우리나라 제조기업의 온실가스배출 정보 공시가 기업가치에 미치는 영향
The Impact of Public Disclosure of Greenhouse Gas Emissions on Corporate Value
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본 연구의 목적은 우리나라 제조기업의 온실가스배출 정보 공시가 기업가치에 미치는 영향을 분석함에 있다. 본 연구는 온실가스종합정보센터(www.gir.go.kr)에 공시되어 있는 2011년부터 2015년까지 5년 동안 온실가스배출량(단위: tCO₂eq)과 에너지사용량(TJ), 금융감독원 전자공시시스템(https://dart.fss.or.kr/), 한국신용평가㈜의 KIS-VALUE, 한국상장기업협의회의 TS2000 등의 재무자료를 수집하고 분석 가능한 표본기업 92개를 추출하였다. 본 연구 결과는 다음과 같다. 첫째, 온실가스배출 유발요인이 낮을수록 기업가치가 높다는 사실을 발견하였다. 이는 온실가스배출량이 낮을수록 기업가치가 높아지며, 에너지사용량이 낮을수록 기업가치가 높아진다는 실증을보여주는 것으로 온실가스배출 유발요인을 낮추어야 한다는 점을 시사하고 있다. 둘째, 온실가스배출 저감요인이 높을수록 기업가치가 높다는 사실을 발견하였다. 온실가스감축성과가 높을수록 기업가치가 높아지며, 신재생에너지 투자활동이 활발할수록 기업가치가 높아진다는 실증을 한 것으로 온실가스배출 저감요인을 높여야 한다는 점을 시사하고 있다. 셋째, 수출을 많이 하는 기업일수록 온실가스배출 정보 공시가 기업가치에 유의한 양(+)의 영향을 미치고 있음을 밝혔다. 이는 수출지향적 사업모델을 가진 기업이 온실가스배출 정보를 적극 공시한다는 시사점을 주고 있다. 넷째, 외국인투자자지분을 높게 보유한 기업일수록 온실가스배출 정보 공시가 기업가치에 유의한양(+)의 영향을 미치고 있음을 발견하였다. 이는 우리나라 기업에 투자하는 외국인투자자가 온실가스배출 정보에 관심도가 높음을 의미한다. 국제환경규범을 준수하는 기업이 기후변화에 적절히 대응하는 것으로 여겨 투자 의사결정에 긍정적 영향을 미친다는 의미이다. 즉 해외 투자자로부터 지분투자를 받는 국내 기업이 온실가스배출 정보를 적극 공시한다는 시사점을 주고 있다. 최근 기업의 온실가스배출이 기업가치 또는 재무성과에 미치는 영향에 대한 연구가 미국이나 유럽, 호주 등 선진국 시장을 중심으로 활발히 진행되고 있다. 본 연구 결과는 우리나라도 이들 선행연구를 지지하는지 판단하는 연구공헌이 있다. 그리고 우리나라의 제품을 수입하는 선진국이나 국내 기업에 투자하는 외국인은 온실가스에 관심이 많다. 본 연구는 해외에 수출하거나 지분투자를받는 국내 기업에 환경경영의 중요성을 보여주는 연구공헌을 하고 있다.
Abstract
Republic of Korea was originally exempt from the reduction obligation of greenhouse gas emission up until 2020, in agreement with Kyoto Protocol outlined in 1997. However, in accordance with the Paris Climate Accord (Paris Agreement) in 2015, as the 7th ranking nation in global greenhouse gas emission, the Korean government proposed a plan to UFCCC(United Nations Framework Convention on Climate Change) to reduce its emission by 37% over its carbon emission forecast(business as usual: BAU), by the end of year 2030. Of the proposed reduction rate, 11.3% will be offset by overseas reduction efforts and purchasing permits from emission trading market while the other 25.7% will have to be achieved through domestic GHG reduction efforts, which includes promoting alternative energy industries, assisting companies in shifting to low carbon industry model, and increasing carbon emission reduction options through technological developments. In light of the changing environment, we deem it necessary to examine the effect the disclosure of carbon emission data has on the value of the firms employing energy target management system and climate change response policy. Amidst the growing public interest in the GHG emission and climate change, we have substantiated the correlation between the voluntarily disclosed carbon gas emission data from companies and its company values, and further take on significance in the fact that these findings have been presented to the interested parties. We have sampled and analyzed 92 companies using data for the period of 2011 to 2015, that are available to the public on GHG General Information Center(www.gir.go.kr), such as greenhouse gas emission(units: tCO2eq), energy consumption(TJ), the electronic disclosure system used by Financial Supervisory Service, KIS-VALUE employed by NICE Information Service Co., LTD. andTS2000 used by Korea Listed Companies Association. The conclusion of our study is as follows. First, we find that firms with lower greenhouse gas emission accelerating factors have higher firm values. We find implication in the fact that the lower the GHG emission and energy consumption, the higher the firm values, which indicates the need to reduce the factors that accelerate climate change. Second, we find that firms with higher greenhouse gas emission mitigating factors have higher firm values. We observe that companies successful in employing GHG reduction policy and active in investing in bio-energy division have higher firm values, an implication which also emphasizes the need to increase the factors that mitigate climate change. Third, there is a positive association between exporting companies that disclose their carbon emission data and their firm values. This finding suggests that firms planning to adopt export-oriented business model must also readily respond to the environmental issues, especially related to that of GHG emission. Fourth, we find that enterprises with higher foreign investor shares correlate positively with higher company values when disclosing voluntarily their carbon emission data. This signifies that foreigners investing in Korean firms are highly interested in GHG emission and its environmental impact. They consider companies abiding by international environmental standards as appropriately responding to climate change, which in turn positively affect their investment decision. Hence, it implies that domestic companies with foreign investment shares are more actively disclosing their carbon emission data.
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