本篇研究探討台灣股票市場的投資者是否將碳排放視為投資決策時的重要因素。首先探討碳排放對股票報酬的影響，並檢視投資者是否因應碳排放相關風險要求一種「碳」溢酬。另外研究機構投資者是否將「碳」風險納入持有該公司股票的考量。利用來自台灣經濟日報的數據，本研究除了評估了碳排放對股票報酬的影響，同時也考慮了公司營運狀況、財務狀況、時間序列等變量，並另外評估ESG中的S跟G對股票報酬的影響。經過分析，投資人僅會將ESG中範疇一及範疇二之碳排放數據納入股票風險考量並要求更高的報酬，惟機構投資人並不會因為碳排放數據改變其資產配置，而更專注於傳統財務數據。本研究旨在分析金融市場對於永續指標的反應有更廣泛的理解做出貢獻。

This study investigates whether investors in Taiwan's stock market consider carbon emissions as a significant factor when making investment decisions. It explores the impact of carbon emissions on stock returns to ascertain whether there is a carbon premium that investors demand due to carbon-related risks. My research also investigates the investment decisions of institutional investors and their response to companies' carbon emission levels. My results show that investors only regard carbon emissions as a risk to their investment, therefore demanding a higher return. Institutional investors, however, focus mainly on traditional financial factors rather than Environmental, Social, and Governance (ESG) factors. Overall, my results contribute to the broader understanding of the financial implications of environmental factors in the financial market.

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