholder Proposals |
| Date: | 2023 |
| Issue Date: | 2023-08-02 12:59:41 (UTC+8) |
| Abstract: | 自《巴黎協定》於2016年11月4日正式生效後，氣候風險已成為企業和投資者的重要關切議題。隨著氣候變化現象的不斷惡化，除了企業須提出解決方案以管理潛在的氣候成本，投資者也需透過其影響力驅動企業之環境改善行為。由於投資者在塑造企業實踐和融資方面具關鍵作用，他們對企業從事氣候相關行動的態度和後續行動也應該被檢視。使用2013年至2015年和2017年至2019年的1,830個美國及歐盟的供應商併購案樣本，我們採用雙重差分法以及文本分析之方式以衡量投資者在《巴黎協定》訂立前後，對供應商併購隱含之氣候風險所產生的態度轉變。實證結果顯示，由具高碳排企業之供應商，相對於低碳排企業之供應商發起的併購交易，其股價產生較差之併購宣告效果。此外，氣候風險較高的併購交易之長期股票報酬率顯著低於風險較低之併購交易，顯示額外的監管成本和氣候變化的不確定性，對氣候風險較高之併購交易產生創造綜效之挑戰。另外，通過研究股東提案的趨勢，我們發現機構投資者在《巴黎協定》訂立之後針對具高碳排企業之供應商的併購後表現，採取相對於低碳排企業之供應商消極之態度。
Using a sample of 1,830 M&As of suppliers from 2013 to 2015 and 2017 to 2019, we examine investor’s reaction toward firm’s M&A and post-merger performance before and after the effectiveness of the Paris Agreement. We employ the text analysis method to measure the climate risk of M&A. The empirical results of the difference in differences (DID) model show that M&As by suppliers with high-carbon-emission customers experience a negative stock market reaction compared to suppliers with low-carbon-emission customers. M&A deals with higher climate risk show significantly poorer post-merger stock returns in the long term compared to M&A deals with lower climate risk, indicating challenges in creating synergies due to the additional regulatory costs and climate change uncertainties. Furthermore, institutional investors are passive toward mergers with suppliers having high-carbon-emission customers compared to those with low-carbon-emission customers, although these deals perform poorly in the long run. |
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| Description: | 碩士
國立政治大學
財務管理學系
110357025 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110357025 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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