기후변화 위험이 환경․원가효율성에 미치는 영향

[Purpose] The purpose of this study is to investigate the environmental and cost efficiency of climate change risk factors measured by carbon emissions, i.e. the effect on the firm’s value. In addition, the purpose of this study is to verify the effectiveness of the emission trading system. [Methodology] From 2012 to 2017, the analysis was conducted on samples whose carbon emission information was disclosed as targets of ‘Management of Targets for GHGs and Energy’ and the ‘Emission Trading System’ among firms listed on the Korean stock market(KOSPI & KOSDAQ). The climate change risk was measured by dividing carbon emissions by sales, and the environmental and cost efficiency was measured by the DEA model. [Findings] The empirical results are summarized as follows. We find that, first, firms with high carbon emissions showed low environmental and cost efficiency. Second, environmental and cost efficiency has improved since the implementation of the emission trading system. Third, after the implementation of the emission trading system, the negative impact of carbon emissions on environmental cost efficiency was less. In addition, firms with high carbon emissions have shown greater improvement in environmental and cost efficiency by implementing the emission trading system. [Implications] The results of this study provide various useful implications to the academia, industry and regulatory authority. First of all, it is important to note that it provides a rationale for demonstrating that the climate change risk factors are determinants of firm’s value in Korean capital market. In addition, this study provided empirical evidences on why firm’s active reactive activities according to the climate change is essential for sustainable development. It is also expected to be significant in that it provided a empirical evidences for the effectiveness of the implementation of the emission trading system by verifying the effect of the system.