本文利用 2016 年生效的《巴黎協定》作為準自然實驗，採用 Difference in Differences 分析框架(Nguyen and Phan (2020))，研究碳風險對台灣重度碳排放產業資本結構的影響。研究結果顯示，相較於輕度碳排放產業，重度碳排放產業在《巴黎協定》生效後降低了財務槓桿。我們還使用隨機優越測試探討碳風險對公司價值的影響，發現無論在重度碳排放和輕度碳排放產業之間，還是產業內部，負債比率較低的企業受影響更大。這些企業可能更敏感，容易受到《巴黎協定》等環境政策變化的影響，導致公司價值波動較大。研究結果為台灣企業制定應對碳風險的融資政策提供了重要參考，有助於減緩重碳排放產業面臨的風險衝擊。

This study uses the Paris Agreement, which came into effect in 2016, as a quasi-natural experiment and employs the Difference in Differences analysis framework (Nguyen and Phan (2020)) to investigate the impact of carbon risk on the capital structure of Taiwan's high carbon emission industries. The results indicate that, compared to low carbon emission industries, high carbon emission industries reduced their financial leverage after the Paris Agreement came into effect.
We also used the stochastic dominance test to explore the impact of carbon risk on firm value. The findings show that firms with lower debt ratios are more significantly affected, regardless of whether they are in high or low carbon emission industries, or within the same industry. These firms are likely more sensitive and more easily impacted by environmental policy changes such as the Paris Agreement, leading to greater fluctuations in firm value. Our findings provide important references for Taiwanese companies in formulating financing policies to address carbon risk, helping to mitigate the risk impacts faced by high carbon emission industries.

1. Ambec, S., & Lanoie, P. (2008). Does it pay to be green? A systematic overview. The Academy of Management Perspectives, 45-62.
2. Angrist, J. D., & Pischke, J.-S. (2009). Mostly harmless econometrics: An empiricist's companion. Princeton university press.
3. Bernardini, E., Di Giampaolo, J., Faiella, I., & Poli, R. (2021). The impact of carbon risk on stock returns: evidence from the European electric utilities. Journal of Sustainable Finance & Investment, 11(1), 1-26.
4. Bolton, P., & Kacperczyk, M. (2021). Do investors care about carbon risk? Journal of financial economics, 142(2), 517-549.
5. Bradley, M., Jarrell, G. A., & Kim, E. H. (1984). On the existence of an optimal capital structure: Theory and evidence. The Journal of Finance, 39(3), 857-878.
6. Chava, S. (2014). Environmental externalities and cost of capital. Management Science, 60(9), 2223-2247.
7. Cook, D. O., & Tang, T. (2010). Macroeconomic conditions and capital structure adjustment speed. Journal of Corporate Finance, 16(1), 73-87.
8. Dionne, G., & Spaeter, S. (2003). Environmental risk and extended liability: The case of green technologies. Journal of Public Economics, 87(5-6), 1025-1060.
9. Dowell, G., Hart, S., & Yeung, B. (2000). Do corporate global environmental standards create or destroy market value? Management Science, 46(8), 1059-1074.
10. Ginglinger, E., & Moreau, Q. (2023). Climate risk and capital structure. Management Science, 69(12), 7492-7516.
11. Graham, J. R. (2003). Taxes and corporate finance: A review. The Review of Financial Studies, 16(4), 1075-1129.
12. Graham, J. R., Leary, M. T., & Roberts, M. R. (2015). A century of capital structure: The leveraging of corporate America. Journal of financial economics, 118(3), 658-683.
13. Jung, J., Herbohn, K., & Clarkson, P. (2018). Carbon risk, carbon risk awareness and the cost of debt financing. Journal of business ethics, 150, 1151-1171.
14. Konar, S., & Cohen, M. A. (2001). Does the market value environmental performance? Review of economics and statistics, 83(2), 281-289.
15. Kraus, A., & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The Journal of Finance, 28(4), 911-922.
16. Leary, M. T., & Roberts, M. R. (2014). Do peer firms affect corporate financial policy? The Journal of Finance, 69(1), 139-178.
17. Lee, S.-Y., & Choi, D.-K. (2021). Does corporate carbon risk management mitigate the cost of debt capital? Evidence from South Korean climate change policies. Emerging Markets Finance and Trade, 57(7), 2138-2151.
18. Matsumura, E. M., Prakash, R., & Vera-Munoz, S. C. (2014). Firm-value effects of carbon emissions and carbon disclosures. The accounting review, 89(2), 695-724.
19. Monasterolo, I., & De Angelis, L. (2020). Blind to carbon risk? An analysis of stock market reaction to the Paris Agreement. Ecological Economics, 170, 106571.
20. Nguyen, J. H., & Phan, H. V. (2020). Carbon risk and corporate capital structure. Journal of Corporate Finance, 64, 101713.
21. Oestreich, A. M., & Tsiakas, I. (2015). Carbon emissions and stock returns: Evidence from the EU Emissions Trading Scheme. Journal of Banking & Finance, 58, 294-308.
22. Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421-1460.
23. Roberts, M. R., & Whited, T. M. (2013). Endogeneity in empirical corporate finance1. In Handbook of the Economics of Finance (Vol. 2, pp. 493-572). Elsevier.
24. Saka, C., & Oshika, T. (2014). Disclosure effects, carbon emissions and corporate value. Sustainability Accounting, Management and Policy Journal, 5(1), 22-45.
25. Scott Jr, J. H. (1976). A theory of optimal capital structure. The bell journal of economics, 33-54.
26. Sharfman, M. P., & Fernando, C. S. (2008). Environmental risk management and the cost of capital. Strategic management journal, 29(6), 569-592.
27. Simintzi, E., Vig, V., & Volpin, P. (2015). Labor protection and leverage. The Review of Financial Studies, 28(2), 561-591.
28. 黃柳南. (2023). 碳風險對企業財務槓桿影響之研究 淡江大學]. 臺灣博碩士論文知識加值系統. 新北市. https://hdl.handle.net/11296/zs3byw