隨著永續發展及ESG議題日益受到重視，企業在環境資訊揭露成為利害關係人評估其永續表現之重要依據。然而，部分企業基於形象與資本市場壓力，透過誇大不實或選擇性揭露資訊，以創造具有環境責任之企業形象，即所謂之「漂綠行為」。漂綠行為可區分為行為面與制度性兩種面向：前者係企業個別之誤導性環境聲明，後者則源於制度設計或監管不足，使不具實質環境效益之行為得以存在，不僅產生資訊不對稱，亦對市場運作秩序產生結構性影響。漂綠行為亦導致市場參與者誤判企業減碳能力，進而扭曲價格機制，並影響交易決策與市場穩定性。長期而言，將削弱交易制度之政策功能，並侵蝕市場信任，影響減碳政策之整體成效。 本研究旨在釐清漂綠行為對市場制度產生之不良影響，並建構其影響機制之分析架構。其次，本文將以美國與歐盟之綠色指引與規範作為借鏡，探討如何抑制與降低漂綠行為發生，並參考其制度設計與監管手法，以利評估對我國制度之啟示。透過三個案例進行分析，以檢視漂綠行為在市場中之運作樣態及其影響。 以我國現行法制而言，尚未針對漂綠行為設有專門之處罰規範，相關行為多須依附於公平交易法及消費者保護法等加以規制，整體規範分散且不足。本文最後將綜合前述分析，提出四項具體制度之建議，以作為未來完善我國在環境資訊揭露規範之參考，期望降低漂綠行為之發生，強化市場資訊之真實性與透明性，提升市場交易制度之公平性與公信力，並促進其長期穩健發展，最終實現環境永續與減碳政策之實質目標。;As ESG (Environmental， Social， and Governance) considerations gain increasing prominence， corporate environmental disclosure has become a critical basis for evaluating sustainability performance. However， some firms， driven by reputational and market pressures， engage in exaggerated or selective disclosure to present a misleading image of environmental responsibility， commonly referred to as greenwashing. Greenwashing can be understood from both behavioral and institutional perspectives. It not only creates information asymmetry but also distorts market mechanisms by misleading stakeholders about firms’ actual environmental performance. This affects pricing signals， investment decisions， and overall market stability. In the long run， such practices undermine market credibility and weaken the effectiveness of climate-related policy instruments. This thesis examines the impacts of greenwashing on market systems . By examining the institutional design and regulatory provisions of the United States and the European Union， this study explores ways to reduce greenwashing. Three cases are analyzed to illustrate it’s operational patterns and market effects. Under Taiwan’s current legal framework， there is no specific regulation addressing greenwashing， and existing rules remain fragmented. This study therefore proposes institutional recommendations to enhance transparency， strengthen regulatory effectiveness， and improve market integrity， with the goal of supporting sustainable development and carbon reduction policies.
