面對全球氣候變遷的嚴峻挑戰，碳排放績效已成為評估企業長期競爭力與風險暴露的核心指標。然而，過去文獻多聚焦於氣候揭露的外部市場影響，鮮少探討獎酬機制如何轉化為具體的管理行動。基於此，本研究以行為代理理論結合問題導向搜尋理論為框架，探討氣候獎酬與企業碳排放績效之關聯，並檢驗綠色技術多樣性與供應鏈參與之雙元中介機制。

本研究整合 CDP、S&P Global Trucost、WIPO 綠色技術詞庫及 Compustat 等國際資料庫，蒐集 2013 年至 2022 年間企業-年度樣本 (主模型觀測值 3,801筆)，採用納入產業與年份固定效果之混合截面迴歸模型，並以平行雙元中介分析檢驗傳導機制，結合文字探勘技術將 CDP 開放式減排敘述量化為綠色技術多樣性指標。

實證結果顯示，氣候獎酬與企業次期較低之碳排放強度顯著相關，且此關聯於納入雙元中介路徑後直接效應不再顯著。兩條路徑呈現不同的時間型態：綠色技術多樣性須歷經技術學習與製程調適，在較長觀察窗口下較為明顯；供應鏈參與建立於既有採購與供應商管理常規之上，效果快速顯現而集中於短中期。異質性分析並指出，僅營運技術層級獎酬、金錢性激勵形式及上游供應商參與呈現穩定之減排關聯。本研究為氣候治理誘因如何轉化為管理行動提供具時序基礎的實證解釋，亦可供企業薪酬委員會設計氣候轉型誘因參考。

Amid global climate challenges, carbon performance has become a core indicator of corporate competitiveness and risk exposure. While prior literature emphasizes the market effects of climate disclosure, how incentive mechanisms translate into concrete managerial actions remains underexplored. Integrating Behavioral Agency Theory and Problemistic Search Theory, this study examines the association between climate incentives and carbon performance, testing a dual-mediation mechanism of green technology breadth and supply chain engagement.

Using data from CDP, S&P Global Trucost, the WIPO IPC Green Inventory, and Compustat, we analyze a firm-year panel from 2013 to 2022 (3,801 observations in the main specification). We employ pooled cross-sectional regressions with industry and year fixed effects, examine the transmission mechanism through a parallel dual-mediation framework, and apply text-mining to convert firms' open-ended CDP responses into an observable measure of green technology breadth.

Climate incentives are significantly associated with lower subsequent carbon intensity, and this association is largely accounted for by the two mediating paths, with the direct effect becoming insignificant. The paths differ in timing: green technology breadth requires technological learning and process adaptation, and its mediating effect is more readily detected in longer observation windows; supply chain engagement builds on existing procurement routines and yields effects that emerge quickly and concentrate in the short to medium term. Heterogeneity analyses show that stable reductions are associated only with operational-level recipients, monetary incentives, and upstream supplier engagement. This study offers a temporally grounded account of how climate governance incentives translate into managerial action, with implications for compensation committees designing climate transition incentives.

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