第五章 結論與建議
第三節 研究限制
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書各國擬降低之碳排放基準才有實現可能。
最後，由於本研究僅針對亞洲地區去做探討，因此倘若能納入其他歐美地區的 樣本資料的話，如此一來，可以比較歐美地區和亞洲地區在節能減碳政策和行動上的 不同以比對最後實證結果的結論。
第三節 研究限制
一、 碳揭露問卷
本研究之減碳投資和環境治理相關資料來自於碳揭露計畫之問卷內容。碳揭露 計畫發展至今約10年左右，目前亞洲地區的企業參加碳揭露問卷的家數相對於其他歐 美地區的企業來說來的低，且各年的受訪企業不完全一致，可能的原因在於企業對於 問卷之答覆常為文字敘述且各年問卷題目並沒有統一性規定，因此降低了企業參加的 誘因，同時也降低了不同年度問卷的可比較性，因此倘若能將問卷的格式和內容統 一，如此一來可以增加企業參加的誘因並且能讓研究者做更廣泛且有深度的研究。
二、 樣本企業數量
因為碳揭露計畫之實施機構為非官方機構，企業是否填答碳揭露問卷完全視其 意願而定，即使完全不填亦無任何處罰，故企業基於避免重要機密資訊外流或其他考 量而選擇性漏填某些問題，而這種情況在亞洲地區較明顯，亞洲地區近年來即便碳揭 露計畫揭露率有不斷的提升，但是仍相較於歐美地區的國家揭露率還是不高，因此在 在進行亞洲地區的研究時，排除漏答問卷問題及財報資料不全之企業後樣本數量減少 許多。
三、 研究方法
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本研究碳揭露問卷列示碳揭露的五個問題（環境治理政策四個問題，再加上環 境治理行動一個問題）、減碳投資、排碳量和所屬產業等資訊作為變數之一，此外，
再配合一些財務變數如：β值、每股盈餘、市價帳面值比、淨利成長率、淨利率、公 司規模和期間為控制變數，以多元迴歸分析後得出第四章之實證結果。因此，本研究 實證結果僅能表示以股票投資報酬和減碳投資、環境治理政策與行動為應變數和自變 數，並將其餘變數當作控制變數，以多元迴歸分析後得出結果之情況下，來推論企業 減碳投資和環境治理對其股票投資報酬的影響。
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