기후변화 위험이 기업 재무성과에 미치는 영향
The Effect of Climate Change Risk on Corporate Financial Performance
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초록
본 연구의 목적은 탄소배출강도로 측정한 기후변화 위험이 기업의 재무성과 즉, 기업가치에 미치는 영향을 검증하고자 하는 데 있다. 아울러, 기업지배구조 수준에 따른 기후변화 위험이 기업가치에 미치는 차별적 영향을 추가로 검증하고자 하였다. 2012년부터 2017년 기간 동안 온실가스·에너지 목표관리 명세서를 제출한 상장기업을 대상으로 기후변화 위험, 즉 기후변화 대응 수준이 기업가치에 미치는 영향을 탄소배출강도와 재무성과 등의 변수들을 활용하여 검증하였다. 분석 결과, 탄소배출량이 적은 기업일수록 재무성과가 높은 것으로 나타났다. 또한, 탄소배출량이 기업 재무성과에 미치는 부정적 영향은 기업지배구조 수준이 높은 기업, 즉 외국인투자자지분율이 높고, 최대주주지분율이 높은 기업, 그리고 사외이사비율이 높은 기업일수록 적게 나타남을 확인하였다. 본 연구의 결과는 기후변화 위험에 대한 적극적 대응은 기업의 선택적 사안이 아닌 새로운 경영의 패러다임으로 자리매김하고 있는 현 시점에서, 기업들의 자발적인 기후변화 대응 노력의 필요성에 대한 실증적인 근거를 제시하였다는 점에서 그 의의가 있다.
Abstract
The purpose of this study is to verify the impact of climate change risk on corporate financial performance as measured by carbon emission intensity. In addition, it was intended to verify the discriminatory impact of climate change risk on firm value according to the level of corporate governance. From 2012 to 2017, the analysis was conducted on samples whose carbon emission information was disclosed to 'Management of Targets for GHGs and Energy' among firms listed on the Korean stock market(KOSPI & KOSDAQ). The results of the analysis are as follows. First, the smaller the carbon emissions, the higher the corporate performance. In addition, the negative impact of carbon emissions on a corporate financial performance was found to be less for corporate with sound governance. Active response efforts to climate change risk have established itself as a paradigm for new management, not as an option for companies. At this point, the results of this study are significant in that provided empirical evidence about the necessity of companies' voluntary efforts to respond to climate change.
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