本研究之意義在於了解企業對於碳績效的努力是否與經營績效有關，以及何時產生較高的經營績效，並依照產業，提供公司或主管機關之政策制定者在訂定碳績效政策時之參考。金融監督管理委員會於2022年3月3日啟動上市櫃公司永續發展路徑圖，以配合政府之2050淨零排放目標，訂定上市櫃公司的溫室氣體盤查資訊揭露規範，依資本額大小及特定產業之鋼鐵、水泥業分為4個時程陸續實施，協助本國企業及早制定減碳目標，提高企業競爭力及為永續發展奠基。本研究針對適用第一階段揭露時程之臺灣上市櫃公司資本額100億元以上公司，以及高碳排之鋼鐵、水泥業，進行碳排放對公司經營績效影響之實證探討。本研究以溫室氣體範疇一與範疇二碳排放總量與營業收入之比率衡量碳績效，Tobin’s Q衡量企業經營績效，研究結果顯示，第一，「資本額100億元以上金融業」在碳績效與公司經營績效之間呈現統計顯著且正相關，亦即如何使金融業減少碳排放並增加營收或市值為企業需要克服的難題。第二，「資本額100億元以上上市櫃公司及鋼鐵、水泥業」及「資本額100億元以上上市櫃公司(排除金融業與鋼鐵水泥業)」之碳績效與公司經營績效之間存在非線性之倒U型關係，這意味著碳績效在一定程度上改善了公司經營績效，亦表示若碳績效適中則會出現較高的公司經營績效，亦即無論是極高或是極低的碳績效皆無法擁有較高的公司經營績效，因此適中的碳績效對公司經營績效較佳。

The significance of this study lies in understanding whether carbon performance is related to firm performance. This finding provides supports for companies or regulatory authorities in formulating carbon performance policies based on industry specifics. The Financial Supervisory Commission launched the Sustainable Development Roadmap for TWSE and OTC-listed companies on March 3, 2022. Aligned with the government's 2050 net-zero emissions goal, disclosure of greenhouse gas inventory information for listed companies will be implemented in four stages based on capital size and specific industries, such as steel and cement. This assists Taiwan companies in setting early carbon emissions targets, enhancing competitiveness, and laying the foundation for sustainable development. This study focuses on TWSE and OTC-listed companies with a capital of over NT$10 billion and industries with high carbon emissions, such as steel and cement, subject to the first-stage disclosure schedule. This study empirically investigates how carbon emissions affect firm performance. The research results indicate, first, the financial institutions with a capital of over NT$10 billion have a statistically significant and positive correlation between carbon performance and corporate operational performance. Therefore, reducing carbon emissions and increasing revenue or market value in the financial industry are challenges that companies need to overcome. Second, a non-linear inverted U-shaped relationship exists between carbon performance and corporate operational performance for listed companies with a capital of over NT$10 billion and companies in the steel and cement industries as well as listed companies with a capital of over NT$10 billion(excluding the financial institutions and companies in the steel and cement industries). This implies that moderate carbon performance contributes to better firm performance.

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