本研究探討了企業碳排放對股價報酬、股價波動度及機構投資人持股比率的 影響。研究使用 2015 至 2022 年美國標準普爾 500 指數成分股企業的資料，結果顯示，在控制產業效果後，碳排放總量與股價報酬呈現顯著負相關，即碳排放越高的企業股價報酬越低。此外，碳排放對股價波動度也有負向影響，表示碳排放越高的公司股價波動度越低。針對機構投資人，碳排放總量與機構投資人比率呈現負向關係，顯示機構投資人更傾向於投資碳排放較少的企業。然而，將機構投資人細分後發現，不同類型的機構投資人對企業碳排放的看法有所不同。最後，本研究結果建議企業應關注碳排放表現以吸引機構投資人投資，並提供了對未來研究方向的建議。;This paper investigates the impact of corporate carbon emissions on stock returns,stock volatility, and institutional investors′ ownership ratios. Utilizing data from S&P 500 constituent companies from 2015 to 2022, the study reveals that, after controlling for industry effects, total carbon emissions are significantly negatively correlated with stock returns, indicating that companies with higher carbon emissions have lower stock returns. Additionally, carbon emissions negatively affect stock volatility,meaning that companies with higher carbon emissions have lower stock volatility.Regarding institutional investors, a negative relationship is observed between total carbon emissions and the ratio of institutional ownership, suggesting that institutional investors tend to invest in companies with better carbon performance. However, when institutional investors are segmented, different types of investors exhibit varying perspectives on corporate carbon emissions. Finally, the study suggests that companies should focus on their carbon performance to attract institutional investors and provides recommendations for future research directions.
