以內部碳定價作為企業碳管理工具之效益實證：以臺灣為例

Abstract

本研究以台灣上市櫃企業為對象，探討內部碳定價作為碳管理工具的有效性，並研究其對企業碳管理與財務績效的影響。我們從氣候風險和碳定價背景出發，將企業永續ESG發展作為理論基礎，並分析內部碳定價的來源、目的和實施方式。 此外，我們參考了相關文獻，分析了內部碳定價與碳排放強度、碳管理評分、以及財務績效的關聯性研究，同時我們也揭示了現有研究的不足與漏洞；更甚者，我們發現台灣對於企業採用內部碳定價的研究及應用，有著相對缺乏之隱憂，這樣的情況延伸出本研究欲解答和填補之研究缺口。 本研究以碳排放強度、碳管理評分和資產報酬率為應變數，以內部碳定價政策採用及內部碳價格設定為自變數，提出五個假說和相應實證模型。再透過收集2018至2021年間，83家台灣上市櫃企業之縱橫資料進行計量實證迴歸。 研究結果發現，台灣企業採用內部碳定價可降低碳排放強度及提高碳管理評分，此結果與文獻發現相符。而且，內部碳價格越高的企業其碳排放強度越低、碳管理評分越高。然而，採用內部碳定價並未對企業資產報酬率產生顯著正面影響。 總結而言，本研究認為提升台灣企業對內部碳定價的認識與採用將有助於改善其內部碳管理績效，並可以推廣與激勵整體社會以碳定價策略降低碳排放，以應對氣候風險，進一步打造低碳永續環境。

This study, focusing on publicly listed companies in Taiwan, investigates the efficacy of Internal Carbon Pricing (ICP) as a carbon management tool and examines its impact on corporate carbon management and financial performance. We start from the perspective of climate risk and carbon pricing, taking the sustainable ESG development of enterprises as a theoretical basis, and analyze the source, purpose, and implementation methods of ICP. Furthermore, relevant literature is referenced to analyze the relationship between ICP and carbon emission intensity, carbon management score, and financial performance. We also highlighted the gaps and deficiencies in existing research. Importantly, we identified a concern about the relative scarcity of research and implementation of ICP in Taiwanese enterprises, which led to the problems this study intends to address and the gaps it aims to fill. Our study uses carbon emission intensity, carbon management score, and Return on Assets (ROA) as dependent variables. With the adoption of ICP policy and the level of internal carbon prices as independent variables. Five hypotheses and corresponding empirical models are proposed. We conducted empirical regression through panel data collected from 83 Taiwanese listed companies from 2018 to 2021. Our results suggest that the adoption of ICP by Taiwanese enterprises can significantly reduce carbon emission intensity and improve the carbon management score, aligning with findings from existing literature. Furthermore, Companies setting higher internal carbon prices exhibit lower carbon emission intensity and higher carbon management scores. However, the adoption of ICP did not significantly affect the companies' ROA. In summary, this study suggests that enhancing the understanding and adoption of ICP in Taiwanese enterprises could improve their internal carbon management performance. This, in turn, could promote and encourage society to employ carbon pricing strategies to reduce carbon emissions, respond to climate risks, and further build a low-carbon and sustainable environment.