本研究探討水資源短缺是否會對企業之累積異常報酬產生負面影響，樣本採用2015年至2023年之臺灣上市櫃企業，共五件缺水事件計20個事件日。實證結果顯示缺水事件確實會使企業之股價下跌。接著，進一步探討受到缺水事件影響下用水重大與否之差異影響，分別以用水量、用水強度以及SASB水重大指標等三種方式進行衡量，結果顯示SASB用水重大之企業相比用水非重大之企業在缺水事件宣告後其股價表現下跌更為嚴重。透過缺水事件於企業股價報酬影響之實證研究，提高企業對水資源管理的重視和投入，降低缺水事件對企業運營和生產的風險影響，亦讓投資人認識到缺水事件對企業經營的潛在風險，並給予更多關注和支持企業之永續發展策略和環境管理能力，共同提升臺灣企業之永續發展。

This study examines the negative impact of water shortages on firms' cumulative abnormal returns, using a sample of Taiwanese listed companies from year 2015 to 2023, covering five water shortage events over 20 event dates. Empirical results show that water shortage events lead to significant declines in stock prices.

We further analyze the differential impact of significant versus insignificant water usage using three metrics: water consumption, water intensity, and the SASB materiality map. Findings reveal that firms classified as having significant water usage by the SASB materiality map experience more pronounced stock price declines compared to those with insignificant water usage following water shortage announcements.

This research emphasizes the critical role of water resource management in mitigating the risks posed by water shortages to corporate operations and production. It also alerts investors to the potential risks water shortages pose to corporate performance, advocating for greater support of companies' sustainability strategies and environmental management practices, thereby promoting the sustainable development of Taiwanese enterprises.

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