本研究探討台灣上市櫃公司減碳成效與財務績效（短期財務績效ROA與長期市場價值Tobin's Q）之間的關聯，並進一步檢視永續發展委員會在其中的調節作用。研究採用2021至2023年的碳排放與財務數據，運用迴歸分析方法進行實證檢驗。結果顯示，企業的減碳行動對短期財務績效及長期市場價值的影響均不顯著，反映出台灣市場尚未將減碳成效納入企業價值的核心評估指標。此外，永續發展委員會在推動減碳策略與提升企業市場價值之間的調節效果亦未達顯著性。進一步的橫斷面分析顯示，不同產業特性（如高碳排與電子業）在減碳行動對財務績效的影響上無顯著差異。本研究指出，在台灣碳法規實施初期，雖然永續治理與減碳成效具有潛在價值，但其影響需仰賴更長的時間才能充分顯現，特別是在永續資訊與財務資訊整合仍處於發展階段的情況下。

This study explores the relationship between carbon reduction performance and financial performance (short-term ROA and long-term Tobin's Q) of publicly listed companies in Taiwan, focusing on the moderating role of sustainability committees. Using regression analysis on data from 2021 to 2023, the findings show that carbon reduction efforts have an insignificant impact on financial outcomes, indicating limited integration of environmental performance into corporate valuation in Taiwan.

The study also examines the role of sustainability committees in moderating this relationship. Results suggest their effect is statistically insignificant, reflecting potential limitations in their operational influence or stakeholder recognition. Industry-specific analysis reveals no significant differences in the financial impact of carbon reduction across high-carbon industries and the electronics sector.

These findings highlight the challenges Taiwanese firms encounter in linking sustainability efforts to financial benefits. The results underscore the need for stronger policy support, improved governance structures, and increased market awareness to better align environmental performance with financial outcomes, particularly in a context where sustainability integration is still developing.

中文文獻
吳思穎 (2022)，碳排放管制對台灣高科技出口產業之影響及因應對策，台灣大學事業經營法務碩士論文
張慧安 (2022)，台灣上市櫃企業ESG表現與公司價值和績效之關聯性分析，台灣大學財務金融究所論文。
黃啟瑞，柯文乾，林志斌 (2020)，臺灣企業社會責任之重大性議題會影響公司財務績效嗎？《財務金融學刊》 28卷4期 (2020/12) Pp. 59-109
廖家琦 (2021)，受碳關稅影響產業減碳策略與其財務績效及環境績效之關聯性-以水泥、石化、鋼鐵、電子產業為例，東吳大學會計學系研究所論文。

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