隨著全球永續轉型加速，企業碳績效已成為評估風險與競爭力的關鍵指標，特別是在臺灣推動《氣候變遷因應法》與歐盟實施碳邊境調整機制（CBAM）的雙重壓力下，碳排放已從單純的環境議題轉變為影響營運成本與供應鏈韌性的核心因素。本研究旨在探討臺灣企業碳績效與財務績效之關聯，實證結果顯示，雖然碳績效對資產報酬率（ROA）未呈現直接的非線性關係，但「環境管理能力」在其中扮演關鍵的正向調節角色，證實卓越的管理機制能有效協助企業將減碳投入轉化為實質的短期營運效益；另一方面，碳績效與長期市場價值（Tobin's Q）之間呈現顯著的U型關係，支持「好事做得太少」（TLGT）效應，顯示碳績效處於中庸水平的企業，因同時承受轉型成本壓力卻尚未獲得市場與利害關係人的價值認同，導致評價最低。基於此，本研究建議企業在面對碳有價化趨勢時，應避免採取中庸的減碳策略，必須積極投入資源以跨越U型曲線的轉折點，並同步深化環境管理能力，才能在短期獲利與長期價值之間取得最佳平衡。

With the acceleration of the global sustainability transition, corporate carbon performance has become a critical indicator for assessing risk and competitiveness. Particularly under the dual pressure of Taiwan's Climate Change Response Act and the EU's Carbon Border Adjustment Mechanism (CBAM), carbon emissions have evolved from a mere environmental issue into a core factor influencing operating costs and supply chain resilience. This study investigates the relationship between corporate carbon performance and financial performance among Taiwanese firms. The empirical results indicate that while carbon performance does not exhibit a direct non-linear relationship with Return on Assets (ROA), environmental management capability plays a crucial positive moderating role. This confirms that superior management mechanisms can effectively transform carbon reduction inputs into tangible short-term operational benefits. Conversely, a significant U-shaped relationship is observed between carbon performance and long-term market value (Tobin's Q), supporting the "Too-Little-of-a-Good-Thing" (TLGT) effect. This implies that firms with mediocre carbon performance suffer the lowest valuation, as they bear transition costs without yet gaining value recognition from the market and stakeholders. Consequently, this study suggests that in the face of carbon pricing trends, firms should avoid middle-of-the-road strategies. Instead, they must actively invest resources to surpass the turning point of the U-shaped curve while simultaneously deepening environmental management capabilities to achieve an optimal balance between short-term profitability and long-term value.

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