기후변화 요인이 재무성과 및 이해관계자 평가에 미치는 영향
Impact of Climate Change Factors on Financial Performance and Stakeholder Evaluation
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글로벌 자본시장은 기후변화 위험에 따른 금융위기를 ‘그린스완(green swan)’으로 정의하고 회피불가능하지만 높은 수준의 확실성을 가지고 있는 예측할 수 있는 ‘체계적 위험’으로 간주하고 있다. 이러한 기후위험의 핵심요소는 온실가스(GHG)로 2022년 국제지속가능성기준위원회(ISSB)는 지속가능성 공시기준 공개를 통해 온실가스 배출량을 공시하도록 공표한 바 있다. 본 연구는 국가온실가스종합관리시스템(NGMS)의 DB를 이용하여 의무공시하는 기업을 대상으로 온실가스 배출량이 기업의 재무성과에 미치는 영향과 이해관계자들이 온실가스 배출량을 정보로서 인식하고 평가에 반영하고 있는지를 온실가스 저감과 자발적 공시 여부를 이용하여 실증분석한다. 분석결과, 온실가스 배출은 기업의 재무성과 제고 측면에서 영업활동에 주안점을 두고 반드시 관리되어야 할 항목임을 확인하였다. 또한, 이해관계자들이 온실가스 배출량을 기후변화 위험과 기회의 정보로 인식하고 기업 평가에 반영하고 있는 것으로 나타났다. 이러한 결과는 상장기업과 비상장기업에 따라 일부 차이가 있으며, 온실가스 저감과 자발적 공시 여부에 따라 유의미한 차이가 있는 것으로 확인되었다. 기후변화 노력이 더욱 가속화되는 상황을 고려할 때 본 연구의 결과는 기후 관련 정보가 점차 이해관계자들의 투자 판단 지표로 확립될 것임을 시사한다.
Abstract
The global capital market defines the financial crisis due to climate change risk as a ‘green swan’ and regards it as an unavoidable but predictable ‘systematic risk’ with a high level of certainty. A key element of climate risk is greenhouse gases(GHG), and in 2022, the International Sustainability Standards Board (ISSB) announced that greenhouse gas emissions should be disclosed through an exposure draft of sustainability disclosure standards. This study empirically analyzes the impact of greenhouse gas emissions on the financial performance of the company and the evaluation of stakeholders, targeting companies that are obligated to disclose the DB of NGMS, using greenhouse gas reduction and voluntary disclosure. As a result of the analysis, it was confirmed that greenhouse gas emissions are an item that must be managed with a focus on business activities in terms of improving the company’s financial performance. In addition, it was found that stakeholders recognized greenhouse gas as information on climate change risks and opportunities and reflected it in corporate evaluation. These results show that there are some differences between listed and unlisted companies, and there are significant differences according to greenhouse gas reduction and voluntary disclosure. Considering the situation in which climate change efforts are accelerating, the results of this study suggest that climate-related information will gradually be established as an indicator for stakeholders’ judgment as investment information.
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