由於全球暖化現象日益嚴重，本研究探討當氣溫出現未預期的變化時，市場上存在反應不足的狀況，平常人們雖有在做減少碳排放的行為，但基於事態尚未迫切，人們不會很積極的去做碳減排。而當氣溫發生未預期變化時，人們會意識到若再不注重環境將導致嚴重的生態危機，而加強做碳減排的活動，此行為是基於人們對於資訊的解讀會存在反應不及的狀況，而資本市場也對於此資訊存在反應不足的狀況，投資人在不同程度的氣溫變化會有不同的反應係數，氣溫發生未預期變化時市場意識到全球暖化的急迫性，期待企業積極地從事碳減排行為。研究期間為2016至2020年，採台灣上市櫃公司為樣本，以迴歸進行實證分析，實證結果發現企業女性董事多寡與碳排放量變動值間存在負向關係，而未預期氣溫變化具調節效果，女性董事比例較多的企業會較積極從事碳減排行為，同時在此調節效果之下，企業的碳減排行為將會更正面反應於其企業價值上。;Due to the increasingly serious phenomenon of global warming, this study explores the lack of response in the market when there are unexpected changes in temperature. Although people are usually doing to reduce carbon emissions, because the situation is not yet urgent, people will not be very active to do carbon emission reduction. When the temperature change is not expected, people will realize that if they do not pay attention to the environment will lead to a serious ecological crisis, and strengthen the carbon emission reduction activities, this behavior is based on people′s interpretation of the information will be less responsive to the situation, and the capital market also has a lack of response to this information, investors in different degrees of temperature change will have different response coefficients, the temperature change is not expected when the market The market is aware of the urgency of global warming and expects companies to actively engage in carbon emission reduction behavior. The study period is from 2016 to 2020, taking Taiwan listed OTC companies as a sample, and conducting an empirical analysis by regression. The empirical results show that there is a negative relationship between the number of female directors in companies and the change in carbon emissions, and the unanticipated temperature change has a moderating effect. Enterprises with more female directors will be more active in carbon emission reduction behaviors, and under the moderating effect, the carbon emission reduction behaviors of enterprises will be more positively reflected in their enterprise value.
