「淨零碳排」已成為全球浪潮，世界各國都紛紛要求企業需要揭露及減少碳排放，可見氣候變遷威脅的不僅是人類生存的環境，也影響到企業未來如何經營。企業進行資訊揭露是為了取得社會生存的正當性，還是為了滿足利害關係人的需求，以及其揭露的資訊與實際的作為是否相同不得而知？機構投資人的持股比率以及國際化的程度是否會改變企業的策略？本研究根據以上觀點，提出三項假說來探討企業實施碳揭露與碳強度、碳排放變動率之關係，以及檢驗機構投資人持股比率與國際化程度之干擾效果。
本研究以2017年至2019年臺灣上市公司為研究對象，數據資料取自臺灣經濟新報資料庫及企業社會責任報告書，排除資料不全的公司後最終樣本共有323家廠商969筆觀察值，先以敘述性統計進行相關分析，而後採用追蹤資料迴歸分析驗證本研究之假說。研究結果顯示，當企業實施碳揭露會對碳強度呈顯著正向關係，但對碳排放變動率則會呈顯著負向關係。當機構投資人的持股比率愈高會弱化企業碳揭露與碳強度間之正向關係。
本研究在理論方面之貢獻為補足過去文獻較少深入探討的利害關係人在企業實施碳揭露與碳績效間的關係，也使用較少衡量企業碳績效之碳排放變動率作為依變數。本研究在實務上，可提供當企業在碳揭露時，能考慮到更多不同利害關係人的需求，再決定是否繼續維持漂綠，或是採取更積極的環境策略。

“Net Zero” has become a global trend. It is clear that climate change is not only threatening the environment for human survival, but also affecting the future business operation of enterprises. It is not known whether companies disclose information for the sake of social legitimacy or to satisfy the needs of stakeholders, and whether the information they disclose is the same as their actual actions. Does the shareholding ratio of institutional investors and the degree of internationalization change the corporate strategy? Therefore, this study proposes three hypotheses to investigate the relationship between carbon disclosure and carbon intensity, carbon emission change rate, and to examine the interference effects of the shareholding ratio of institutional investors and internationalization.
The data were obtained from Taiwan Economic Journal and CSR reports. After screening, the final sample consisted of 323 firms, 969 observations, which were first analyzed by descriptive statistics. And use panel data regression to test the hypotheses. The results show that carbon disclosure has a positive effect on carbon intensity, and has a negative effect on carbon emission change rate. The positive relationship between carbon disclosure and carbon intensity is weakened when the shareholding ratio of institutional investors is higher.
The theoretical contribution of this study is to complement the less explored relationship between carbon disclosure and carbon performance by stakeholders in the past literature, and additionally to use carbon emission change rate, which is a lesser measure of corporate carbon performance, as a dependent variable. The practical contribution of this study provides companies to take into account the needs of different stakeholders when making carbon disclosures and to decide whether to remain Greenwash or to adopt a more proactive environmental strategy.

誌謝 i
中文摘要 ii
Abstract iii
目錄 v
圖目錄 vii
表目錄 viii
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的與問題 6
第三節 研究流程 9
第二章 文獻探討與假說推導 11
第一節 企業社會責任與碳揭露 11
第二節 與碳揭露相關之GRI準則 15
第三節 理論基礎 18
第四節 機構投資人 22
第五節 國際化程度 24
第六節 假說推導 26
第三章 研究方法 33
第一節 研究架構 33
第二節 資料來源與樣本 34
第三節 變數衡量 35
第四節 資料分析方法 43
第四章 實證結果 45
第一節 樣本描述 45
第二節 敘述性統計分析 45
第三節 迴歸分析與假說檢定結果 49
第四節 統計分析結果 54
第五章 討論 55
第一節 企業碳揭露對碳強度、碳排放變動率之影響 55
第二節 機構投資人持股比率之調節效果 57
第三節 國際化程度之調節效果 58
第六章 結論與建議 61
第一節 研究結論 61
第二節 理論貢獻與管理意涵 62
第三節 研究限制與後續研究建議 64
參考文獻 67

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