本研究探討氣候政策不確定性對美國航空業績效的影響，透過回歸模型，分析氣候政策不確定性指標與公司營運指標與企業市場價值之間的關係並比較COVID-19前後的影響差異。研究結果顯示，疫情前，氣候政策不確定性對航空業營運績效和市場價值表現呈負向且顯著影響。氣候政策不確定性增加公司運營成本與財務壓力，降低獲利能力與市場價值。疫情後，氣候政策不確定性的影響轉為正向，特別在資產報酬率、毛利率與公司市場價值。反映減碳排政策有可能為航空業創造新的獲利機會，並建議航空公司積極適應政策調整以提升營運績效與降低風險。

This study investigates the impact of Climate Policy Uncertainty on the financial performance of the U.S. aviation industry, utilizing regression models, we analyze the relationship between CPU index and financial metrics and market value, with a particular focus on differences before and after the COVID-19 pandemic. The findings reveal that before the pandemic, Climate Policy Uncertainty significantly negatively affected financial performance market outcomes, increasing operational costs and financial pressure, reducing profitability market value. After the pandemic, Climate Policy Uncertainty exhibited a positive effect, particularly on return on assets, gross profit margin and market value. The policies maybe have created new profit opportunities for the aviation industry. This study recommends that aviation firms proactively adapt to policy changes to enhance financial performance and mitigate risks.

一、 中文部分
孫海波、曹迪、劉忠璐(2024)。氣候政策不確定性、數字化轉型與企業投資效率。上海財經大學學報，第26卷第6期，3-16。
劉致豪(2024)，「氣候風險對台灣上市櫃公司績效的影響」，國立嘉義大學財務金融學系碩士學位論文。

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