氣候變遷已成為當前全球關注的重大議題。各國政府紛紛對此祭出相關法規與限制，要求企業減少碳排放，履行環境企業社會責任。在這樣的背景下，企業的節能減碳表現，如何影響券商分析師的盈餘預測，成為了本研究的重點。
本文以 2019 年至 2023 年間台灣上市櫃公司為樣本，探討企業節能減碳績效與分析師盈餘預期偏誤之間的關係。研究採用台灣經濟新報(TEJ)數據庫中的溫室氣體排放指標作為企業節能減碳表現的主要探討變數，並以分析師預測每股盈餘與實際每股盈餘之差異來衡量預測偏誤。
實證結果顯示，企業節能減碳績效越好，分析師的盈餘預測偏誤越小。當企業積極投入環保和節能減排措施時，不僅能夠降低自身的氣候營運風險，還能有效降低內外部的資訊不對稱。這使分析師在評估企業價值時，能更精準地預測其盈利表現。此外，本文還探討了無形資產強度以及產業特性在上述關係中的調節作用。研究結果發現公司的無形資產強度對券商分析師本身的預測偏誤具有負向調節效果。而高汙染產業對分析師之預測偏誤，也與假說方向相同，具有正向調節效果。惟兩調節效果皆沒有呈現顯著，無法在統計上證實彼此之間的關係。

Climate change has become a major global concern, prompting governments to enact regulations requiring companies to reduce carbon emissions and fulfill their corporate social responsibilities. In this context, this study examines how a company's carbon reduction performance affects analysts' earnings forecasts.
Using a sample of listed and OTC companies in Taiwan from 2019 to 2023, this study explores the relationship between corporate carbon reduction performance and analysts' earnings forecast bias. The results show that better corporate carbon reduction performance is associated with lower earnings forecast bias by analysts. When companies actively invest in environmental protection and emission reduction measures, they not only reduce their own climate-related operational risks but also effectively mitigate information asymmetry between internal and external parties, allowing analysts to predict profitability more accurately.
Additionally, the study investigates the moderating effects of intangible asset intensity and industry characteristics on the main relationship. While the results suggest a negative moderating role of intangible assets and a positive moderating effect of high-pollution industries, these moderating effects are not statistically significant.
Overall, the research demonstrates the importance of corporate carbon reduction, highlighting its role in enhancing corporate environmental responsibility, improving information transparency, and increasing pricing efficiency in the capital market.

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