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| Title: | 企業多角化程度與氣候風險之關聯
The Relationship Between Corporate Diversification and Climate Risk |
| Authors: | 沈柏宇
Sheng, Bor-Yeu |
| Contributors: | 翁嘉祥
Weng, Chia-Hsiang
沈柏宇
Sheng, Bor-Yeu |
| Keywords: | 氣候風險
產業多角化
地域多角化
產業屬性
風險分散策略
Climate risk
business diversification
geographic diversification
industry characteristics
risk mitigation strategy |
| Date: | 2025 |
| Issue Date: | 2025-08-04 14:49:56 (UTC+8) |
| Abstract: | 本研究基於氣候相關財務揭露工作小組（TCFD）報告書建議、投資組合理論、資源基礎理論等觀點，構建多角化與氣候風險關係之實證模型，探討企業多角化策略是否有助降低氣候風險，並進一步檢驗高碳產業是否具調節效果。研究以2019至2023年美國S&P 500成分公司為樣本，運用固定效果迴歸模型，分別以環境風險評分（Environment Risk Score）與環境管理缺口分數（Environmental Management Gap）為應變數，衡量產業與地域多角化程度對氣候風險的影響。本研究主要探討：（1）不同類型之多角化策略對氣候風險之效果是否一致？（2）高碳排放產業是否加劇或削弱該關係？
實證結果顯示，地域多角化穩定呈現風險緩解效果，支持其分散區域性氣候衝擊之功能；相對而言，產業多角化與氣候風險則呈正相關。高碳產業多角化之風險調節效果並未獲得支持。本文進一步納入替代變數（1-HHI）、交互項設計與分組檢定，並控制企業固定效果與年度干擾，提升模型識別力，降低樣本異質性與內生性干擾。整體結果具穩健性與理論一致性，顯示企業多角化對氣候風險之效果高度依賴其策略類型與氣候治理能力。
This study examines the relationship between corporate diversification and climate risk, drawing on TCFD guidelines, portfolio theory, and the resource-based view. Using panel data from S&P 500 firms (2019–2023), it explores whether industry and geographic diversification reduce climate risk and whether this relationship is moderated by high-carbon industry status. Fixed-effects regressions are employed with Environment Risk Score and Environmental Management Gap as key dependent variables.
Results indicate that geographic diversification consistently mitigates climate risk,while industry diversification is positively associated with it. No significant moderating effects are found for high-carbon industries. Robustness is confirmed through alternative measures, interaction terms, and subgroup analyses. The findings highlight that the effectiveness of diversification depends on its type, implementation sequence, and the firm’s climate governance capacity, offering practical implications for sustainability strategy and risk management. |
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| Description: | 碩士
國立政治大學
會計學系
112353003 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112353003 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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