綠色潮流對台灣紡織產業股價影響分析

Abstract

本研究針對近年來國際間環保意識高漲，企業社會責任及永續經營受到重視，選定紡織業以及三個和國際環保相關的事件日，探討是否對台灣紡織產業股票市場的報酬與波動造成影響；紡織業為台灣經歷過紅色供應鏈的產業，同樣也是製程及產品會對環境造成高汙染的產業，以創新及客製化的服務滿足國際品牌大廠的要求，並且有著相依的關係，綠色和平組織針對國際品牌抽驗並提出時尚去毒的限期改善，因此，本論文以台灣2014年至2015年14間上市的紡織供應鏈公司為樣本，採用事件日研究法及單因子ANOVA分析探討異常報酬及其顯著性。 研究結果歸納發現正面環境相關事件日(世足賽採用台灣紡織廠代工的環保球衣)會對紡織業股價造成正面顯著異常報酬，而負面環境相關事件日(綠色和平組織號召38國科學家在馬德里宣告禁用氟化物以及綠色和平組織在歐洲偏遠山區驗出氟化物殘留)會產生負面顯著異常報酬，反應時間僅為當日反應，符合效率市場假說，另外對負面事件的異常報酬並不比正面事件顯著，顯示投資者仍對紡織類股充滿信心，未產生展望理論中提及的損失嫌惡，而正面事件中，世足賽主要為Nike及Addidas品牌供應，由台灣代工，使Nike及Addidas供應鏈較其他品牌顯著，綠色和平組織對國際品牌提出去毒需求，經ANOVA單因子分析得知，成衣業的負向異常報酬較其他非成衣業顯著。現今台灣投資者注重企業社會責任及永續經營，企業的綠色形象儼然已成為投資人選定投資標的的指標，同時台灣紡織業身為國際品牌大廠的主要供應商，無論與品牌正面與負面的消息，股價均受到影響，說明台灣與國際品牌大廠密不可分的關係。

Considering the rise of global environmental consciousness on corporate social responsibility and sustainable operation, this study verifies the correlation between 3 environment-related events from 2014 to 2015 and abnormal returns on 14 public company samples in Taiwan textile industry. Taiwan textile industry, which survived from the threat of red supplier chain, recently faces the challenge to fulfill the demand of green products.

The finding of the research indicates that positive environmental related event induce positive abnormal returns as regards the stock price of textile industry. On the other hand, negative events induce negative abnormal returns as to its stock price. The reaction time is merely one day, which supports efficient market theory. Inconsistence with the loss aversion mentioned in prospect theory, the investors still have faith on textile industry even in negative event. Hence, abnormal return in negative event is not as obvious as that in positive one. In negative event that green peace organization strongly requests famous international brands like Nike, Addidas, UA, etc., to de-toxic in clothing by 2020, the impact on clothing industry is more intense than others. To conclude in short, (1) the investors pay more attention to Corporate Social Responsibility, and they will purchase the stocks due to the company adopting green policy. (2) Regardless of positive or negative international environment-related event, they all affect the stock price of textile industry and lead to abnormal returns, which reveal that Taiwan has close relationship with international famous cloth brands.