本研究以2014年至2024年美國上市公司為樣本，結合法說會氣候變遷曝險指標（CCE）與產業調整後碳強度年變動量（adjΔCI），透過雙向固定效果迴歸，系統性檢驗氣候資訊揭露、實質減碳行為與股票異常報酬之間的關聯。
實證結果確認，CCE對當期異常報酬具有顯著正向影響，adjΔCI則呈顯著負向影響；而兩者交乘項顯著為正，揭示市場在短期內對「高氣候言論伴隨碳排相對惡化」的矛盾組合給予額外正向溢酬，形成可計量識別的「言行背離溢酬」，且此溢酬於一至兩季後逐步消散，與廉價話語理論及有限注意力框架的理論預期一致。進一步引入氣候政策不確定性指數（CPU）作為時變調節變數後，發現在政策不確定性飆升的季度，言行背離溢酬受到系統性壓縮，反映外部政策訊號的大量湧入使投資人對個別企業氣候修辭的精細辨別能力相應降低。對ROA的迴歸則顯示，CCE對企業獲利能力的正向傳導約需四至八季方能充分顯現，與市場定價的即時前置效應形成可量化的時序落差，支持資本市場具備定價效率的論述。
本研究以系統性計量識別言行背離溢酬，整合碳溢酬文獻與法說會文本分析文獻，並引入氣候政策不確定性揭示ESG定價的環境依賴性，為氣候資訊的資本市場定價機制提供新的實證基礎。

This study examines the dynamic relationships among climate disclosure, carbon reduction behavior, and stock abnormal returns for U.S. listed companies from 2014 to 2024, using the earnings call-based Climate Change Exposure (CCE) indicator and the industry-adjusted change in carbon intensity (adjΔCI) within a two-way fixed-effects panel regression framework.
Results confirm that CCE is positively associated with contemporaneous abnormal returns while adjΔCI is negatively associated. Most critically, their interaction term is significantly positive, revealing a quantifiable "speech-action misalignment premium" whereby markets award a short-term bonus to firms combining high climate rhetoric with relatively worsening carbon performance. This premium dissipates within one to two quarters, consistent with cheap talk theory and the limited attention framework. I ncorporating the Climate Policy Uncertainty index (CPU) as a time-varying moderator, we find that the misalignment premium is systematically compressed during high-CPU quarters, as surging external policy signals crowd out investors' capacity to scrutinize individual firms' climate rhetoric. Forward-looking ROA regressions further show that the fundamental benefits of climate disclosure take approximately six to eight quarters to materialize, forming a measurable temporal gap relative to the contemporaneous market pricing effect and supporting the forward-looking pricing efficiency of capital markets.
This study provides the first systematic identification of the speech-action misalignment premium, bridges the carbon premium and earnings call text analysis literatures, and reveals the policy-environment dependence of ESG asset pricing.

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