온실가스감축실적과 기업가치 관련성에 대한 연구

[Purpose]This paper verified how the non－accounting information of Energy intensity reduction performance, GreenHouse Gas(GHG) emission reduction performance and carbon intensity reduction performance with the GHG reduction performance have an effect on the value of the enterprise. [Methodology]According to the analysis of data for the previous and latter periods of 2015 on the introduction of the Emission Trading Scheme by companies subject to regulations on the greenhouse gas and energy target management system disclosed in the national greenhouse gas comprehensive system. [Findings]The reduction performance of energy intensity and GHG emissions over the entire period showed a significant positive impact on the company's value. When comparing before and after the emission trading scheme, the GHG emission reduction performance after the emission trading scheme was not significantly affected on the corporate value. The reduction performance of carbon intensity does not have a statistically significant impact on corporate value for both the whole period and before and after the emission trading system was implemented. [Implications]In order to reduce carbon intensity, the use of renewable energy should be activated to use a lot of renewable energy, so that energy reduction is high, carbon intensity are low, and thus the increase in corporate value increase. During the first emission rights plan period, the emission rights were allocated 100% free of charge to the target companies, so the GHG emission performance was rather insignificant and the effectiveness of the system may have been weak. In the future, related regulations should be maintained so that the emission trading system can work effectively through continuous monitoring even during the second emission right planning period.