本研究欲探討企業成為低碳領導廠商的因素，並進一步研究提升碳管領導等級能否提升企業價值(Tobin’s Q)。本文對日本CDP (碳揭露計畫)報告書中碳管理等級進行分析，樣本期間為2016年至2019年，取得1994筆觀察值，以有序多分類迴歸(Ordinal Logistic Regression)及兩階段最小平方法(2SLS)分析進行後續假說驗證。實證結果就整體樣本來看，企業導入科學基礎減量目標(SBT)及訂定內部碳定價(ICP)皆會獲得較高的碳管理等級，但僅有碳密集產業在同時導入SBT及訂定ICP時對碳聲譽有顯著正向影響，再者，企業提升碳管理等級得以增加其企業價值。於額外測試中表明，企業是否成為碳領導力等級對企業價值並不會產生太大影響。本研究探討企業如何由內部碳管理回應來自外部環境之壓力進而將其轉為競爭力，藉此彌補碳揭露相關文獻缺口，於實務意涵建議企業經理人應透過訂定目標、策略等循序漸進的方式才能自然提升其碳聲譽或許比一次躍升到碳領導力等級更能獲得市場的肯定。

This study explores reasons for companies become low-carbon leaders and further explore whether improve carbon management level can enhance firms’ value. Based on a sample of CDP in Japan from 2016 to 2019, this study obtained 1,994 observations and use Ordinal Logistics Regression and two stage least squares (2SLS) to analysis. The empirical results from overall data found that companies introducing Science Based Target (SBT) and setting Internal Carbon Pricing (ICP) have significant higher carbon management level. Secondly, carbon-emission-intensive sectors provided a more positive results than non-carbon-emission-intensive sectors, if companies both introducing SBT and setting ICP. Moreover, companies increase their carbon management level can improve firms’ value. The evidence in extra test shows that whether companies become a low-carbon leaders will not influence their value. The practical results of this study provide a result that if companies setting a science based and reasonable targets, moreover introducing a good strategy, than can reach higher carbon management level. The study discusses how companies respond internally to the pressure from external environment and turn the pressure into competitiveness. This study complements literature gap by carbon management. Moreover, we suggest that managers should gradually improve their carbon reputation.

目錄
表目錄	II
圖目錄	III
第壹章　緒論	1
第一節 研究背景與動機	1
第二節 研究目的	4
第三節 研究架構流程	5
第貳章　文獻探討與假說建立	7
第一節 碳揭露計畫	7
第二節 日本的低碳經濟發展	11
第三節 碳管理等級的影響成因	11
第四節 碳揭露理論	14
第五節 碳管理等級與科學基礎目標及內部碳定價間的之關聯性	16
第參章　研究方法	20
第一節 觀念性架構	20
第二節 實證模型及變數衡量	20
第三節 樣本及資料來源	24
第肆章　實證結果與分析	26
第一節 敘述性統計	26
第二節 相關性分析	28
第三節 實證結果分析	28
第四節 額外測試	31
第伍章　結論與建議	33
第一節 結論	33
第二節 研究貢獻	33
第三節 研究限制	35
參考文獻	36
附錄A：CDP分數權重說明	47

表目錄
表2- 1：氣候變遷核心主題	9
表2- 2：CDP在揭露、認知、管理及領導力評分重點(Scoring Approach)	9
表2- 3：CDP評分級別圖	10
表2- 4：碳揭露理論整理	16
表3- 1：產業分布表	25
表4- 1：整體敘述性統計	27
表4- 2：分年敘述性統計	27
表4- 3：各變數間之Pearson相關係數矩陣	28
表4- 4：企業成為低碳領導廠商因素(D_S)與企業價值(Tobin’s Q)之實證結果	30
表4- 5：企業成為低碳領導廠商因素之勝算比 (Odds Ratio)	30
表4- 6：企業成為領導力等級(D_S(A))與企業價值(Tobin’s Q)之額外測試	32
表A- 1：CDP分數權重舉例	47

圖目錄
圖1- 1：研究架構圖	6
圖2- 1：各年度揭露氣候變遷企業家數	7
圖3- 1：觀念性架構圖	20

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