自2016年聯合國永續發展目標（SDGs）推動以來，全球各國政府與企業愈加重視環境與經濟發展的平衡。過去文獻中，環境績效與綠色創新對於公司價值究竟是正向或負向的影響，尚無定論。本研究實證探討企業的環境績效與綠色創新對公司價值之影響，特別是探討兩者之間是否存在非線性的關係。採用2018至2022年全球共11,204間公司五年期資料。實證結果發現，環境績效對財務績效呈現倒U型曲線關係，而對市場績效則呈現U型曲線關係。在綠色創新方面，發現綠色產品創新對財務績效亦呈現倒U型曲線關係，而對市場績效則呈現U型曲線關係。然而，綠色流程創新對財務績效與市場績效之影響皆不顯著。本研究成果對於過去文獻不一致的結論，提供了可能的解釋。

Since the promotion of the United Nations Sustainable Development Goals (SDGs) in 2016, governments and businesses worldwide have increasingly emphasized the balance between environmental and economic development. In past literature, there has been no definitive conclusion on whether the impact of environmental performance and green innovation on firm value is positive or negative. This study empirically investigates the impact of corporate environmental performance and green innovation on firm value, particularly examining whether a nonlinear relationship exists between the two. Using data from 11,204 companies worldwide over a five-year period from 2018 to 2022, the empirical results reveal that environmental performance has an inverted U-shaped relationship with financial performance and a U-shaped relationship with market performance. Regarding green innovation, it is found that green product innovation also exhibits an inverted U-shaped relationship with financial performance and a U-shaped relationship with market performance. However, the impact of green process innovation on both financial performance and market performance is not significant. This study provides possible explanation to address the inconsistent conclusions in previous literature.

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