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題名：綠色能源產業之價值動因
書刊名：商管科技季刊
作者：張育琳 引用關係／傅鍾仁 引用關係／翁鶴云
作者(外文)：Chang, Yu-lin／Fu, Chung-jen／Weng, Hao-yun
出版日期：2011
卷期：12:1
頁次：頁53-78
主題關鍵詞：綠色能源；選擇權評價模式；國際原油價格；公司價值；Green energy；Optional valuation model；Crude oil price；Firm value
原始連結：連回原系統網址new window
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  • 被引用次數被引用次數:期刊(1) 博士論文(0) 專書(0) 專書論文(0)
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  • 共同引用共同引用:4
  • 點閱點閱:34
本研究因應國際油價飆漲之情勢，以「國際原油價格」與「綠色能源產品比重」做為非會計資訊之替代變數，延伸 Burgstahler and Dichev (1997) 選擇權評價模式概念，逐步探討油價對具綠色能源特質產業公司價值之影響。並以台灣之太陽能及 LED照明應用等兩子產業為對象，試圖建立台灣綠色能源產業之企業評價模型。研究結果顯示，國際原油價格與綠色能源產品比重等兩價值動因會正向影響綠色能源產業之股權評價，且對於產品比重大者影響程度較比重小者顯著。而 2008年的金融海嘯應可視為重要干擾因素之一，在金融海嘯期間，所評估之綠色能源公司價值不受油價之影響，但在非金融海嘯期間，油價對於綠色能源產業公司價值有正向影響。
With the rising up of stock price of green energy industry in recent years, investors should be cautious about whether the stock price reflects firm value reasonably. Due to the pop up of international crude oil price, this study takes “crude oil price” and “relative weight of green energy products” as proxy variables of non-accounting information, extending the concept of Burgstahler and Dichev (1997) optional evaluation model to discuss the effect of crude oil price and relative weight of green energy products on firms value. We take two domestic industries, solar energy and LED, trying to establish the evaluation model of Taiwan green energy industry. The result shows that the impact of oil price and the relative weight of green energy products are found to have positive effects on the firm values of green energy industry. The larger the relative weight of green energy products will positively affect the stock price more than the smaller relative weight of green energy products. Furthermore, the 2008 financial crisis can be one of key interference factors, the crude oil price doesn’t have effect on the firm value of green energy industry during the financial crisis, but it has positive influence during non financial crisis.
期刊論文
1.Dutta, Sunil、Reichelstein, Stefan(2005)。Stock Price, Earnings, and Book Value in Managerial Performance Measures。The Accounting Review，80(4)，1069-1100。  new window
2.Cong, Rong-Gang、Wei, Yi-Ming、Jiao, Jian-Lin、Fan, Ying(2008)。Relationships between Oil Price Shocks and Stock Market: An Empirical Analysis from China。Energy Policy，36(9)，3544-3553。  new window
3.El-Sharif, I.、Brown, D.、Burton, B.、Nixon, B.、Russell, A.(2005)。Evidence on the Nature and Extent of the Relationship between Oil Prices and Equity Values in the UK。Energy Economics，27(6)，819-830。  new window
4.溫麗琪、洪志銘、吳佳勳、李欣蓁、李盈嬌(20100300)。高油價的產業影響及國際競爭力分析。臺灣經濟預測與政策，40(2)，43-85。new window  延伸查詢new window
5.Henriques, I.、Sadorsky, P.(2008)。Oil Prices and the Stock Prices of Alternative Energy Companies。Energy Economics，30(3)，998-1010。  new window
6.Collins, D. W.、Maydew, E. L.、Weiss, I.(1997)。Changes in the Value-relevance of Earnings and Book Value over the past Forty Years。Journal of Accounting and Economics，24(1)，39-67。  new window
7.Basher, S. A.、Sadorsky, P.(2006)。Oil price risk and emerging stock markets。Global Finance Journal，17(2)，224-251。  new window
8.Bryant, L.、Jones, D. A.、Widener, S. K.(2004)。Managing value creation with the firm: an examination of multiple performance measures。Journal of Management Accounting Research，16(1)，107-131。  new window
9.Hughes, K. E. II(2000)。The value relevance of nonfinancial measures of air pollution in the electric utility industry。The Accounting Review，75(2)，209-228。  new window
10.Healy, Paul M.、Palepu, Krishna G.、Ruback, Richard S.(1992)。Does Corporate Performance Improve after Mergers?。Journal of Financial Economics，31(2)，135-175。  new window
11.Francis, Jennifer、Schipper, Katherine(1999)。Have Financial Statements Lost Their Relevance?。Journal of Accounting Research，37(2)，319-352。  new window
12.Barth, M. E.、McNichols, M.(1994)。Estimation and Market Valuation of Environmental Liabilities Relating to Superfund Sites。Journal of Accounting Research，32(S)，177-209。  new window
13.Biddle, G. C.、Bowen, R. M.、Wallace, J. S.(1997)。Does EVA beat earnings? Evidence on associations with stock returns and firm values。Journal of Accounting and Economics，24(3)，301-336。  new window
14.Sadorsky, Perry(1999)。Oil Price Shocks and Stock Market Activity。Energy Economics，21(5)。  new window
15.Burgstahler, David C.、Dichev, Ilia D.(1997)。Earnings, Adaptation and Equity Value。The Accounting Review，72(2)，187-215。  new window
16.Feltham, Gerald A.、Ohlson, James A.(1995)。Valuation and clean surplus accounting for operating and financial activities。Contemporary Accounting Research，11(2)，689-731。  new window
17.Lev, Baruch、Thiagarajan, S. Ramu(1993)。Fundamental Information Analysis。Journal of Accounting Research，31(2)，190-215。  new window
18.Amir, Eli、Lev, Baruch(1996)。Value-relevance of Nonfinancial Information: The Wireless Communications industry。Journal of Accounting and Economics，22(1-3)，3-30。  new window
19.Rajgopal, S.、Venkatachalam, M.、Kotha, S.(2003)。The value relevance of network advantages: The case of e-commerce firms。Journal of Accounting Research，41(1)，135-162。  new window
20.Faff, R. W.、Brailsford, T. J.(1999)。Oil Price Risk and the Australian Stock Market。Journal of Energy Finance and Development，4(1)，69-87。  new window
21.Dhaliwal, D.、Subramanyam, K. R.、Trezevant, R.(1999)。Is comprehensive Income Superior to Net Income as a Measure of Firm Performance?。Journal of Accounting & Economics，26(1-3)，43-67。  new window
22.Ohlson, James A.(1995)。Earnings, Book Values, and Dividends in Equity Valuation。Contemporary Accounting Research，11(2)，661-687。  new window
23.Barth, Mary E.、Beaver, William H.、Landsman, Wayne R.(2001)。The relevance of the value relevance literature for financial accounting standard setting: another view。Journal of Accounting and Economics，31(1-3)，77-104。  new window
24.Lardic, S.、Mignon, V.(2008)。Oil Prices and Economic Activity: An Asymmetric Cointegration Approach。Energy Economics，30(3)，847-855。  new window
25.White, Halbert L. Jr.(1980)。A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity。Econometrica: Journal of the Econometric Society，48(4)，817-838。  new window
26.Lev, Baruch、Zarowin, Paul(1999)。The Boundaries of Financial Reporting and How to Extend Them。Journal of Accounting Research，37(2)，353-385。  new window
27.Barth, M. E.、Beaver, W. H.、Landsman, W. R.(2001)。The relevance of value relevance research。Journal of Accounting and Economics，31(3)，7-104。  new window
28.Hirschey, M.、Richardson, V. J.、Scholz, S. W.(2001)。Value relevance of nonfinancial information: the case of patent data。Review of Quantitative Finance & Accounting，17(3)，223-235。  new window
29.Boyer, M. M.、Filion, D.(2007)。Common and fundamental factors in stock returns of Canadian oil and gas companies。Energy Economics，29(3)，428-453。  new window
30.Jones, C.、Kaul, G.(1996)。Oil and the stock markets。Journal of Finance，51(2)，463-491。  new window
31.Gisser, M.、Goodwin, T. H.(1986)。Crude oil and the macro economy: Tests of some popular notions。Journal of Money, Credit and Banking，18(1)，95-103。  new window
研究報告
1.Brook, A.、Price, R.、Sutherland, D.、Westerlund, N.、Andre, C.(2004)。Oil price developments: Drivers, economic consequences and policy responses。  new window
學位論文
1.Schmitz, A.(2009)。Effect of oil prices on returns to alternative energy investments(碩士論文)。Georgia Institute of Technology。  new window
其他
1.朱賢佳(2008)。庫存下降紐約油價“受驚”首破145美元，http://big5.lrn.cn/miningmarket/miningmarketnews/200807/t20080704_249791.htm， 20080704。  延伸查詢new window
2.Bhat, S.(2008)。Oil prices: the performance and volatility of oil stocks a cross country analysis。  new window
3.Meyer, K. L.(2010)。Literature review on the topic: Influence of oil price on alternative energy companies valuation，http://ssrn.com/abstract=1588160。  new window
 
 
 
 
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