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研究生：	孫韻婷 Sun, Yun-Ting
論文名稱：	Financial Impact of Carbon Pricing on Decarbonization Strategies in Taiwan's Semiconductor Industry: An AHP-based Analysis Financial Impact of Carbon Pricing on Decarbonization Strategies in Taiwan's Semiconductor Industry: An AHP-based Analysis
指導教授：	陳俊仁 Chen, Chun-Jen
學位類別：	碩士 Master
系所名稱：	管理學院 - 國際經營管理研究所 Institute of International Management
論文出版年：	2025
畢業學年度：	113
語文別：	英文
論文頁數：	112
中文關鍵詞：	碳邊境調整機制、台灣碳費、層級分析法、減碳策略
外文關鍵詞：	CBAM, Taiwan Carbon Fee, AHP, Decarbonization Strategy
相關次數：	點閱：61 下載：1
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隨著全球加速推動氣候管制措施，台灣半導體產業在維持競爭力的同時亦面臨日益嚴峻的減碳壓力。本研究旨在評估台灣碳費與歐盟碳邊境調整機制（CBAM）對產業財務及減碳策略選擇之影響。由台灣上市櫃半導體公司的EPS與OM敏感度分析顯示，碳效率不佳之企業將承受重大獲利風險，部分公司甚至有超過九成的EPS 減損，突顯強化減碳措施之迫切性。本研究亦運用層級分析法比較五項常見減碳策略，包括：製程升級、購買再生能源、投資森林碳匯、直接購買碳權，以及不採取額外減碳行動等方案。各項方案評估則以資本支出、營運支出、投資報酬率、法規風險與補助潛力等五個財務與管理準則進行，透過問卷蒐集業界專家意見後以 Super Decisions 軟體進行分析。
研究結果顯示，業界偏好製程升級與購買再生能源作為主要減碳措施，因其具備可控性並能有效降低範疇二之碳排放。此外，大型企業傾向重視法規遵循與政策誘因，而中小型企業則對於成本與風險更為敏感。綜合上述，為有效推動半導體產業之減碳轉型，政府部門在政策設計上應兼顧不同規模企業之財務承受能力與策略優先順序。

As climate regulations accelerate globally, Taiwan’s semiconductor industry faces increasing pressure to decarbonize while maintaining competitiveness. This thesis aims to evaluate the financial impact of Taiwan’s carbon fee and the EU’s Carbon Border Adjustment Mechanism. An EPS sensitivity analysis reveals that carbon-inefficient firms face severe profitability risks, with some firms experiencing over 90% EPS reduction. This highlights the urgent need for strategic carbon mitigation.
To identify suitable pathways, the Analytic Hierarchy Process (AHP) is applied to assess five carbon reduction options, including upgrading manufacturing processes, purchasing renewable energy, investing in forest sinks, buying carbon credits, and taking no action. These strategies are considered under five financial criteria, including CAPEX, OPEX, ROI, compliance risk, and subsidy potential. With this setting, expert judgments were collected via a structured questionnaire and analyzed through Super Decisions software.
Results show strong industry preference for upgrading manufacturing processes and adopting renewable energy, due to their direct control and effectiveness in reducing Scope 2 emissions. A disaggregated analysis based on company size further reveals that larger firms prioritize compliance and incentives. Smaller firms, however, are more sensitive to cost and risk. These findings emphasize the need for tailored policies that reflect varying financial capacities and strategic priorities within the semiconductor sector.

摘要I
ABSTRACT II
ACKNOWLEDGEMENTS III
 TABLE OF CONTENTS IV
 LIST OF TABLES VII
 LIST OF FIGURES VIII
CHAPTER ONE INTRODUCTION 1
CHAPTER TWO BACKGROUND AND LITERATURE REVIEW 5
1 Scope of Carbon Emission 5
2 Carbon Inventory in Taiwan 8
3 Divergence Between Indirect and Direct Emissions  11
4 Corporate Environmental Costs 13
4.1 Carbon Fees 15
4.2 Carbon Tax 16
4.3 Carbon Inventory and Verification Costs 17
4.4 Carbon Trading Costs 17
4.5 Investment Costs in Carbon Sequestration 18
5 Natural Carbon Sequestration 19
5.1 Green Carbon (Forest Carbon Sequestration) 19
5.2 Blue Carbon (Marine Carbon Sequestration) 20
5.3 Yellow Carbon (Soil Carbon Sequestration) 20
6 Artificial Carbon Sequestration 21
CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY 23
1 Structure of AHP Analysis 23
2 Pairs of Financial Criteria 25
3 Pairs of Carbon Reduction Pathways 27
4 Preliminary Analysis of Questionnaire Responses 30
5 Validity of Expert Judgments for AHP analysis 31
6 Set-up of Super Decisions 33
CHAPTER FOUR RESEARCH RESULTS 38
1 Impact of CBAM on EPS 38
2 Impact of Taiwan’s Carbon Fee on EPS 43
3 Impact of CBAM on Operating Margin (OM) 47
4 Impact of Taiwan’s Carbon Fee on Operating Margin (OM) 50
5 Financial Drivers for Decarbonization 52
6 Preferred Decarbonization Strategy under CAPEX 55
7 Preferred Decarbonization Strategy under OPEX 57
8 Preferred Decarbonization Strategy under ROI 59
9 Preferred Decarbonization Strategy under Compliance Risk 62
10 Preferred Decarbonization Strategy under Subsidies/Carbon Credits 64
11 Synthesis of Optimal Decarbonization Strategy 66
12 Effects of Company Scale on Decarbonization Strategy 68
CHAPTER FIVE CONCLUSION AND SUGGESTIONS 72
REFERENCES 75
APPENDICES 78
Appendix 1: 2021-2023 emissions of publicly listed semiconductor companies	78
Appendix 2: 2021-2023 emissions of Over-the-Counter semiconductor companies 80
Appendix 4: 2021-2023 Financial data of Over-the-Counter semiconductor companies 85
Appendix 5: Reduction of EPS due to Taiwan’s carbon fee and CBAM carbon tariff for Taiwan’s publicly listed semiconductor companies 88
Appendix 6: Reduction of EPS due to Taiwan’s carbon fee and CBAM carbon tariff for Taiwan’s Over-the-Counter (OTC) semiconductor companies 94
Appendix 7: AHP questionnaire for evaluating decarbonization strategies 97
                                    

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