近幾年來，氣候變遷產生的環境議題延燒。為減緩損失以及全球氣候變遷造成的危害，各國有了各式協議及文獻研究，而其中溫室氣體造成之影響最甚者為二氧化碳。有鑑於此，本篇研究把焦點放在台灣，延伸過去研究對於公司碳排放量與其市值之相關性。過去以西方國家為研究對象之結果顯示，歐美政府及各投資人對企業社會責任報告書中碳排放量較為重視，因此當碳排放量愈高之公司，投資者對於其社會環境的破壞有負面觀感進而影響股價。而本篇研究在研究臺灣公司市值是否亦受揭露碳排放量之影響，手動蒐集公開資訊觀測站2011至2016年之溫室氣體碳排放之資料，分析上市櫃公司共計1,098樣本觀測值，發現碳排放量與公司價值呈現正向關係，與先前以歐美國家為研究樣本之結果不同，顯示台灣投資人對於碳排放抱持著不同於歐美國家投資人之態度。

Matsumura et al. (2014) find a negative relationship between carbon emissions and firm’s value in American and Europe, indicating that market investors poses a negative view toward the amount of carbon emissions disclosed in the corporate social responsibility (CSR) reports. This paper examines whether this negative relationship holds in Asia. By using the carbon emission data in Taiwan, this paper finds that the amount of carbon emissions is positively associated with the firm’s values, which is on the contrary to the previous findings. The results suggest that the Eastern investors holds a different attitude toward the carbon emissions than investors in Western countries.

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