本研究以 2007 年至 2024 年的跨國企業為樣本，旨在探究碳績效與財務彈性的關係。我們的實證結果非常明確：碳績效表現優異的企業，能更有效地保留和運用其借貸能力，從而擁有更強的財務彈性。 為了確保因果關係成立，我們採用了多重策略來處理潛在的內生性問題。進一步分析中介機制，我們發現提升財務彈性的關鍵在於兩點：擴大成長機會和優化營運資金效率；其中，營運資金管理的精進扮演了更核心的角色。總結來說，本研究強烈支持一個觀點：有效的碳管理不僅有利於環境，更是企業強化財務韌性、追求永續發展的關鍵策略。 這對企業的策略規劃和市場的價值判斷都具有重要啟示。;This paper examines the relationship between firms ’carbon performance and financial flexibility using a comprehensive sample of international firms from 2007 to 2024. We derive the economic model and document that companies with stronger carbon performance are better able to preserve spare debt capacity， thereby enhancing their financial flexibility. To mitigate concerns of endogeneity and establish causal inference， we adopt multiple identification strategies. Our mechanism analysis highlights two key channels: growth opportunities and working capital efficiency. While both contribute to the carbon–flexibility link， improvements in working capital management emerge as the dominant pathway. These findings suggest that effective carbon management not only strengthens firms’ environmental responsibility but also plays a critical role in improving financial resilience， with broader implications for sustainable corporate strategies and capital market assessments.
