本研究以台灣上市櫃企業為全樣本，比較高碳排與非高碳排產業在永續揭露上的差異，探討企業永續揭露之文本特徵與未來環境績效之關聯性，並進一步檢驗揭露具體性在辨識訊號與防範漂綠行為中之調節作用。樣本涵蓋 2019 年至 2023 年台灣上市櫃非金融保險業之永續報告書，並特別針對面臨歐盟 CBAM 等國際法規壓力之六大高碳排產業進行分析。 實證結果顯示，在全樣本中，永續報告書之正向語氣與次一年度環境績效呈正相關，支持訊號傳遞理論。進一步分組分析發現，不論高碳排或非高碳排產業，正向語氣均與次期環境績效呈現正向關聯，且高碳排樣本的關聯程度在數值上略高於非高碳排組。本研究更關鍵的發現是具體性的調節作用，當面臨氣候法規壓力的高碳排企業提供具體性較高之永續揭露時，其正向語氣所伴隨的未來環境績效表現，優於低具體性之企業。顯示管理階層之樂觀語調雖具備資訊內涵，但輔以高具體性之揭露，方能作為具實質資訊之訊號。 在實務意涵上，本研究結果建議投資人在評估面臨氣候法規壓力之企業時，應將具體性納入防範漂綠之篩選，而對企業管理階層而言，輔以具體性的資訊，將有助於向資本市場傳遞具可信度的氣候行動訊號。建議監管機關未來可強化具體性之揭露指引，以促進永續資本市場之健全發展。 關鍵字： 永續報告書、自然語言處理、訊號傳遞理論、漂綠、具體性、高碳排產業;This study uses Taiwan′s listed and OTC companies as the full sample to compare the differences in sustainability disclosure between high-carbon and non-high-carbon industries， explores the relationship between the textual characteristics of corporate sustainability disclosure and future environmental performance， and further examines the moderating role of disclosure specificity in identifying signals and preventing greenwashing behaviors. The sample covers the sustainability reports of Taiwan′s listed and OTC non-financial and insurance companies from 2019 to 2023， and specifically analyzes the six major high-carbon industries facing international regulatory pressures such as the EU CBAM. Empirical results show that， in the full sample， the positive tone of the sustainability reports is positively correlated with the next year′s environmental performance， supporting the signaling theory. Further grouping analysis finds that， whether in high-carbon or non-high-carbon industries， the positive tone shows a positive relationship with the next period′s environmental performance， and the degree of relationship in the high-carbon sample is numerically slightly higher than that of the non-high-carbon group. A more key finding of this study is the moderating role of specificity: when high-carbon enterprises facing climate regulatory pressure provide sustainability disclosures with higher specificity， the future environmental performance accompanying their positive tone is better than that of enterprises with low specificity. This shows that although the optimistic tone of the management has informational content， only when supplemented by highly specific disclosure can it serve as a signal with substantive information. In terms of practical implications， the results of this study suggest that investors， when evaluating enterprises facing climate regulatory pressure， should include specificity into the screening for preventing greenwashing. As for corporate management， supplementing specific information will help transmit credible climate action signals to the capital market. It is suggested that regulatory authorities can strengthen disclosure guidelines on specificity in the future to promote the sound development of the sustainable capital market. Keywords: Sustainability Report， Natural Language Processing， Signaling Theory， Greenwashing， Specificity， High-Carbon Industries.
