隨著永續議題漸受重視，政府制定環境法規以減緩企業活動對環境造成的傷害。若企業欲將汙染排放量降低至規定標準，必須對環境投入資源，例如: 環保支出改善污染之情況。依過往研究觀點，企業的永續行為如: 環保支出與減碳措施有利於長期財務績效，對短期財務績效則有正、反不同結果。而相關研究樣本多以歐美市場與中國等相對完整或嚴苛的環境法規地區為對象。本研究依此推論，環境法規之約束能力，引導企業因此提升永續項目的投入意願。因此，本研究依過往研究及上述觀點提出五項假說探討環保支出和減碳措施對財務績效之關聯性，同時檢驗環境法規之中介效果，並另外分析高汙染產業之相關情形。
本研究以2019~2020年台灣上市(櫃)企業為研究樣本，資料來源取自臺灣經濟新報資料庫 (Taiwan Economic Journal, TEJ)、公開資訊觀測站(MOPS)與各公司年度CSR報告，經篩選後之最終樣本共1049筆觀察值，416家臺灣上市(櫃)公司。本研究先以敘述性統計說明與相關性分析樣本分布情形。後以迴歸分析(Regression)驗證本研究之假說。結果發現，環保支出對長期財務績效為顯著正相關，短期財務績效為正相關，未達顯著；碳排變化率則對財務績效為正相關，未達顯著；環境法規對短期財務績效則顯著為負相關。本研究與過往研究實證僅部份支持，研究發現環境法規相對歐盟等寬鬆的台灣，企業環保支出對財務績效仍為正相關，且高汙染產業更為顯著，企業環保支出意願不完全因法規約束受限。本研究之發現供未來研究新觀點，提供企業投入永續行為層面與政府制定環境法規上之參考價值。

With the increasing attention to sustainability issues, governments have been implementing environmental regulations to mitigate the harm caused by business activities to the environment. In order to reduce pollutant emissions to the prescribed standards, companies must allocate resources to environmental efforts, such as investing in pollution control measures. According to previous research, sustainable practices by companies, such as environmental expenditures and carbon reduction measures, are beneficial for long-term financial performance, but the results vary for short-term financial performance. Most of the related studies have focused on the European and American markets or regions with relatively comprehensive or stringent environmental regulations, such as China. Based on this inference, the binding power of environmental regulations encourages companies to increase their investment in sustainable initiatives. Therefore, this study proposes five hypotheses based on previous research and the aforementioned viewpoints to explore the relationship between environmental expenditures, carbon reduction measures, and financial performance. It also examines the mediating effect of environmental regulations and analyzes the situation in high-pollution industries separately.
This study uses data from Taiwan-listed companies from 2019 to 2020 as the research sample. The data is sourced from the Taiwan Economic Journal (TEJ) database, the Market Observation Post System (MOPS), and annual CSR reports of various companies. After screening, the final sample consists of 1,049 observations from 416 Taiwan-listed companies. The study begins with descriptive statistics and correlation analysis to illustrate the sample distribution. Then, regression analysis is conducted to test the hypotheses. The results show that environmental expenditures have a significantly positive correlation with long-term financial performance and a positive correlation with short-term financial performance, but not significant. Carbon emission changes have a positive correlation with financial performance, but not significant. Environmental regulations have a significant negative correlation with short-term financial performance. The empirical findings of this study partially support previous research. The study finds that in Taiwan, where environmental regulations are relatively lenient compared to the European Union, environmental expenditures by companies still have a positive correlation with financial performance, particularly in high-pollution industries. The willingness of companies to invest in environmental efforts is not solely restricted by regulatory constraints. The findings of this study provide new perspectives for future research and offer valuable insights for companies engaging in sustainable practices and governments formulating environmental regulations.

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究問題與目的 5
第二章 文獻回顧與假說發展 9
第一節 企業社會責任 9
第二節 環保支出 11
第三節 碳排放 13
第四節 環境法規 18
第五節 假說發展 20
第三章 研究方法 27
第一節 研究架構 27
第二節 研究樣本與資料來源 27
第三節 研究變數與衡量 28
第四節 研究分析方法 32
第四章 實證結果與討論 33
第一節 研究樣本 33
第二節 敘述性統計 34
第三節 相關性分析 35
第三節 迴歸分析與假說驗證 40
第四節 研究結果之討論 49
第五章 研究結論與建議 53
第一節 研究結論 53
第二節 研究貢獻 54
第三節 研究限制與建議 56
參考文獻 57
中文部分 57
英文部分 57

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