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題名：The Impact of Oil Price on Firm Value of Green Energy Firms: An Empirical Study of Taiwan and the U.S.
書刊名：管理學報
作者：張育琳 引用關係／傅鍾仁 引用關係／劉俊儒 引用關係
作者(外文)：Chang, Yu-lin／Fu, Chung-jen／Liu, Chun-ju
出版日期：2013
卷期：30:1
頁次：頁73-98
主題關鍵詞：綠色能源產業；價值攸關性；原油價格；Green energy industry；Value relevance；Oil price
原始連結：連回原系統網址new window
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  • 點閱點閱:29
原油價格飆漲的情勢有利於綠色能源產業的發展，為適當評價綠色能源公司股價，有必要深入探討綠色能源產業公司價值與油價之間的關係，故引用Ohlson（1995）之評價模型，探討非會計資訊－國際原油價格對台灣與美國之兩個綠色能源產業－太陽光電及LED照明應用公司價值之影響。實證結果發現，油價對於台灣與美國之綠色能源產業皆具有價值攸關性，且美國綠色能源公司價值與油價的正向關係顯著高於台灣。另就公司營業特質而言，美國太陽能光電產業其公司價值與油價的正向關係顯著大於LED照明應用產業，且油價對於美國太陽能光電產業公司價值與LED公司價值相對的正向影響程度，亦顯著大於台灣。
This paper aims to examine the impact of crude oil price on firm value in two green energy industries, namely solar photovoltaic industry (hereafter, SOLAR) and LED lighting application (hereafter, LED) in Taiwan and the U.S. This paper applies and extends Ohlson (1995)'s valuation model to examine the role of oil price as a pricing factor in the valuation models in two green energy industries between two countries. The empirical results support that oil price has positive association with firm value of green energy industries. The positive relationship between oil price and firm value is different across industries and across countries. Compared with that in LED, the link is more positive in SOLAR only in the U.S. Further: the link is more positive in the U.S. than in Taiwan, especially for the solar industry.
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研究報告
1.Fernando,C. S.、Sharfman, M. P.、Uysal, V. B.(2009)。Do Investors Want Firms to Be Green? Environmental Performance? Environmental Performance, Ownership and Stock Market Liquidity (Unpublished Manuscript)。University of Oklahoma。  new window
2.Truck, S.(2008)。Oil Price Dynamics and Returns of Renewable Energy Companies (Unpublished Manuscript)。Department of Economics, Macquarie University Sydney, Australia。  new window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
圖書
1.Schaltegger, S.、Mueller, K.、Hindrichsen, H.(1996)。Corporate Environmental Accounting。New York。  new window
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其他
1.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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