碳排放量對公司績效之影響：以半導體業、水泥業、 鋼鐵業為例

Abstract

隨著氣候變遷議題備受關注，歐盟也於今年早先時後通過完善碳 邊境調整機制的法案，投資人越來越關心公司的碳排放情形。本文目 的在探討碳排放對公司績效之影響，並以中華民國上市櫃公司中，較 高碳排之產業 水泥業、鋼鐵業及半導體業為例。然因許多公司仍在 碳盤查及揭露的階段，研究資料仍有其限制，但根據實證分析結果符 合假說一，公司碳排放量與其財務績效呈現負向關係；並不拒絕假說 二，高碳排產業碳排放量與市場績效呈現負相關。

With the issue of climate change garnering significant attention, the European Union has recently passed legislation to enhance the carbon border adjustment mechanism. Investors are becoming increasingly concerned about companies' carbon emissions. The purpose of this article is to investigate the impact of carbon emissions on corporate performance, using industries with higher carbon emissions among Taiwan's listed companies as examples, including the cement industry, steel industry, and semiconductor industry. However, as many companies are still in the stages of carbon accounting and disclosure, research data remains limited. Nevertheless, according to empirical analysis results supporting Hypothesis One, t here is a negative relationship between a company's carbon emissions and its financial performance. The study does not reject Hypothesis Two, indicating a negative correlation between carbon emissions and market performance in high carbon emitting industries