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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/146292
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/146292

    Title: 企業永續策略與發展:挑戰與機會 - 以台泥為例
    Corporate Sustainability Strategy and Development: Challenges and Opportunities - A Case Study of Taiwan Cement Corporation
    Authors: 韓郁青
    Han, Yu-Ching
    Contributors: 李志宏
    Lee, Jie-Haun
    Han, Yu-Ching
    Keywords: 永續策略
    Sustainability strategy
    Corporate sustainability
    Risk management
    Corporate transformation
    Cement industry
    Date: 2023
    Issue Date: 2023-08-02 13:00:53 (UTC+8)
    Abstract: 在永續趨勢下,全球各國紛紛推行政策,督促企業減少二氧化碳排放並積極發展再生能源。降低碳排需要花費額外成本,包括購置節能設備或投資減碳技術。此外,再生能源的取得也是企業減碳面臨的難題。如今,永續轉型已成為攸關企業存活的重大事件。然而,永續轉型的過程中,機會與風險並存。
    Under the global trend of sustainability, countries worldwide have implemented policies to urge businesses to reduce carbon dioxide emissions and actively develop renewable energy sources. Reducing carbon emissions requires additional costs, including investing in energy-saving equipment or adopting carbon reduction technologies. Moreover, acquiring renewable energy sources is also a challenge for businesses aiming to reduce carbon emissions. Sustainable transformation has now become a crucial event for the survival of companies. However, in the process of sustainable transformation, opportunities and risks coexist.
    This study selected Taiwan Cement as a case study to explore opportunities for development in the high-carbon emission cement industry amidst the sustainability trend, as well as to analyze the risks associated with these opportunities. Through the case analysis, Taiwan Cement has responded to the limitations of carbon reduction in its core business by adhering to policies and investing in renewable energy sources to offset the carbon emissions. They have identified investment opportunities in the energy storage and battery sectors, driven by the trend of renewable energy development. By entering these two fields through investments and mergers, Taiwan Cement`s sustainable transformation has taken shape.
    According to the TCFD risk framework, Taiwan Cement may face four major risks: policy, technology, market, and reputational risks. Additionally, based on Taiwan Ratings’s report in 2021, if net debt to EBITDA exceeds 3.5 times for one to two consecutive years, there is a risk of credit rating downgrade. Therefore, Taiwan Cement should focus on reducing its debt while slowing down investments in the energy storage sector and increasing investments in renewable energy. This approach aims to maintain the progress of the sustainability transition. By doing so, the company can avoid significant declines in earnings per share or negative impacts on investor confidence in the event of adverse business conditions and credit rating downgrades. It will also ensure stable fundraising capacity and financing costs. Although this approach may reduce the ability to seize opportunities, it allows Taiwan Cement to strike a balance among risks, opportunities, and sustainability transformation, ultimately achieving its sustainable business goals. The company should consider these factors comprehensively and develop appropriate strategies to ensure continued development and successful sustainability transformation in the face of an uncertain environment.
    Reference: 一、中文參考資料
    中國時報(2019),台泥代燒垃圾 花蓮和平村抗議,https://e-info.org.tw/node/218216,擷取日期:2023年4月15日。
    花孟璟(2020),全國首例「水泥廠燒垃圾」! 環團要求台泥重做焚化爐環評,https://news.ltn.com.tw/news/Hualien/breakingnews/3159690,擷取日期:2023年4月15日。
    臺灣水泥股份有限公司(2022),2022 年第三季法人說明會,https://media.taiwancement.com/web_tcc/tw/report/investors/111%203Q%20%E6%B3%95%E8%AA%AA%E6%9C%83%E4%B8%AD%E6%96%87%E7%89%88.pdf,擷取日期:2023年4月20日。

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    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0110357034
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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