近年來為因應全球二氧化碳排放量不斷攀升的課題，課徵碳稅及碳交易兩種制度已成為世界各國控制碳排放及推動減碳的重要方式。伴隨著各國嚴厲的環境政策，世界各大企業都正面臨或將面臨碳排成本及環境標準問題，全球環境議題改變了國際競爭環境，影響海外直接投資國際資本的流向，使全球經濟結構產生重大的轉變。環境制度及成本究竟是促進還是抑制產業發展上在過去文獻中持不同的立場，污染天堂假說觀點主張廠商會逃離環境制度較嚴格的地方；波特假說則主張環境制度趨於嚴格有利於技術創新及提升競爭力，因而吸引廠商進入。基於此，本研究擬從污染天堂假說觀點及波特假說觀點，探討在碳排世代下一國碳價與氣候變遷績效對其海外直接投資之流入與流出之影響為何?同時探討兩項假說觀點之間是否存在交互作用的可能性?
本研究以2015年至2021年間作為研究期間，研究對象為已實施碳稅制度及碳交易機制之國家，最終樣本篩選出43個國家，共301筆觀察值，研究方法採用Panel Data縱橫資料迴歸分析驗證本研究之假說。結果顯示，一國碳價（稅）與該國海外直接投資流入 (Inward FDI) 呈顯著負向關係，一國氣候變遷績效與該國海外直接投資流入 (Inward FDI) 呈顯著正向關係，本研究在污染天堂假說與波特假說觀點下的碳價及氣候變遷績效與FDI之關係僅得到部分支持。一國氣候變遷績效不會弱化碳價（稅）與該國海外直接投資之關係，因此污染天堂假說與波特假說交互作用在本研究未得到支持。本研究結果具有重要理論貢獻及減碳管理的實務意涵。

關鍵詞：污染天堂假說、波特假說、碳價（稅）、海外直接投資、氣候變遷績效

In recent years, in response to rising global carbon dioxide emissions, carbon taxes and carbon trading have become two important mechanisms for controlling carbon emissions and promoting decarbonization. With the stringent environmental policies of various countries, major corporations around the world are facing or will face challenges arising from carbon costs and environmental standards. The global environmental agenda has altered the international competitive landscape, influencing the flow of international capital in FDI and leading to significant transformations in the global economic structure. Previous literature has presented different perspectives on whether environmental regulations and costs promote or hinder industrial development. The Pollution Haven Hypothesis (PHH) argues that companies are inclined to relocate away from areas with more stringent environmental regulations. The Porter Hypothesis (PH), however, asserts that stringent environmental regulations can benefit technological innovation and enhance competitiveness. Based on the two hypotheses, this study intends to test the impacts of carbon price and climate change performance on the FDI from the perspectives of the PHH and PH, in the era of emission reductions. Meanwhile, this study also tests the possible interaction between the perspectives of PHH and PH.
The timeframe of this study covers the period from 2015 to 2021 and focuses on countries that have implemented carbon taxes and carbon trading mechanisms. A total of 43 countries were selected as the final sample, resulting in 301 observations. The research methodology involves using panel data regression analysis to test the hypotheses proposed. The results indicate a significant negative relationship between carbon pricing and Inward FDI, consistent with PHH perspectives, and a significant positive relationship between climate change performance and Inward FDI, consistent with PH perspectives. Additionally, the climate change performance of a country does not weaken the relationship between carbon pricing and Inward FDI. Therefore, the interaction between PHH and PH is not supported in this study. The results of this study contribute to theory and have practical implications for carbon management.

Keywords: Pollution Haven Hypothesis, Porter Hypothesis, Carbon Price, Foreign Direct Investment, Climate Change Performance 

第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究問題與目的 4
第三節 研究架構與流程 7
第貳章 文獻探討與假說推論 9
第一節 理論與文獻探討 9
第二節 假說推論 24
第參章 研究方法 33
第一節 研究架構 33
第二節 資料來源與研究樣本 34
第三節 變數與衡量 34
第四節 資料分析方法 40
第肆章 實證結果與討論 41
第一節 樣本描述 41
第二節 敘述統計 42
第三節 假說檢定結果 45
第四節 統計分析結果與討論 50
第伍章 研究結論與建議 53
第一節 研究結論 53
第二節 理論貢獻 54
第三節 管理意涵 56
第四節 研究限制與建議 58
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