氣候變遷與永續轉型已成為全球航空產業面臨的重要挑戰。各國監理機關與國際組織相繼推動減碳與永續揭露規範，使航空公司近年頻繁透過新聞稿、投資人關係公告與永續報告書等管道，對外發布淨零承諾、永續航空燃油（SAF）導入、機隊效率提升與治理制度強化等 ESG 政策宣示。然而，資本市場是否將此類宣示視為具有資訊含量的訊號、並在短期內反映於股價，仍有待實證檢驗。
基此，本研究以 2015 至 2025 年間全球 18 家主要上市航空公司為研究樣本，系統性蒐集其 ESG 政策宣示事件，並採事件研究法分析宣示前後的短期股價反應。研究主要以市場模型估計正常報酬，並計算異常報酬（AR）與累積異常報酬（CAR）。同時，本研究進一步依區域與事件類型進行分組比較，另補充我國國籍航空公司之個案討論以檢視市場反應之異質性。
研究結果顯示，航空公司 ESG 政策宣示對短期股價反應之影響並不一致，且不同地區與事件類型之間存在差異。此結果反映出投資人對 ESG 資訊之評價具有選擇性：市場是否給予正向回應，仍取決於宣示內容之具體性、可信度及其經濟意涵。

Climate change and sustainability transition have become major challenges for the global aviation industry. As regulators and international organizations continue to promote decarbonization and sustainability disclosure requirements, airlines have increasingly made ESG policy announcements—such as net-zero commitments, Sustainable Aviation Fuel (SAF) initiatives, fleet efficiency improvements, and governance enhancements—through press releases, investor relations announcements, and sustainability reports.
However, whether capital markets treat such announcements as value-relevant signals and reflect them in stock prices in the short run remains an empirical question. Accordingly, this study examines 18 major publicly listed airlines worldwide from 2015 to 2025 and systematically collects ESG policy announcement events to analyze short-term stock price reactions using the event study approach. We use the market model to estimate expected returns and then calculates abnormal returns (AR) and cumulative abnormal returns (CAR). In addition, we conduct subgroup analyses by region and event type. We further provide a case discussion on Taiwanese carriers to further examine the heterogeneity of market reactions.
The findings show that the effects of airline ESG policy announcements on short-term stock price reactions are not consistent, and variations can be observed across regions and event categories. This suggests that investors assess ESG information selectively, and whether the market responds positively depends on the specificity, credibility, and economic significance of the announcement.

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