本篇論文以台灣的觀光事業為觀察對象，研究其二氧化碳排放量對其債務資金成本的影響。根據Wang et al. (2021)建構的二氧化碳與債務資金成本的研究模型，首先，研究發現，台灣的觀光事業的二氧化碳排放量與債務資金成本呈現負相關，意謂台灣的觀光事業儘管在觀光旅遊人口增加，收入與盈餘年年上升的情況之下，觀光事業的債權人及投資者並不在乎二氧化碳的排放量，亦不重視其對於環境成本投入多寡及企業社會責任的履行與否，這些因素皆不在他們投資的考量之內。特別的是，研究發現當觀光事業的公司規模愈大及事業的運營較傾向飯店經營時，此兩者的負向相關係愈發顯著。

This study investigates how corporate carbon dioxide emissions influence the cost of debt financing and focuses on the Taiwan tourism industry. It finds a negative association between carbon dioxide emissions and the cost of debt financing. This research result also means when the rapid growth of the number of tourists brings good revenues and profits, their investors and lens of lenders still do not seriously care about the carbon dioxide emissions, environment cost expenditures and corporate social responsibility (CSR) performance. Because these environment risk factors were not major concerns when they made the decisions of investment. In particular, it finds that larger corporations and hotels have a significant negative association between carbon dioxide and the cost of debt financing, compared with smaller corporations and restaurants.

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張雅棋 (2019)，實質性環境資訊揭露之成因與負債融資成本的關係，私立淡江大學會計研究所論文。
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