本篇論文是在探討航空公司如果有好的飛安會不會增加公司的價值，我分析了從2002年到2014年美國的21家航空公司，發現航空公司的飛安與公司價值有顯著的正相關，換句話說，公司的飛安越好，價值會越高。此外，我還發現在飛安事故較頻繁的年度，投資人會更重視航空公司的飛安，這時候公司價值受飛安程度的影響會更大。

This article discusses whether the level of airline safety may increase an airline firm’s value. Following an analysis of 21 airlines over the period from 2002 to 2014 in the USA, I have found that there is a significant relationship between airline safety and Tobin’s q. An airline with a better safety index will have a higher Tobin’s q. Moreover, I also found that investors pay more attention to the safety index in the years which accidents happened frequently. The firm value of airlines may be more heavily influenced by the safety index rating.

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