近年來，循環經濟（Circular Economy）已逐漸成為全球推動永續發展與能源轉型的重要方向。然而，目前多數循環經濟與 ESG（Environmental, Social and Governance）研究，仍主要著重於循環活動、再生能源建置與永續揭露（sustainability disclosure）之分析，較少進一步探討企業循環活動是否真正形成可衡量、可驗證且可正式認列之永續發展價值（Sustainable Development Value, SD）。因此，本研究以臺灣糖業公司（臺糖）為研究對象，進一步分析其能源循環活動是否真正形成可衡量、可驗證、可認列的「再生價值 (Regeneration Value)」。
本研究主要以 Prof. Brian Chi-ang Lin (林其昂教授) 所建立之循環GDP (Circular GDP)、循環經濟國民所得帳（Circular Economy National Income Accounting, CENIA）、閉環法則Closed-Loop Rule（δ + ρ = 1）以及企業循環會計手冊《Corporate Circular Accounting Manual: Measuring Corporate Regeneration Value》作為理論與評估基礎。不同於傳統 ESG 分析，本研究之重點並非單純確認企業是否存在循環活動，而是進一步分析該活動是否實質產生可量化的經濟貢獻、建立替代關係以及具備再生正當性。
本研究主要分析臺糖之三項能源循環活動，包括蔗渣發電、豬糞尿沼氣發電與太陽光電建置。研究結果顯示，目前臺糖雖已具備相當程度之循環經濟活動與再生能源 基礎設施，但若依據循環GDP系統與手冊（Circular GDP System and Manual）的永續發展認定規範進一步分析，目前尚未形成具實質認定基礎之永續發展。其主要原因在於，目前多數循環活動仍缺乏完整之替代性驗證 （substitution verification）、增量貢獻分析（incremental contribution analysis）、實現機制（realization structure ）與可衡量之再生價值評估架構（measurable regeneration valuation framework）。
其中，沼氣發電因兼具廢棄物能源化再利用、外部效益實現與可衡量的貨幣流量，最接近正式認可的永續發展（SD）架構；蔗渣發電雖具備高度的生質資源循環性與再生潛力，但目前仍以內部自用發電為主；至於太陽光電，則仍停留在累積性基礎設施揭露階段，尚不足以直接構成完整的認可永續發展架構。
本研究之最大貢獻，在於首次實際應用《企業循環會計手冊》（Corporate Circular Accounting Manual） 於真實企業案例，作為循環 GDP 系統之實務示範案例。換言之，本研究不僅展示 Circular GDP、CENIA 與 Closed-Loop Rule 已由理論發展正式邁入企業層級之實務應用階段，同時也顯示未來永續發展衡量將逐漸由揭露導向階段，進一步走向以正式認列與實質貢獻為導向之永續會計階段(recognition-oriented and contribution-based sustainability accounting stage)。

The circular economy has become an increasingly important global strategy for sustainable development, energy transition, and industrial transformation. However, most existing circular economy and ESG (Environmental, Social and Governance) studies primarily focus on sustainability disclosure, renewable infrastructure, recycling activities, and environmental reporting, while relatively little attention has been given to whether such activities actually generate measurable, verifiable, and formally recognizable economic regeneration value.
This study examines Taiwan Sugar Corporation (TSC) as a real-world demonstration case to evaluate whether its circular energy activities generate recognizable Sustainable Development (SD) value within an economic accounting framework. Unlike conventional ESG disclosure studies, this research does not merely investigate whether circular activities exist. Instead, it evaluates whether such activities generate measurable economic contribution, regeneration legitimacy, substitution effects, and formally recognizable regeneration value.
The study is based entirely on Prof. Brian Chi-ang Lin’s Circular GDP System, including:
(1) Circular GDP,
(2) Circular Economy National Income Accounting (CENIA),
(3) the Closed-Loop Rule (δ+ρ=1),
and
(4) the Corporate Circular Accounting Manual: Measuring Corporate Regeneration Value.
Together, these frameworks establish a recognition-oriented sustainability accounting system in which sustainability is treated not as narrative disclosure or environmental adjustment, but as measurable economic output subject to accounting discipline, verification, and valuation consistency.
This study analyzes three major circular energy activities of TSC:
(1) bagasse-based electricity generation,
(2) biogas electricity generation from livestock waste,
and
(3) solar photovoltaic infrastructure.
The results show that although TSC possesses substantial circular economy infrastructure and strong regeneration potential, its formally recognized SD remains close to zero under the strict recognition discipline of the Circular GDP System. The primary reason is that most activities still lack complete substitution verification, measurable replacement evidence, incremental contribution analysis, realization structures, and regeneration valuation frameworks.
Among the three cases, biogas electricity generation is found to be the closest to a formally recognizable SD structure because it involves waste-to-energy regeneration, external electricity sales, measurable monetary flow, and realized economic transactions. Bagasse electricity generation demonstrates strong biomass circularity and significant regeneration potential, but currently remains largely an internal electricity-use system lacking complete substitution verification. Solar photovoltaic infrastructure, meanwhile, primarily represents capital stock accumulation and therefore does not automatically constitute newly created regeneration value.
The major contribution of this study is that it represents the first real-world operational application of the Corporate Circular Accounting Manual and serves as a demonstration case of the Circular GDP System at the enterprise level. More importantly, this study demonstrates that Circular GDP, CENIA, and the Closed-Loop Rule are no longer merely theoretical concepts, but can function as an operational, measurable, verifiable, and auditable regeneration accounting system.
This study further suggests that the next stage of global sustainability accounting will gradually shift from disclosure-oriented ESG reporting toward recognition-oriented and contribution-based regeneration accounting, where the central question is no longer whether firms possess ESG activities, but whether such activities generate measurable, verifiable, and formally recognizable regeneration value.

中文文獻
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趙苡辰（2020）。《循環經濟國民所得帳之應用－以臺糖為例》。國立中山大學經濟學研究所碩士論文，未出版，高雄。
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