碳排放強度對於企業績效之影響—以碳揭露專案獲獎企業為例

Abstract

本研究針對臺灣2022年碳揭露專案(Carbon Disclosure Project, CDP)獲獎之企業，探討碳排放強度對企業經營績效之影響。樣本分為所有企業、高耗能產業、低耗能產業，研究結果顯示，所有產業之總碳排放強度、範疇一碳排放強度、範疇二碳排放強度對於企業經營績效皆為顯著負相關，且具有U型關係，高耗能產業僅對於範疇二碳排放強度具顯著負相關，並且範疇二碳排放強度與企業績效具有U型關係，因此高耗能產業需更注重範疇二間接碳排放，而低耗能產業則相反，對於總碳排放強度、範疇一碳排放強度皆為顯著負相關，因此需要更關注範疇一直接碳排放，避免企業績效下降。並根據交互作用之結果，高耗能產業受企業規模影響，亦即企業規模與總碳排放強度或範疇一碳排放強度皆增加，有助於增加企業績效；低耗能產業則不受企業規模影響。並於穩健性檢測結果中發現，排除金融產業樣本之後對於本研究之迴歸結果並無影響。 目前臺灣碳費相關的子法案規劃對於鋼鐵、水泥等碳洩漏風險較高的高耗能產業，若自行申請碳排放減量計畫，減量後可享有較低碳費率，因此企業主動轉型將提高企業競爭力。臺灣碳費與其他國家不同，需由企業繳納，所以用電較多之企業應更加注重範疇二間接碳排放，增加綠電購買數量，促使範疇二碳排放強度下降。

This study focuses on the impact of carbon emissions intensity on corporate performance based on data from Carbon Disclosure Project (CDP) winners in 2022 in Taiwan. Samples are divided into all industries, Energy-intensive industries, and Energy-efficient industries. The research results indicate that corporate performance across all industries is significantly negatively correlated with total carbon emissions intensity, Scope 1 carbon emissions intensity, and Scope 2 carbon emissions intensity. In Energy-intensive industries, only Scope 2 carbon emissions intensity shows a significant negative correlation. Thus, Energy-intensive industries need to pay more attention to Scope 2 carbon emissions, while clean industries, conversely, show significant negative correlations with total carbon emissions intensity and Scope 1 carbon emissions intensity, necessitating a stronger emphasis on Scope 1 direct carbon emissions to prevent declines in corporate performance. Regardless of industry type, the increasing awareness of stakeholders towards sustainability will affect corporate performance, making carbon emission reduction a necessary undertaking for enterprises. According to the results of interaction effects, corporate size influences the performance of Energy-intensive industries, with larger enterprises tending to exhibit higher total carbon emissions intensity or Scope 1 carbon emissions intensity, potentially contributing to increased corporate performance. However, Energy-efficient industries are not affected by corporate size. Furthermore, robustness testing reveals that excluding the financial industry has no impact on the regression results of this study. Currently, Taiwan's carbon fee-related subsidiary legislation plans to mitigate carbon leakage risks, particularly in Energy-intensive industries such as steel and cement. If these industries voluntarily apply for carbon emission reduction plans, they can enjoy lower carbon fee rates post-reduction, thereby enhancing corporate competitiveness. Unlike in other countries, Taiwan's carbon fee is borne by enterprises, thus enterprises with higher electricity consumption should pay more attention to Scope 2 indirect carbon emissions and increase the purchase of green electricity to reduce Scope 2 carbon emissions intensity.