本研究以金管會「上市櫃公司永續發展路徑圖」之政策推行為分水嶺，探討台灣上市櫃企業與銀行金控業之碳排放績效對財務表現的影響，並檢視內部傳導機制與資本市場定價之轉變。實證結果顯示，政策實施前，全部企業與銀行業之自身營運碳排對財務績效皆呈先正向、後負向之分段非線性關係，支持利害關係人與權衡理論之綜合觀點。政策實施後，此估值波動轉為不顯著，但碳排績效對會計基礎財務績效全面轉為顯著正向影響，證實法規推進已成功將減碳作為轉化為推升實質獲利之動能。產業特性方面，非高碳排企業於政策前因轉型陣痛導致財務績效受挫，政策後隨資訊透明化，減碳優勢帶動營業毛利率上升，促使財務績效由政策前負向轉為政策後正向，亦即增加碳管理可以增加企業財務績效，並對企業自身有利。針對銀行金控業，政策前範疇三投融資碳排對實質獲利呈現先降後升之非線性轉折，政策後，銀行自身營運之減碳亦進一步顯著帶動會計財務績效成長。最後，雙重差分法結果證實，強制導入第三方確信與擴大揭露邊界有效消弭了資訊不對稱，對碳排績效位於後25%之落後企業造成顯著的負向財務衝擊。總結而言，本研究印證資本市場已啟動實質之氣候風險重新定價機制，卓越的碳管理已成為企業推升長線獲利的競爭力。

Using the implementation of the "Sustainable Development Roadmap" as a watershed, this study investigates the impact of carbon emission performance on the financial performance of listed enterprises and banking financial holding companies in Taiwan. It further examines the internal transmission mechanisms and shifts in capital market pricing. Empirical results show that prior to the policy's implementation, the operational carbon emissions of all enterprises and the banking sector exhibited a piecewise non-linear relationship with market valuation—initially positive and subsequently negative—supporting a comprehensive perspective of stakeholder and trade-off theories. Following the policy's implementation, these valuation fluctuations became insignificant; however, carbon emission performance comprehensively shifted to a significant positive impact on accounting-based financial performance (ROA, ROE). This confirms that regulatory advancements have successfully transformed carbon reduction initiatives into a driving force for boosting real profitability. Regarding industry characteristics, non-high-carbon-emitting enterprises experienced financial setbacks before the policy due to transitional pains. Post-policy, with increased information transparency, their carbon reduction advantages drove up gross profit margins, shifting their financial performance from negative to positive. For banking financial holding companies, Scope 3 financed emissions exhibited a non-linear trajectory of an initial decline followed by a rise in real profitability before the policy. After the policy, the banks' own operational carbon reductions further significantly drove the growth of accounting-based financial performance. Finally, the Difference-in-Differences results confirm that the mandatory introduction of third-party assurance and the expansion of disclosure boundaries effectively mitigated information asymmetry, resulting in a significant negative financial impact on lagging enterprises ranking in the bottom quartile of carbon emission performance. In conclusion, this study verifies that the capital market has initiated a substantive climate risk repricing mechanism, and exceptional carbon management has become a core competitive advantage for enterprises to enhance long-term profitability.

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