近年來，隨著全球氣候嚴峻，在國際組織與我國政府陸續推動減碳經濟及相關法令規範下，為公司永續經營帶來許多未知的危機及衝擊，有關於公司財務營運之相關資訊已不再是唯一的投資考量，對於氣候風險亦須揭露相關資訊，以利於投資者及利害關係人評估公司之長期價值。因此，本研究係探討臺灣上市（櫃）高碳排產業公司的碳排放量與其股票長期異常報酬之影響為何，並取自於行政院環境部氣候變遷署統計及通過第三方檢驗其該年度碳排放量應列屬為2015年至2022年臺灣高碳排產業之上市（櫃）公司為研究對象，且避免樣本資料偏差影響結果，透過樣本篩選流程取得最終研究對象計79家；而研究區間則分為長期（2015年至2023年）及短期（2022年至2023年），共為兩個階段進行探討，先使用Fama-French三因子模型(1996)、Fama-French五因子模型(2015)之相關因子進行迴歸，以取得之截距項Alpha值再與高碳排產業公司之碳排放量進行實證分析，探討是否存在著股票長期的異常報酬情形。本研究實證結果發現，臺灣上市（櫃）高碳排產業公司之碳排放量與股票的長期異常報酬為正相關惟不顯著，顯示現行臺灣的投資者尚未將碳排放量資訊列為主要的投資考量，因此股價並無受到顯著影響，進而推斷目前臺灣股票市場尚未存在對於碳風險的補償，意即並無存在碳溢價之情形。本研究目的希冀提供予臺灣投資者、公司管理者抑或政府單位，能更加瞭解環境因素對於公司價值及永續發展之影響，並為其相關的投資決策、管理及政策制定提供更有利的依據參考，得以實踐低碳經濟以及企業永續經營的目標。

In recent years, with the increasingly severe global climate, under the successive promotion of carbon reduction economy by international organizations and the government of our country, it has brought many unknown crises and impacts to the sustainable development of companies. Information related to the financial operations of the company is no longer the only consideration in investing. Disclosure of information related to climate risks is also required to facilitate investors and stakeholders in evaluating the long-term value of the company. Therefore, this study explores the impact of carbon emissions of Taiwan-listed (OTC) high-carbon industries on their long-term abnormal returns of stocks. The research objects are the Taiwan-listed (OTC) companies in high-carbon industries from 2015 to 2022, as identified by the statistical data from the Climate Change Bureau of the Executive Yuan's Environmental Protection Administration, and verified by third-party inspections of their carbon emissions for that year. To avoid sampling bias affecting the results, the final reseasher subjects are 79 companies were selected by the screening process. The research is divided into long-term (2015 to 2023) and short-term (2022 to 2023), and both stages are discussed. Firstly, the Fama-French three-factor model (1996) and the Fama-French five-factor model (2015) are used to regress relevant factors to obtain the intercept term Alpha value, which is then empirically analyzed with the carbon emissions of high-carbon industry companies to explore whether there is a situation of long-term abnormal returns of stocks. The empirical results of this study found that the carbon emissions of Taiwan-listed (OTC) high-carbon industry companies are positively correlated with the long-term abnormal returns of stocks but not significant, indicating that Taiwanese investors have not yet regarded carbon emissions information as a major consideration in investing. Therefore, stock prices are not significantly affected, thus inferred that there is currently no compensation for carbon risk in the Taiwanese stock market, meaning that there is no carbon premium. The purpose of reserach is to provide Taiwan investors, corporate managers, or government agencies with a better understanding of the impact of environmental factors on company value and sustainable development, and to provide more favorable references for their relevant investment decisions, management, and policy formulation, in order to achieve the goal of a low-carbon economy and sustainable business operations.

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