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研究生： 櫛部湧人
Kushibe, Yuto
論文名稱： 歐盟Taxonomy法規在日本之實踐
The implementation of the EU Taxonomy in the Japan economy
指導教授： 徐政義
Shiu, Cheng-Yi
口試委員: 徐政義
Shiu, Cheng-Yi
郭維裕
Kuo, Wei-Yu
賴弘能
Lai, Hung-Neng
學位類別： 碩士
Master
系所名稱： 商學院 - 國際經營與貿易學系
Department of International Business
論文出版年： 2024
畢業學年度： 112
語文別： 英文
論文頁數： 31
中文關鍵詞： 永續 、歐盟Taxonomy 、綠色債券 、綠色債券原則 、累積異常報酬 、日本股市反應
外文關鍵詞： Sustainability, EU taxonomy, Green Bond, Green Bond Principle, Cumulative Abnormal Return, Japanese Market Reaction
相關次數： 點閱：39  下載：15 
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    • 這篇論文解釋了歐盟綠色債券和可持續投資分類法的背景和內容。接下來，它闡明了日本環境省為鼓勵發行綠色債券所做的努力以及日本綠色債券發行的實際狀況。
    首先，我將識別促進日本綠色債券的措施。日本已經兩次發布和修訂其綠色債券指導原則。每次修訂，我指出日本的綠色債券發行數量迅速增加。這些修訂使其更加符合綠色債券原則（GBP）。這也表明，綠色債券發行將繼續成為日本有效的融資手段和綠色債券市場的發展。
    為了進一步支持這一點，正在進行實證研究。具體來說，我從日本環境省官方網站上提取了過去三年發行綠色債券的公司，計算每家公司的累積異常報酬（CAR），並檢查日本市場對綠色債券發行的反應。結果顯示，綠色債券發行對日本市場有積極影響。
    基於上述結果，預計未來會有更多公司在日本發行綠色債券。我還討論了引入歐盟分類法以支持綠色債券發行概念的必要性，包括其重要性。

    This paper explains the background and contents of the formulation of EU Taxonomy on green bonds and sustainability investment. Next, it clarifies the efforts of Japan's Ministry of the Environment to encourage the issuance of green bonds and the actual status of green bond issuance in Japan.
    First, I will identify measures to promote green bonds in Japan. Japan has published and revised its Green Bond Guidelines twice. With each revision, I point out that the number of green bond issues in Japan has increased rapidly. These revisions have been made to more closely conform to the Green Bond Principle (GBP). This also points to the possibility that green bond issuance will continue to be an effective means of financing in Japan and the development of the green bond market.
    To further support this, empirical studies are being conducted. Specifically, I extracted companies that have issued green bonds for the past three years from the official website of Japan's Ministry of the Environment, calculated CAR for each, and examined the Japanese market's reaction to green bond issuance. The results revealed that green bond issuance has a positive impact on the Japanese market.
    Based on the above results, it is expected that more companies will issue green bonds in Japan in the future. I also discuss the need to introduce EU Taxonomy to support the concept of green bond issuance, including its significance.

    Table of Contents
    Acknowledgements ⅰ
    摘要 ⅱ
    Abstract ⅲ
    Table of Contents ⅳ
    Index of Tables ⅵ
    Index of Figures ⅵ

    I. Introduction 1
    II. International Trends in Sustainability 1
    1. What is Sustainability ? 1
    2. International Trends in Sustainable Investment 2
    A) International Sustainability Initiatives 2
    B) Sustainable Investment Trends 2
    C) ESG Investment 3

    III. History of the development of EU Taxonomy 4
    1. How EU Taxonomy was developed 4
    2. Overview of EU Taxonomy and EU Green Bond provisions 5
    A) What is EU Taxonomy ? 5
    B)What is EU Green Bond ? 5
    3. Current Status of EU Taxonomy and Green Bond Related Regulations in Japan 7
    A) Comparison of the Development of Green Bonds in Japan and International Trends 7
    B) Positioning of Japanese Green Bond Guidelines 9
    C) Green Bond Issuance Trends in Japan and Revision of Green Bond Guidelines 10

    IV. Examples of EU Taxonomy and Green Bonds 14
    1. Case Study in France 14
    2. Case Study in China 14

    V. Empirical Studies on Stock Prices of Japanese Green Bond Issuers 14
    1. Literature Reviews 14
    2. Market Impact of Japanese Green Bond Issuances 20
    A) About Sample construction 20
    B) Methodology 22
    C) Results 23

    VI. Conclusion 24
    References 26

    Index of Tables:
    Table 1: Comparison of Japanese and International Trends in Green Bonds 8
    Table 2: Sample year of issue and industry breakdown 20
    Table 3: Classification of the use of proceeds from the Green Bond issue in this study 21
    Table 4 : Breakdown of sample by use of four categories 22
    Table 5: Cumulative Abnormal Return for the overall sample and the categorical sample 23
    Table 6: Cumulative Abnormal Return of firms issuing conventional bonds 23

    Index of Figure:
    Figure 1: Green Bond Issuances in Japan 13

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