先前的研究發現企業價值與碳排放量呈現正向關聯性，支持非西方背景的研究與西方背景之研究結果不一致的結論，本篇研究欲接續先前以台灣背景對碳排放與企業價值之間關聯性所做的研究，蒐集期間為2017年至2021年的台灣上市櫃非金融業公司資料，同時將碳排放量依據三個來源範疇進行區分，分別探討與短期財務績效之間及與公司價值之間的關聯性。針對範疇一及範疇二碳排放量的實證結果發現，碳排放量與企業價值仍然具有正向的顯著關聯性，支持先前台灣背景的實證結果，顯示在現行法規之陸續推動下，台灣市場的投資人對於碳排放議題之觀念尚未發生明顯改變。而在範疇三碳排放量與企業價值之間，則未觀察到足夠顯著的關聯性，但是觀察到自願揭露範疇三碳排放與企業短期財務績效之間具負向關聯性，這樣的結果可能也解釋了本研究的另一項發現，即對於不需向監管機關申報範疇一與範疇二碳排放量的企業，自願揭露範疇三碳排放與企業價值之間具負向關聯性。

SUMMARY

　　 This study expands on previous research by investigating the association between carbon emissions and firm value in the context of Taiwan. Data was collected from non-financial companies listed on the Taiwan Stock Exchange (TWSE) and the Taipei Exchange (TPEx) between 2017 and 2021. The study examines carbon emissions categorized into three scopes and their associations with firm value and short-term financial performance. The empirical results show a significant positive association between scope 1 and scope 2 carbon emissions and firm value, aligning with previous studies conducted in an Asian context. This suggests that the perception of carbon emissions among investors in the Taiwanese market remains unchanged, despite ongoing regulatory efforts. However, for scope 3 carbon emissions, no significant association with firm value was found. Interestingly, voluntary disclosure of scope 3 emissions was negatively associated with short-term financial performance. This finding may explain the negative association between voluntary disclosure of scope 3 emissions and firm value for companies not required to report scope 1 and scope 2 emissions. Overall, these findings highlight the complexity of the association between carbon emissions and firm value in Taiwan. They emphasize the need for further research and the consideration of different scope categories when examining this association.

Key words: Carbon emissions, Scope 3 emissions, Voluntary disclosure, Firm value, Financial performance.

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