隨著全球淨零碳排目標的推動，企業面臨的環境壓力逐漸增加，如何影響其碳排放行為及資產處分決策已成為重要的研究議題。本研究以台灣企業為研究對象，建構一涵蓋上市別狀態、外資持股比例、TESG評級覆蓋、負面ESG新聞以及工廠所在地人口密度之環境壓力指數，探討外部的環境監督對企業碳排放表現與資產剝離行為之影響。研究樣本涵蓋2005年至2024年，並採用普通最小平方法進行實證分析。實證結果顯示，環境壓力指數對碳排放總量與碳排放強度皆呈顯著負向影響，顯示外部環境監督確實能有效促使企業降低排放。此外，進一步分析發現，環境壓力對工廠轉售行為呈顯著負向影響，顯示台灣企業在面臨較高環境壓力時，並未傾向透過出售廠房進行調整。進一步結果亦指出，工廠轉售無法有效降低碳排放總量，而實質關廠則能顯著改善碳排放強度。整體而言，本研究結果未支持企業透過資產剝離進行漂綠之假說，顯示在台灣制度環境下，高碳排資產因流動性限制與碳費機制的推動，透過資產市場轉移減碳責任的誘因相對較低。;As global climate change intensifies and net-zero emissions targets are promoted， firms are facing increasing environmental pressures. This study examines how such pressure influences corporate carbon emissions and divestiture decisions. Using a sample of Taiwanese firms from 2005 to 2024， we construct a composite environmental pressure index incorporating listing status， foreign ownership， TESG rating coverage， negative ESG news， and the population density of factory locations. Employing Ordinary Least Squares (OLS) regressions， empirical results show that the pressure index is significantly and negatively associated with both total carbon emissions and carbon intensity， suggesting that external monitoring mechanisms effectively encourage firms to reduce emissions. Further analysis indicates that the pressure index significantly decreases plant resales activities， implying Taiwanese firms are less likely to dispose of polluting assets when facing stronger pressure. Moreover， plant resales do not reduce total carbon emissions， whereas plant closures significantly improve carbon intensity. Overall， the findings do not support the hypothesis of carbon leakage or greenwashing through factory resales in Taiwan. The incentive to transfer carbon reduction responsibilities via the asset market is relatively low due to the liquidity constraints of plants and the implementation of the carbon fee mechanism.
