本研究探討企業建立碳管理系統機制，能否為企業帶來更好的生態效益，並提升企業價值。以日經500及S&P Japan中小型指數成分股為研究樣本，採用縱橫資料模型(Panel data model)進行迴歸分析。實證結果發現，揭露更多的碳管理系統資訊，有助於正向調節生態效益與企業價值的關係，再者，中小企業相較於大型企業得到更多投資者關注，對企業價值的提升有正向顯著影響，此外，非敏感產業的碳管理系統資訊揭露越透明，顯著增加企業價值；敏感產業則否。基此，對日本投資者而言，或許環境保護是大企業及敏感產業應該承擔的責任，反之，中小企業和非敏感產業若揭露更多的碳管理訊息，將帶來降排的綠色聲譽及企業價值。
再結合規模與產業特性因素後，實證結果發現，中小規模非敏感企業揭露其碳管理訊息，有助於正向調節生態效益與企業價值的關係，或許是因為中小規模非敏感企業揭露資訊的程度超出投資者的預期，然而，大規模敏感企業所釋放之碳管理資訊，似乎無法讓投資者信任，故對其生態效益與價值間的關係沒有產生正向調節的效果，再者，大規模非敏感企業之碳管理資訊揭露，似乎已讓投資者信任，對其生態效益與價值間的關係有正向調節的效果，但未達統計上的顯著性，這項結果或許暗示大規模非敏感企業之碳管理資訊揭露對投資人而言，仍有期待與進步的空間。
本研究結果可供各企業思考，在氣候變遷對於經濟活動衝擊愈來愈大的背景之下，企業應盡其所能揭露其氣候變遷風險以及所因應之措施，以降低投資者對其投資標的所擔憂之未來風險；尤其，中小型企業之經理人更應該思考，因應氣候變遷或許是好的管理策略，藉由前瞻性的碳管理系統及揭露，能吸引資本市場的綠色投資人，有助於企業的聲譽及價值創造。

This study explores whether enterprises establish mechanism of carbon management system could have better eco-efficiency and enhance the firm value or not. The sample comprises Japanese firms from listed in the Nikkei 500 and S & P Japan SME’s companies using regression analysis of panel data model. Empirical results show that, more disclosure of carbon management system for firms will positively mediate the relation between eco-efficiency and firm value. Furthermore, SMEs compared to large enterprises get more attention from investors, there is a significant and positive impact on their firm value, and the companies on non-sensitive industries disclosing more information of carbon management system will significantly positive impact on their firm value, but the companies on sensitive industries won’t. Based on above statement, firms of large size and environmentally-sensitive industries imply to take responsibility for environmental protection. In contrast, the firms belong to SMEs and non-sensitive industries could bring the green reputation and value when firms are willing to disclose more information of carbon management. 
Combined size and characteristics of the industry factors, empirical results show that small and medium size companies of non-sensitive industry disclose more information about carbon management system for firms will positively mediate the relation between eco-efficiency and firm value. This result indicates that the degree of the companies to expose information perhaps beyond the expectations of investors. However, large size company of sensitive industry release the information of carbon management not seem to get the trust of investors, so won’t positively mediate the relation between eco-efficiency and firm value. Furthermore, large size company of non-sensitive industry release the information of carbon management seem to get the trust of investors, it might positively mediate the relation between eco-efficiency and firm value but not reached statistical significance. This result may imply for investors that large size company of non-sensitive industry release the information of carbon management are still have room for improvement.
The results of this study can provide the companies to think, under the impact of climate change on economic activity increasingly context, companies should do its utmost to disclose its climate change risks and the measures in response to reduce the risk of future which investors are worried about. Especially, SMEs’ managers should think that it is a good management strategy to attract green investors with proactive attitude to response climate change and control carbon management. It is also able to enhance firms’ reputation and value.

目錄
目錄 IV
表目錄 VI
圖目錄 VII
第壹章 緒論 1
第一節 研究背景 1
第二節 研究動機 3
第三節 研究目的 4
第四節 研究架構與流程 5
第貳章 文獻探討及建立研究假說 7
第一節 碳管理系統(CMS) 9
第二節 生態效益(ECO-EFFICIENCY) 14
第三節 生態效益與企業價值的關係 18
第四節 碳管理系統與企業價值的關係 20
第五節 碳管理系統與生態效益及企業價值的關係 22
第參章 研究方法 24
第一節 觀念性架構 24
第二節 變數衡量與實證模型 25
第三節 樣本及資料來源 31
第四節 資料分析方法 33
第肆章 實證結果分析 34
第一節 敘述性統計分析 34
第二節 相關性分析	 34
第三節 實證結果分析 37
第伍章 結論與建議 43
參考文獻 45

表目錄
表2-1 日本碳排放交易制度彙總表 9
表3-1 碳管理系統基本要素與評分標準之彙總 27
表3-2 各變數之定義 31
表4-1 敘述統計 35
表4-2 樣本之CMS揭露分數表 35
表4-3 各變數間之PEARSON相關係數矩陣與變異膨脹係數(VIF) 36
表4-4 碳管理系統、生態效益與企業價值之關係 38
表4-5 全部樣本之CO2排放量、生態效益(EE)分析表 39
表4-6 大規模與中小規模樣本之CO2排放量、生態效益(EE)分析表 39
表4-7 敏感產業與非敏感產業樣本之之CO2排放量、生態效益(EE)分析表40
表4-8 碳管理系統、生態效益與企業價值之關係-結合規模與產業特性 41
表4-9大規模敏感、大規模非敏感與中小規模非敏感樣本之CO2排放量、生態效益(EE)分析表 42

圖目錄
圖1-1 研究流程圖 6
圖2-1 全球溫室效應對策稅 8
圖2-2 碳管理系統構面的相互影響 11
圖3-1 觀念性架構圖 24

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