本研究首先探討異常溫度與是否提升人們對全球暖化的關注度，接續探究天氣發生異常溫度時，是否影響到投資人投資高、低碳排放量股票的行為，以及是否影響高、低碳排放量公司個股報酬。本篇利用谷歌搜索透視(Google Trends) 的關鍵字搜索量指數(SVI)，作為大眾對全球暖化的關注程度，而異常溫度變數參照文獻（Choi,D., 2020）將溫度拆解三部分，最後殘差值即為本文主要異常溫度變數，再利用當日沖銷比、券資餘額比、市場周轉率作為間接投資人指標，以代表投資人的投資行為，最後檢視2008-2020年間異常溫度對投資人情緒與台灣高、低碳排放量產業的公司個股之影響。實證結果顯示，投資人僅在面對高碳排放量公司的投資行為會受到異常溫度的影響，並發現異常溫度會促使高碳排放量公司個股報酬表現差，說明異常溫度不僅會影響投資人對於高碳排放量公司個股的投資行為也影響到相關個股報酬表現。

This paper initially explores the relationship between abnormal temperatures and the extent to which they raise public awareness of global warming. Subsequently, it delves into whether such temperatures impact investor behavior when investing in high and low carbon-emitting stocks, as well as the returns of individual stocks from companies with high and low carbon emissions. We employ Google Trends' Search Volume Index (SVI) as a measure of the public's concern for global warming. Anomalous temperature variables are derived from literature (Choi, D., 2020) by decomposing temperatures into three components, with the residual value serving as the primary variable for this research. Day Trading Ratio, Margin Purchase/Short Sales, and Retail Investors' Share Turnover are utilized as indirect investor sentiment, representing investor behavior. Finally, the study examines the impact of abnormal temperatures on investor sentiment and individual stocks of high and low carbon-emitting industries in Taiwan between 2008 and 2020. The empirical results show that investors' behaviors are affected by abnormal temperatures only when facing companies with high carbon emissions. It is also found that abnormal temperatures tend to lead to poor returns on stocks of high carbon-emitting companies. This suggests that abnormal temperatures not only influence investors' behaviors towards stocks of high carbon-emitting companies but also impact the performance of these stocks.

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