本研究探討外資持股、碳排放量與公司績效之關係，並檢測外資持股或僑外機構法人及僑外自然人對碳排放量與公司績效間的影響。以2014至2019年揭露碳排放量之台灣上市櫃公司為研究對象，共計2,180筆觀察值。研究結果顯示：第一，外資持股越高，公司績效越好；公司碳排放量越高，越會降低公司績效。第二，外資持股高的公司，能減緩碳排放量所來的公司負面價值。第三，僑外機構法人持股越高能減緩碳排放量所帶來的公司負面價值，但是僑外自然人持股卻不能減緩此現象。綜合上述，縱使碳排放量過高會減少公司價值，但若公司的僑外機構法人持股比例高，對於公司績效仍有增額正向影響。

This study explore the relation among foreign ownership, carbon emissions, and firm value and examine how foreign ownership and its components, associated jointly with carbon emissions, affects firm value, respectively. This study includes all the listed and on-the-counter companies which disclosure carbon emissions in the Taiwan stock market and its final example has 2,180 observations from 2014 to 2019. Empirical results show that, first, the firms with more foreign ownership have greater firm values. It reduces the firm value when the company’s carbon emissions are higher. Second, the firms with more foreign ownership mitigates the negative effect between firm value and its carbon emissions. Third, firms with more ownerships from foreign institutional investors can mitigate the negative effect between firm value and its carbon emissions, but foreign individual investors cannot. Collectively, our findings imply that firms with more ownerships from foreign institutional investors have an additional positive effect on firm values, although carbon emissions have a negative effect on firm value.

第一章 緒論 1
第二章 文獻回顧與假說發展 5
第三章 研究方法與設計 17
第四章 實證結果與分析 25
第五章 結論與建議 43

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