近年來，極端氣候與自然災害事件頻傳，使氣候風險逐漸成為影響企業營運穩定與資本市場信任的重要因子。儘管《氣候相關財務揭露建議》（TCFD）已自2017年起建立揭露標準，然在重大災害發生後，企業氣候風險揭露能否發揮穩定投資人信任之功能，現有文獻仍缺乏實證支持。為填補此研究缺口，本研究以2016至2018年亞洲主要供應商為對象，結合重大自然災害事件，採用文本分析法計算企業年報中實體風險關鍵字比例，依據企業所在地是否屬於災害影響區域分組，並進一步依災前三年揭露分數進行異質性劃分，系統性探討揭露行為與機構投資人持股關聯。
實證結果發現，災後期間企業揭露行為確實普遍增強，反映重大事件對資訊揭露具備驅動效果。惟回歸分析顯示，單純位於災害主要影響區域的企業，並未在災後出現顯著機構投資人持股下降。進一步區分揭露強度後，發現災前揭露分數較高的企業，在災後期間能夠有效維持機構投資人持股水準，部分模型結果達顯著，顯示充分揭露資訊有助於穩定市場信心。相對而言，揭露程度較低的企業於災後則未見持股提升現象，反映資訊落差限制投資人調整行為。
整體而言，本研究補足現有文獻對重大事件下資訊揭露效果的系統性檢驗，突顯揭露強度異質性於危機情境下的調節效果，並以亞洲供應鏈企業為例，驗證資訊揭露能否協助維繫資本市場信心。研究建議後續可結合多語種資料與內容語意分析，進一步揭示永續資訊揭露在高不確定性環境中的理論與實證意涵。

In recent years, the increasing frequency of extreme weather and natural disasters has underscored the importance of climate risk in shaping corporate stability and capital market confidence. Although the Task Force on Climate-related Financial Disclosures (TCFD) has established disclosure standards since 2017, empirical evidence on whether such disclosure stabilizes investor confidence after major disasters remains limited. This study addresses this gap by examining listed Asian supply chain firms from 2016 to 2018, utilizing text analysis to quantify physical risk keywords in annual reports. Firms are classified by disaster exposure and further segmented by pre-disaster disclosure levels to systematically analyze the relationship between disclosure practices and institutional shareholdings.
Results indicate that while firms generally increase disclosure after disasters, being located in affected areas does not necessarily lead to a significant decline in institutional holdings. However, firms with higher levels of disclosure prior to disasters are better able to maintain institutional investor confidence, highlighting the moderating effect of disclosure strength in crisis contexts. This research advances the literature by providing evidence on disclosure heterogeneity and calls for further studies incorporating multilingual data and semantic analysis to deepen understanding of sustainable disclosure under high uncertainty.

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