近年全球新冠疫情肆虐、極端氣候事件、戰爭及軍事衝突不斷對企業永續經營帶來巨大的衝擊和危機，在這瞬息萬變且充滿挑戰的環境下，無論是主管機關、投資者或是其他利害關係人，不再只關注企業的財務相關資訊，更進一步要求企業揭露非財務相關的永續資訊，以評估企業長期價值及永續經營之能力。過去學術上較多文獻探討歐美國家企業碳排放量與股價之關聯性，較少有文獻探討台灣企業碳排放與股價之關聯性，且未見有文獻將碳排放量及公司治理評鑑兩者併入研究，因此，本研究將探討碳排放與公司治理評鑑對股價超額報酬之影響。研究對象為台灣上市公司，研究樣本為10,044筆觀察值，研究期間為2015年4月至2021年12月，以迴歸模型進行實證分析，發現碳排放量與股價超額報酬為正相關惟不顯著，顯示台灣投資人尚未將碳排放資訊反映在股價上，而公司治理評鑑與股價超額報酬為正相關且顯著，顯示公司治理較佳的公司，股東要求的預期報酬相較公司治理較差的公司低。研究目的期能以實證結果提供企業、投資人、主管機關做為企業永續經營、選擇投資標的及推動企業環境、社會及公司治理(Environment、Social、Governance，簡稱ESG)的依據參考。

The recent COVID-19 pandemic, extreme weather and climate change, and wars and political conflicts have significantly affected the sustainability of enterprise development. Therefore, the authorities and investors now pay attention to not only corporate’s financial performance but also non-financial sustainable performance to evaluate enterprises’ long-term value and suitability. The correlation between carbon emissions and companies' stock price of European and American were discussed in many publications; however, only a few had examined it with Taiwanese companies, especially when the correlation between carbon emissions and corporate governance were never reviewed. Therefore, the study will examine the impact of carbon emissions and corporate governance assessments on stock price excess returns. The study was conducted on listed companies in Taiwan with 10,044 samples from April 2015 to December 2021. By using the regression model, the study discovered that carbon emissions and stock price excess returns are positively correlated but not significant. It shows that Taiwanese investors have not yet reflected carbon emission information in the stock price. However, corporate governance evaluation and stock price excess return are significantly positively correlated, which indicates that companies with better corporate governance require shareholders to expect lower returns than companies with poor corporate governance. The research aims to provide enterprises, investors, and competent authorities for sustainable management of enterprises, selecting investment targets, and promoting environmental, social, and corporate governance (ESG for short).

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