本研究旨在探討淨零排放與再生能源政策發布對公司股價的影響，特別是累積異常報酬的表現。本研究分析了以下問題：能源政策發布時，整體公司股價是否出現異常反應？高碳排公司和溫室氣體排放量大的公司是否受到顯著影響？以及能源使用管理較佳的公司是否展現不同的市場反應。研究結果顯示，淨零排碳及再生能源政策的發布對市場產生明顯壓力，尤其對碳排放量大的公司引發負面反應；排放量較低的公司因具備更佳的環境表現而呈現較好的市場反應。能源使用管理的效率與累積異常報酬則未呈顯著相關性，可能因量化標準的不一致或市場對此重視程度不足所致。
再生能源政策所倡導的轉型涵蓋飲食、居住、交通等多方面，企業與個人應將氣候風險轉化為低碳機會，提升能源效率並吸引投資者資金流入，以促進股價增長。即將實施的碳定價與碳交易進一步強調了減碳行動的必要性，尤其是對高碳排放公司的財務風險管理。本研究結果可供企業永續發展部門、金融機構、政府及評等機構參考，推動綠色轉型與政策制定的整體進步。

This study aims to explore the impact of net-zero emissions and renewable energy policy releases on company stock prices, especially the performance of cumulative abnormal returns. This study analyzes the following question: Do overall company stock prices experience abnormal reactions when energy policies are released? Are high-carbon companies and those with large greenhouse gas emissions significantly affected? and whether companies that better manage their energy use exhibit different market responses.
Nowadays, major international manufacturers in all walks of life require supply chain manufacturers to use 100% renewable energy, prompting suppliers to include product carbon footprints and carbon reduction performance as important company procurement indicators. Many suppliers are unable to cooperate in carbon reduction, mainly due to insufficient relevant knowledge and data and the inconsistent quality of data provided by suppliers, reflecting the industry's need for support from expert consultants. Companies that do a good job in carbon management can turn this transition crisis into business opportunities; conversely, companies that fail to implement carbon management may face great operational survival challenges. With the announcement of renewable energy policies, green energy-related industries have benefited from policy support, resulting in pressure to meet performance standards and are less affected by the business cycle, making them more resilient.

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