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배출권거래제 할당기업의 ESG 평가와 기업가치의 관계 연구

A Study on the Relationship between ESG Evaluation and Corporate Value of Companies Allocated in the Emissions Trading Scheme

신동훈|심선택
(사)위기관리이론과실천 (Crisis and Emergency Management: Theory and Praxis)|2024.02|Crisisonomy|제20권 제2호|pp. 115-132|DOI https://doi.org/10.14251/crisisonomy.2024.20.2.115

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키워드

배출권거래제ESG ratingESG 평가emissions trading system기업가치(Tobin-Q)목표관리제corporate value (Tobin-Q)target management system

초록

본 연구는 한국의 탄소배출 넷제로를 위한 환경정책 수단인 탄소 배출권거래제가 기업가치에 미치는영향을 분석하고자 하였다. 이를 위해 배출권거래제의 목표관리제 시행기간인 2011년부터 2022년까지의제1차~제3차 계획기간 동안에 할당된 국내 유가증권시장 상장기업 214개를 표본으로 선정하였다. 기업의 재무데이터와 한국ESG기준원(KCGS)에서 평가한 환경(E), 사회(S), 지배구조(G) 평가 등급을 활용하여 Tobin-Q(기업 가치)에 주는 영향을 실증적으로 검토하였다. 또한, 배출권거래제의 각 계획기간이기업가치에 미치는 영향에 대한 분석도 병행하였다. 분석결과에 의하면 탄소 배출권거래제를 시행하면서 할당된 기업들의 환경(E), 사회(S), 지배구조(G) 평가 점수는 기업가치와 유의미한 양(+)의 관계를보였다. 즉, E, S, G 각각의 평가 점수가 높은 기업일수록 기업가치가 상승하는 경향을 확인할 수 있었다. 그러나 배출권거래제의 각 계획기간, 목표관리제 시행기간과 1차부터 3차 계획기간이 기업가치에 미치는 영향은 통계적으로 유의미하다고 보기 어려웠다. 이 결과는 각 계획기간에 따라 기업가치에 미치는영향이 달라질 수 있음을 시사하며, 이에 대한 추가적인 연구의 필요성을 제시하였다.

Abstract

This research analyzed the impact of Korea's carbon emission trading system, a policy tool for net-zero carbon emissions, on corporate value. We selected 214 listed companies from 2011 to 2022, assigned to the management period and the 1-3 planning periods of the emission trading system, as samples. Using financial data and ESG ratings, we empirically analyzed their impact on corporate value, but found no significant effect from each planning period of the emission trading system. However, we found a positive correlation between high ESG ratings and increased corporate value, suggesting that the impact on corporate value may vary depending on the planning period and further research is needed. In a simplified form, the study analyzed the impact of the carbon emission trading system on corporate value and found that companies with higher ESG ratings tended to have increased value. However, the impact of each planning period of the trading system on corporate value was unclear, indicating that the effects may vary by planning period and further research is necessary.

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