탄소배출정보가 기업가치에 미치는 영향

Abstract

본 연구는 탄소배출량 공시가 기업가치(Tobin-Q)에 미치는 영향을 분석하였고, 또한 탄소배출량 공시의 정보효과를 살펴보고자 공시일 전？후 누적초과수익률을 분석하였다. 분석결과 또한 탄소배출량을 공시한 기업들은 탄소배출량을 미공시한 기업보다 기업가치가 더 낮았다. 그러나 탄소배출량을 공시한 기업들 중 자발적으로 이를 공시한 기업들의 기업가치는 의무적으로 공시한 기업 보다 더 높았으며 탄소배출량을 공시하지 않는 기업들과는 유의한 차이를 보이지 않았다. 마지막으로 탄소배출량 공시특성에 따른 정보 효과를 분석한 결과 미공시 집단에 가장 높은 누적초과수익률을 보였지만 공시기업 중 자발적 공시기업은 의무적 공시기업은 보다 높은 정보효과를 보였다. 본 연구결과 환경공시는 기업가치를 평가하는데 중요한 요인으로 작용하고 있으며, 더 나아가 자발적 환경공시는 기업의 내？외부이해관계자들에게 긍정적인 정보 효과로 작용하여 기업가치 하락을 방지해주고 있음이 확인되었다. [핵심주제어] 환경공시, 자발적 공시, 의무적 공시, 기업가치, 탄소배출량

We studied the information effect of a company taking action on carbon emission and the company’s evaluation by investors in the stock market. We analyzed the effect by comparing companies’ respective value (Tobin-Q) and their action viz-a-viz carbon emission. We chose companies belonging to the stock market from 2011 to 2016. The companies that took action against carbon emission possessed lower market value than the companies that took no action to reduce their carbon footprint. We inferred that companies that actively attempt to reduce their carbon emission were affiliated with the industries that generated a lot of carbon. So they invested to build devices or facilities to decrease their respective carbon emission as per government policy. Further, we compared two types of companies: The first type includes companies that followed carbon emission parameters as enforced by the government. The other type includes companies that showed the opposite trend. However, T=the companies that voluntarily reduced their carbon footprint possessed higher value than those who had to bow only because of government enforcement. Thus, a CEO's voluntary environmental awareness has had a positive effect on the valuation of a company. Moreover, regression analysis showed that the companies with enforced carbon emission notice showed lower company value compared to companies which did nothing to reduce their carbon footprint. We did not find any positive correlation between the companies that voluntarily reduced their carbon emissions and the companies that took no such action. Thus, presence or lack of environmental action by a company is important for how much that company is valued. Furthermore, we found that voluntary environmental action had a positive information effect on external parties as well as prevented the company's value from decreasing. [Key Words] Environmental Notice, Voluntary Notice, Enforced Notice, Company Value Carbon Emission