本研究旨在分析台灣水泥產業於全球碳治理壓力下的永續轉型策略，特別針對台灣七家上市櫃水泥企業進行全面性的ESG（環境、社會與治理）表現分析，並進一步比較企業間永續實踐與財務績效的差異。本研究運用企業永續報告書、台灣經濟新報（TEJ）資料庫以及政府公開資訊，進行系統化資料整理，並透過跨年度橫向比較及深入個案分析，全面描繪企業面對碳費政策、歐盟碳邊境調整機制（CBAM）、能源價格波動與社區衝突等多重壓力時的制度回應與策略差異。
研究結果顯示，台灣水泥產業企業之間在ESG實踐上的異質性顯著，具規模優勢的企業（如台泥、亞泥）已逐步將永續轉型作為核心戰略，透過投資低碳技術、推動循環經濟、積極參與社區溝通與提升公司治理透明度，取得明顯的ESG表現領先地位。然而，中小型企業在永續轉型中則面臨更多挑戰，包括資源不足、技術能力限制及社會衝突議題，導致其轉型步伐較為緩慢。此外，本研究亦發現ESG表現與企業財務績效存在潛在的正向關聯，顯示良好的ESG策略不僅是政策壓力下的被動反應，更可成為企業提升競爭優勢的重要途徑。本研究建議，未來政策應積極提供激勵措施與資源支援，協助規模較小或資源有限的水泥企業加速轉型步伐，以達到整體產業永續轉型之目標。

This study analyzes the sustainable transformation strategies of Taiwan’s cement industry under global carbon governance pressure, with a particular emphasis on comparative ESG (Environmental, Social, and Governance) performance and financial outcomes among seven publicly listed cement companies in Taiwan. By systematically reviewing corporate sustainability reports, data from the Taiwan Economic Journal (TEJ), and publicly available governmental information, this research conducted a longitudinal comparative analysis complemented by in-depth case studies. The primary goal was to understand the institutional responses and strategic differences among companies facing multifaceted pressures such as carbon taxation policies, the EU’s Carbon Border Adjustment Mechanism (CBAM), fluctuating energy prices, and community conflicts.
The findings highlight significant heterogeneity in ESG practices among Taiwanese cement companies. Larger firms, notably Taiwan Cement Corporation and Asia Cement Corporation, have strategically embraced sustainability, investing in low-carbon technologies, fostering circular economies, actively engaging in community dialogues, and enhancing transparency in governance, thereby leading in ESG performance. Conversely, smaller firms encounter greater barriers including limited resources, technical capabilities, and community disputes, resulting in slower transformation. Furthermore, this study identified a positive correlation between ESG performance and financial success, suggesting that proactive ESG strategies are not only responses to regulatory pressures but can also significantly enhance competitive advantages. The study recommends policy interventions that offer incentives and resource support for smaller and resource-constrained cement companies to expedite their sustainable transformations, thereby facilitating the industry's overall shift toward sustainability.

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