綜合而言，本研究認為CBAM對企業價值之影響已逐步形成，但其長期效果仍需隨政策全面施行與碳成本正式反映於財務結構後進一步觀察與驗證，同時亦突顯企業低碳轉型、永續治理與資訊透明化將成為未來維持國際競爭力與提升企業價值之重要關鍵。此外，本研究亦提醒CBAM政策的影響不僅限於單一產業，而是可能重塑整體出口導向型經濟的結構，若臺灣能及早建立碳定價制度、完善碳盤查與資訊揭露機制，並透過政策引導與技術創新協助企業降低碳風險，則有機會將危機轉化為契機，甚至在全球供應鏈重組中取得領先地位，此研究期望能提供學術上的理論貢獻及實務上的政策參考價值，協助臺灣產業在永續浪潮下穩健發展。;With the increasing impact of climate change， global attention to environmental issues has become more prominent， and the imposition of carbon taxes has become an issue that cannot be ignored. In recent years， the European Union has promoted the Carbon Border Adjustment Mechanism (CBAM)， from its transitional phase announcement to its formal implementation. In the context of today’s rapidly expanding global trade， this policy has generated significant impacts on all industries. This measure not only represents an extension of environmental policy， but also signifies the deep integration of international trade regulations and sustainable governance. Its impact is particularly significant for export-oriented economies such as Taiwan. Due to its high carbon emission intensity， the steel industry has become one of the key sectors included in the first phase of CBAM regulation， and its future competitiveness in the European market will be directly challenged by carbon costs and carbon information disclosure requirements.
This study focuses on Taiwan’s steel industry and employs descriptive statistics and regression analysis to examine the impact of CBAM on corporate operating performance and market valuation. The research design includes carbon emission information transparency， carbon emission intensity， and their relationships with financial indicators， and further analyzes profitability and revenue growth. The literature indicates that the implementation of CBAM will transform external environmental costs， which were previously not reflected in financial statements， into internal financial burdens that firms must bear. At the same time， firms with higher carbon intensity are constrained in export competitiveness， while those undergoing low-carbon transformation may obtain market premiums. In addition， fluctuations in carbon taxation and policy uncertainty increase investors’ risk perception， thereby affecting discount rates and valuation. The transparency of carbon information disclosure has also become an important factor influencing investor confidence and capital flows.
The empirical results of this study show that under the impact of the EU CBAM policy， corporate profitability and sustainable governance mechanisms have a significantly positive effect on firm value. Firms with higher gross profit margins possess better capabilities in cost absorption， price pass-through， and financial resilience， enabling them to effectively mitigate the impact of rising carbon costs and further improve return on assets (ROA) and return on equity (ROE). At the same time， firms that establish sustainability committees and enhance information disclosure transparency can strengthen investor confidence and reduce policy uncertainty through institutionalized governance， risk control， and ESG market evaluation effects. However， contrary to the original hypothesis that carbon emission intensity and total emissions would have a negative impact on corporate performance， the empirical results show a significantly positive relationship. This suggests that CBAM is currently still in the stage of policy alignment， and carbon costs have not yet been fully internalized. Therefore， high carbon-emitting firms may still rely on economies of scale， production capacity advantages， market bargaining power， and technological resources to maintain short-term profitability， and the negative effects have not yet fully materialized.
In conclusion， this study finds that the impact of CBAM on firm value has gradually begun to emerge; however， its long-term effects still require further observation and verification as the policy is fully implemented and carbon costs are formally reflected in financial structures. At the same time， it highlights that low-carbon transformation， sustainable governance， and information transparency will become key factors for maintaining international competitiveness and enhancing firm value in the future. Furthermore， this study also points out that the impact of CBAM is not limited to a single industry， but may reshape the overall structure of export-oriented economies. If Taiwan can establish a carbon pricing system at an early stage， improve carbon inventory and information disclosure mechanisms， and assist firms in reducing carbon risks through policy guidance and technological innovation， it may be possible to turn challenges into opportunities and even gain a leading position in the restructuring of global supply chains. This study is expected to provide theoretical contributions to academia and practical policy implications， thereby supporting the steady development of Taiwan’s industries under the trend of sustainability.
