TCFD기반 위험관리가 기업가치 및 자본비용에 미치는 영향

This paper empirically analyzed how TCFD-based risk management, focused on climate change, is related to firm value and the cost of debt. For this analysis, a sample was selected from companies listed on the securities market, and the analysis period was set from 2021, when the first TCFD-applied reports were published, to 2023. The empirical analysis results of this study are summarized as follows. First, it was observed that there is a positive (+) relationship between TCFD-based risk management and corporate value. In other words, companies that manage climate change-related risks according to the TCFD recommendations and publish sustainability reports had higher firm value compared to those that did not. Second, it was observed that there is a negative (-) relationship between TCFD-based risk management and the cost of debt. This result shows that companies managing environmental risks based on TCFD have relatively lower costs of debt compared to those that do not. Additionally, we analyzed the case of applying TCFD using scenario analysis and the case of applying both SASB and TCFD standards. The results, consistent with the main analysis, showed a positive (+) relationship with corporate value and a negative (-) relationship with the cost of debt.