近年氣候變遷風險逐漸成為資本市場與企業治理的重要議題。企業如何揭露氣候相關風險、溫室氣體排放資訊與減碳管理作為，已不僅是永續報告或法規遵循問題，更可能影響投資人對企業風險、成長性與長期價值的判斷。隨著氣候相關財務揭露工作小組（Task Force on Climate-related Financial Disclosures, TCFD）架構廣泛被採用，以及國際財務報導準則永續揭露準則第二號（IFRS S2）逐步推動，企業揭露 Scope 1、Scope 2 與 Scope 3 溫室氣體排放資訊的重要性日益提升。其中，Scope 3 涉及供應鏈與價值鏈之間接排放，相較於 Scope 1 與 Scope 2，其資料蒐集與衡量難度較高，因此其揭露與否可能具有額外資訊含量。
本研究以臺灣上市櫃公司為研究對象，探討氣候相關財務揭露與企業財務績效之關聯。研究期間之財務資料涵蓋 2020 年至 2024 年，永續揭露資料主要涵蓋 2019 年至 2023 年，並採落後一期設計，以降低同期反向因果疑慮。本文建構三個實證模型：模型一檢驗企業是否揭露 TCFD；模型二以 Scope_Score 衡量 Scope 1、Scope 2 與 Scope 3 揭露完整度；模型三進一步將 Scope 1、Scope 2 與 Scope 3 分別拆解，檢驗不同揭露類型是否具有不同財務資訊含量。應變數包含資產報酬率（ROA）、股東權益報酬率（ROE）、Tobin’s Q 與每股盈餘（EPS）。所有模型均控制公司規模、財務槓桿與營收成長率，並加入年度固定效果與產業固定效果，標準誤採公司層級叢集穩健標準誤。
實證結果顯示，單純以 TCFD_Disc 衡量企業是否揭露 TCFD 時，其對 ROA、ROE、Tobin’s Q 與 EPS 之係數方向雖皆為正，但均未達統計顯著水準。以 Scope_Score 衡量揭露完整度時，Scope_Score 與第三方確信（Assured）之係數方向亦為正，但同樣未達顯著。進一步拆解 Scope 1、Scope 2 與 Scope 3 後，Scope 3 揭露對 ROA 呈現 10% 顯著水準之正向關聯，對 ROE 與 Tobin’s Q 則呈現 5% 顯著水準之正向關聯；相較之下，Scope 1、Scope 2 與 Assured 多數未達顯著。此結果顯示，氣候揭露對企業績效的影響不一定能由「是否揭露」此類表面指標捕捉，而 Scope 3 揭露所代表的供應鏈碳資訊透明度與碳管理成熟度，可能更能被財務績效與市場評價反映。
本研究之貢獻在於，第一，補充臺灣本土市場在氣候揭露政策轉型期的實證證據。既有氣候揭露研究多以歐美成熟市場為主，較少針對臺灣此一以出口導向製造業為主、且高度嵌入全球供應鏈之市場進行分析。第二，本文將 Scope 1、Scope 2 與 Scope 3 分項揭露獨立納入模型，細化不同揭露類型之異質性效果，並指出 Scope 3 揭露可能較能傳遞企業供應鏈管理能力與碳資訊透明度之訊號。第三，本文同時採用會計績效指標與市場評價指標，兼顧企業短期獲利能力與市場對長期價值之評估。第四，本文納入第三方確信作為揭露可信度之控制變數，以降低資訊可信度差異可能造成之估計偏誤。
總結，本研究發現氣候揭露與企業財務績效之關聯並非普遍存在，而是較集中於揭露難度較高且資訊含量較強的 Scope 3 揭露。此結果對主管機關、企業與投資人皆具有參考價值：對主管機關而言，可作為推動供應鏈碳揭露與完善 Scope 3 揭露規範之實證參考；對企業而言，有助於理解提升揭露完整度與供應鏈碳管理能力的潛在財務意涵；對投資人而言，則提供以 Scope 揭露結構評估企業氣候管理能力與長期風險之分析視角。

In recent years, climate change risk has increasingly become an important issue in capital markets and corporate governance. How firms disclose climate-related risks, greenhouse gas emissions, and carbon reduction practices is no longer merely a matter of sustainability reporting or regulatory compliance, but may also influence investors’ assessments of corporate risk, growth potential, and long-term value. With the widespread adoption of the Task Force on Climate-related Financial Disclosures (TCFD) framework and the gradual implementation of IFRS S2 Climate-related Disclosures, the importance of disclosing Scope 1, Scope 2, and Scope 3 greenhouse gas emissions has continued to increase. Among these categories, Scope 3 emissions involve indirect emissions across the supply chain and value chain. Compared with Scope 1 and Scope 2, Scope 3 emissions are more difficult to collect and measure; therefore, whether a firm discloses Scope 3 information may contain additional informational value.
This study examines the relationship between climate-related financial disclosures and corporate financial performance using Taiwan listed and OTC companies as the research sample. The financial data cover the period from 2020 to 2024, while the sustainability disclosure data mainly cover the period from 2019 to 2023. A one-year lag design is adopted to mitigate concerns regarding contemporaneous reverse causality. This study develops three empirical models. Model 1 examines whether a firm discloses TCFD information. Model 2 uses Scope_Score to measure the disclosure completeness of Scope 1, Scope 2, and Scope 3 emissions. Model 3 further disaggregates Scope 1, Scope 2, and Scope 3 disclosures to examine whether different types of disclosure contain different levels of financial information. The dependent variables include return on assets (ROA), return on equity (ROE), Tobin’s Q, and earnings per share (EPS). All models control for firm size, financial leverage, and sales growth, and include year fixed effects and industry fixed effects. Standard errors are clustered at the firm level.
The empirical results show that when TCFD_Disc is used to measure whether a firm discloses TCFD information, its coefficients for ROA, ROE, Tobin’s Q, and EPS are positive but statistically insignificant. When Scope_Score is used to measure disclosure completeness, the coefficients of Scope_Score and third-party assurance (Assured) are also positive but statistically insignificant. After Scope 1, Scope 2, and Scope 3 disclosures are further disaggregated, Scope 3 disclosure is positively associated with ROA at the 10% significance level and positively associated with ROE and Tobin’s Q at the 5% significance level. In contrast, Scope 1, Scope 2, and Assured are mostly insignificant. These findings suggest that the effect of climate-related disclosure on corporate performance may not be fully captured by surface-level indicators such as whether a firm discloses information. Instead, Scope 3 disclosure, which represents supply chain carbon information transparency and carbon management maturity, may be more strongly reflected in corporate financial performance and market valuation.
This study contributes to the literature in four ways. First, it provides empirical evidence for Taiwan’s domestic market during a period of climate disclosure policy transition. Existing studies on climate disclosure have mainly focused on mature markets in Europe and North America, while relatively limited attention has been paid to Taiwan, an export-oriented manufacturing economy deeply embedded in global supply chains. Second, this study separately incorporates Scope 1, Scope 2, and Scope 3 disclosures into the empirical models, thereby identifying the heterogeneous effects of different disclosure types and highlighting that Scope 3 disclosure may convey stronger signals of supply chain management capability and carbon information transparency. Third, this study employs both accounting-based performance measures and a market-based valuation measure, capturing both short-term profitability and investors’ assessment of long-term firm value. Fourth, this study includes third-party assurance as a control variable for disclosure credibility, thereby reducing potential estimation bias arising from differences in information reliability.
Overall, this study finds that the relationship between climate-related disclosure and corporate financial performance is not universal, but is more concentrated in Scope 3 disclosure, which is more difficult to disclose and contains stronger informational value. These findings have implications for regulators, firms, and investors. For regulators, the results may serve as empirical reference for promoting supply chain carbon disclosure and improving Scope 3 disclosure regulations. For firms, the findings help clarify the potential financial implications of improving disclosure completeness and supply chain carbon management capability. For investors, this study provides an analytical perspective for evaluating corporate climate management capability and long-term risk through the structure of Scope disclosure.

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