「綠」蘋果毒害大？綠電使用與台灣蘋果供應鏈之財務績效關係

Abstract

隨著全球減碳政策與 ESG 投資趨勢的推動，能源轉型已成為一個不可忽視的話題。蘋果公司（Apple Inc.）已將 100%再生能源使用納入供應商行為準則，促使供應鏈企業積極進行綠色轉型。但礙於目前綠電取得成本高昂，企業可能面臨財務績效下降的風險，因此本研究以台灣蘋果供應鏈企業為對象，透過固定效應模型與線性回歸進行實證分析，探討綠電使用佔總能耗比（RE）的提升對財務績效的影響。所以「綠」蘋果會毒害財務績效嗎？根據本研究結果顯示：在能耗相對較低的下游組裝代工業中，RE的提升對於ROA其實具有正向影響，且呈現U型曲線的關係，亦即隨著使用量的提升會使ROA由下降轉為上升，在遞延後的數據中，依然能看到相同結果；而TQ在各樣本群中均看不出顯著相關性，說明市場對於綠電使用帶來的營運成本與潛在效益尚未形成一致的預期，仍處於觀望階段，尚未即時反映於企業估值之中。

本研究貢獻在於揭示綠電轉型對財務績效具產業差異性與時效性，並呼籲企業應積極回應外部永續壓力，強化與利害關係人溝通、優化能源成本控管，以兼顧法遵與競爭力，實現綠色轉型下的財務穩健與市場信任。

Amid the global push for carbon reduction policies and the rise of ESG investment trends, energy transition has emerged as an increasingly critical issue. Apple Inc. has incorporated the use of 100% renewable energy into its Supplier Code of Conduct, compelling its supply chain partners to undergo green transformation. However, due to the high cost of procuring renewable electricity, firms may face the risk of declining financial performance. This study focuses on Apple’s supply chain companies in Taiwan and employs fixed effects models and linear regression to empirically examine the impact of increasing the ratio of renewable electricity to total energy consumption (RE) on financial performance.Is “Green” apple toxic to financial performance? The findings indicate that, in downstream assembly and manufacturing sectors characterized by relatively lower energy consumption, an increase in RE positively affects ROA and exhibits a U-shaped relationship. In other words, the initial increase in RE may lead to a decline in ROA, followed by a rebound as usage surpasses a certain threshold. This pattern remains consistent even after accounting for time-lagged effects. On the other hand, no significant relationship was found between RE and Tobin’s Q across all subsamples, suggesting that the market has yet to form a unified expectation regarding the costs and potential benefits of renewable electricity adoption. As such, these factors are not yet fully priced into firm valuations.This study contributes to the literature by revealing the industry-specific and time-sensitive nature of financial outcomes related to green energy transition. It calls on companies to proactively address external sustainability pressures by enhancing stakeholder communication and optimizing energy cost management, thereby balancing regulatory compliance with competitiveness and achieving financial resilience and market trust under the green transition.