受氣候相關國際公約影響，過去針對碳權共同效益的研究主要集中在強制性碳權市場的價格影響因素上，具有共同效益、自然碳匯相關或經認證機構驗證的碳權專案，通常能夠獲得更高的市場價格溢價。然而這些議題在自願性碳權市場中的研究相對缺乏，因此本研究旨在完善碳權市場共同效益的整體研究。
本研究資料來自AlliedOffsets資料庫，資料涵蓋發行年份(vintage)為1999年至2023年的32,448筆自願性碳權專案交易資料，資料中也包含本研究的應變數—平均每單位碳權預估價格，以及SDGs、自然碳匯相關及認證機構等自變數，本研究共建立六種特徵價格模型，分別觀察各碳權特徵對於價格的影響，但在資料處理過程中發現應變數資料呈右偏態，因此本研究以分量迴歸減輕資料偏態造成的結果偏誤。
研究結果顯示，宣稱SDGs的碳權相對於未宣稱存在USD 2.79/tCO2e溢價，且宣稱6項SDGs時能達到最高的溢價；宣稱SDG13和SDG15的碳權相對於未宣稱會帶來溢價，宣稱SDG8則會折價，本研究推測可能原因為SDG8與直接環境效益關聯較低所造成，且每多宣稱SDG8、SDG13、SDG15外的任一項SDGs，將產生USD 3.495/tCO2e的溢價；另外自然碳匯專案若宣稱SDG13，相對於未宣稱會產生溢價；驗證過程愈嚴謹的認證機構則不一定會帶來溢價，因其不一定會依循其手冊進行驗證。

Influenced by international climate conventions, previous research on carbon credits' co-benefits has focused mainly on compliance markets, where projects with co-benefits, natural carbon sinks, or registry verification typically fetch higher prices. However, studies on these topics in the voluntary market are limited, prompting this study.
Data comes from the AlliedOffsets database, covering 32,448 voluntary carbon credit project transactions from 1999 to 2023. It includes the dependent variable, the estimated price per carbon credit, and independent variables like SDGs, natural carbon sinks, and carbon registries. Six hedonic pricing models were created to observe the impact of various carbon credit characteristics on prices. Due to the right-skewed dependent variable data, quantile regression was used to mitigate bias.
The results show that carbon credits claiming SDGs have a premium of USD 2.79 per tCO2e, peaking when six SDGs are claimed. Credits claiming SDG13 and SDG15 bring a premium, while those claiming SDG8 are discounted. Each additional SDG claimed, excluding SDG8, SDG13, and SDG15, results in a premium of USD 3.495 per tCO2e. Additionally, natural carbon sink projects that claim SDG13 command a premium. However, stricter certification processes do not always lead to higher premiums, as adherence to verification guidelines can vary.

論文審定書 i
誌謝 ii
摘要 iii
Abstract iv
目錄 v
圖次 vii
表次 viii
壹、緒論 1
一、 研究動機 1
二、 研究背景 1
三、 研究問題 7
貳、文獻回顧 9
一、 共同效益的概念與重要性 9
二、 自願性碳權市場的發展與價格變化 11
三、 共同效益對碳權價格的影響 12
參、排碳相關法規與碳市場現況 15
一、 國際及台灣排碳相關法規概況 15
二、 碳權交易市場概況 16
肆、研究方法 18
一、 資料來源 18
二、 研究變數及資料清理 20
三、 研究模型設定 29
伍、研究結果 36
一、 敘述性統計 36
二、 模型結果分析 44
陸、研究結論與限制 63
一、 研究結論 63
二、 研究限制 64
參考文獻 66
附錄 71

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