本研究聚焦於年報氣候揭露之語言特徵對公司價值之影響。在氣候揭露制度化推進、卻同時伴隨監理不確定性與政治化壓力的環境下，企業不僅面臨「揭露有無」的抉擇，更可能透過語氣與清晰度的選擇來回應制度張力，本研究認為此一溝通面向值得深入探討。
本研究以 2021 至 2024 年間美國環境敏感性產業上市公司為樣本，運用 ClimateBERT 從 10-K 年報之 Item 1、1A 及 Item 7 中擷取氣候相關語句，建構氣候情緒與氣候可讀性兩項文本特徵指標，以 Tobin's Q 衡量公司價值，並進一步檢驗文本特徵與碳排放量之交互效果，以及川普 2024 年當選所帶來之政策不確定性衝擊。 主測試結果顯示，碳排放量在所有模型中均呈顯著負向影響，確認資本市場對實質碳排放給予直接的估值折價懲罰。就文本情緒而言，環境敏感性企業之氣候揭露中的正向語氣反而與公司價值呈顯著負相關，顯示市場將其樂觀語氣視為「廉價對話」，對正向情緒施以折價懲罰。就文本可讀性而言，環境敏感性企業若採用過於簡單易讀的氣候揭露，反而會顯著加劇市場的對碳排量估值折價，揭示市場將易讀文本解讀為資訊流失之訊號。
本研究之發現可為台灣環境敏感性產業做個參考，投資人可能會因過於正向、易讀的氣候語言給予估值折價，唯有提供具備專業深度、涵蓋具體減碳路徑與量化目標的氣候揭露內容，才能真正降低資本市場的估值折價。此外，本研究亦為聯合國 SDGs 第 13 項「氣候行動」之揭露機制提供貢獻。本研究實證發現，市場對氣候文本中的情緒與可讀性具有定價反應。因此可作為檢驗 SDG 文本中的語氣之工具，為 SDG 揭露品質之評估提供具客觀性之評量。

This study examines how linguistic characteristics of climate disclosures in annual reports affect firm value. As climate disclosure becomes increasingly institutionalized amid regulatory uncertainty and political pressure, firms may strategically employ tone and readability to navigate institutional tensions — a communicative dimension that warrants systematic investigation.
Using a sample of U.S. environmentally sensitive industry firms from 2021 to 2024, this study applies ClimateBERT to extract climate-related sentences from 10-K filings (Items 1, 1A, and 7), constructing climate sentiment and readability indicators. Firm value is proxied by Tobin's Q. The study further examines interactions between textual characteristics and carbon emissions, as well as the policy uncertainty introduced by Trump's 2024 electoral victory.
Results show that carbon emissions negatively affect firm value across all specifications. Positive climate sentiment is associated with valuation discounts, suggesting markets treat optimistic language as cheap talk. Higher readability significantly amplifies the carbon emission penalty, indicating that overly simplified disclosures signal information loss to investors.
These findings suggest that only disclosures with substantive depth, concrete decarbonization pathways, and quantified targets can mitigate capital market penalties. This study also contributes to SDG 13 by demonstrating that textual sentiment and readability serve as objective indicators for evaluating climate disclosure quality.

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