氣候暖化之議題已成為全球矚目的焦點之一，它是一種全球公共之惡（global public bad），影響層面殃及全球，其惡果將由全球共同承擔。為了不讓碳排放繼續造成氣候暖化，各國政府已開始商討對策並制定政策等相關措施，各國企業為因應此潮流而進行各種減碳投資。 亞洲國家對於經濟發展的專注大於減碳投資，在此一議題上與歐洲國家有很大差異。因此，本研究嘗試分析亞洲企業減碳投資與減碳績效與經營績效間之關係。研究樣本以參與碳揭露計畫之台灣、中國、香港、日本、南韓及印度企業為對象。研究結果顯示就整體而言減碳投資與減碳績效及經營績效呈現顯著倒U型非線性關係，此外，就環境敏感性產業的減排績效與經營績效表現顯著不如非環境影像性產業，有參與排放交易之企業排放績效顯著高於未參與績效之企業。

本研究就參與碳揭露計畫當中之歐盟地區企業投入減碳投資金額與其經營績效及減碳績效做一實證性分析，並選擇以英國、德國及法國企業為歐盟地區企業代表。 研究結果顯示歐盟地區企業投入越多減碳投資，對其排放量的控制及減少有所助益，當中英國企業投資所產生之減排效益最高，德國企業投資金額及減排量皆為最高，故目前投資效益雖無英國佳，但相信未來減碳績效將大幅提升。至於法國企業由於減碳行動相較於其他兩國較不積極，減碳績效亦較不佳。此外，減碳投資對於隔年度經營績效影響為何?當中英國企業結果顯示為負向關係，德國企業顯示兩者無太大相關，至於法國企業結果顯示為正向關係。另若將企業減碳所得之無形報酬加計於資產報酬率，英法兩國企業經營績效皆明顯提升，故可知企業投入減碳行動，當中有利益產生，證明了企業致力於減碳行動確實有所助益。

企業為了符合環保法規並提升環境績效而投入大量資金在設備及流程改善上，為了瞭解這些投資對企業帶來的減碳績效及營運績效之效果，本研究以美國企業為研究對象，利用內容分析法及多元迴歸分析法，探討企業減碳投資與其減碳績效、營運績效之關聯性。 實證結果顯示企業推動減碳投資與其減碳績效，環境敏感產業投資金額與其減碳量呈現顯著的倒U型之非線性關係，亦即投資金額越多其減碳績效越好，但投資到一定金額減碳績效則會降低。不論環境敏感性或非敏感性產業流動性強，規模大的企業經營績效較佳，但是投資程度與經營績效無顯著關聯，另外本研究首創將減碳的數量依國際平均碳交易價格轉換成企業之機會成本（視為企業收入或成本降低），發現減碳投資與經營績效仍無顯著關聯，而非環境敏感性企業如果公司對氣候變遷有相關激勵政策，經營績效較高，而環境敏感性企業如果公司，經營績效反而較低。因此本研究認為美國制訂之相關法案，在減碳績效上雖尚屬有效，但仍未使企業可因減碳投資創造出營運績效。 / Corporations invest a great deal of money in equipment and process improvement in order to comply with environmental regulations and enhance environmental performance. To understand the effects on the performance of carbon reduction and operating performance by these investments, this paper examines and compares the relationship between the corporation investment in carbon reduction and performance of carbon reduction, and also operating performance in the U.S., using the content analysis method and the multiple regression analysis method. The empirical results are summarized as follows. Investments in carbon reduction and performance of carbon reduction in corporations in the environmental sensitivity industry have a significant nonlinear relationship, in the form of an inverted-U shape relationship. The more dollars invested, the better the performance of carbon reduction. However, the performance of carbon reduction will reduce when invested to a certain amount. No matter environmental sensitivity industry or non-environmental sensitivity industry with a strong current ratio and large size business has a better operating performance, and the degree of emission reduction investment does not associate with operating performance. The paper applies CO2 market price to emission reduction amount to construct an emission reduction opportunity cost (regarding as business's income or cost reduction), and finds that the emission reduction investment still does not associate with revised operating performance. However, the non-environmental sensitivity industry with climate change incentive policy has a better revised operating performance than that of environmental sensitivity industry. Therefore , the study concludes that although the USA's climate change related Acts have some positive influence on emission reduction, the Acts do not make the business's emission reduction investment to create some operating performance.