研究結果發現，儘管各企業均設定淨零減碳目標，但碳定價政策開徵將對財務績效產生結構性分歧。大廠憑藉高額研發投入，成功跨越《產創條例》10-2 條之獎勵門檻，有效運用所得稅抵減紅利抵銷碳成本衝擊；反觀中小規模企業因政策紅利邊際效應較低，其每股盈餘（EPS）、淨利率及股東權益報酬率（ROE）均面臨較顯著之負面壓力。 台灣碳費費率之訂定及租稅配套措施之執行，將直接影響半導體產業鏈內部的競爭優勢配置。因此，企業能否將碳成本轉化為綠色轉型與政策套利之動能，將成為決定其國際競爭力與財務績效之關鍵因子。;In response to climate change， major global economies have established "2050 Net-Zero Emissions" targets and implemented carbon pricing mechanisms. The advancement of the EU′s Carbon Border Adjustment Mechanism (CBAM) and the U.S. Clean Competition Act (CCA) has officially integrated carbon emissions as a critical cost factor in international trade. To align with global standards， Taiwan promulgated the Climate Change Response Act in 2023， establishing a 2050 net-zero pathway and initiating a carbon fee collection mechanism. However， for Taiwan’s semiconductor industry—characterized by its export-oriented nature， capital intensity， and high R&D investment—the imposition of carbon fees represents more than a mere cost expenditure; it involves a financial hedging effect against the R&D tax credit benefits provided under the Statute for Industrial Innovation.
This study investigates the net impact of Taiwan′s carbon fee policy and the tax incentives under Article 10-2 of the Statute for Industrial Innovation on the financial performance of the semiconductor supply chain. Based on industry representativeness and R&D scale， six key listed companies were selected as research subjects and divided into two groups. Group A (TSMC， MediaTek， and ASE) represents global leaders in wafer fabrication， IC design， and assembly/testing， respectively， characterized by substantial R&D investments to observe their eligibility for Article 10-2 incentives. Group B (VIS， Elan Microelectronics， and KYEC) serves as a comparative group consisting of enterprises with specific process or product advantages， allowing for an analysis of the differences in financial resilience across different scales and technological tiers under the impact of carbon pricing.
The study analyzes financial and carbon emission data from 2019 to 2024. By utilizing carbon emission data disclosed in corporate annual ESG Sustainability Reports， potential carbon cost expenditures are estimated based on the Ministry of Environment’s projected fee rates to explore the actual impact on corporate financial performance.
The results indicate that while all enterprises have set net-zero targets， the implementation of carbon pricing will lead to a structural divergence in financial performance. Leading firms， leveraged by high R&D investments， successfully meet the incentive thresholds of Article 10-2 of the Statute for Industrial Innovation， effectively utilizing income tax credit bonuses to offset the shock of carbon costs. Conversely， small and medium-sized enterprises face significant downward pressure on Earnings Per Share (EPS)， Net Profit Margin， and Return on Equity (ROE) due to lower marginal policy benefits.
The determination of Taiwan’s carbon fee rates and the execution of supporting tax measures will directly influence the allocation of competitive advantages within the semiconductor supply chain. Consequently， a firm′s ability to transform carbon costs into momentum for green transformation and "policy arbitrage" will be a decisive factor in determining its international competitiveness and financial performance.
