隨著氣候變遷加劇與極端災害頻率不斷升高，實體風險已成為企業經營韌性的核心挑戰。近年雖有越來越多企業採行氣候相關資訊揭露，但災前揭露實體風險資訊是否能強化企業災後營運、財務及市場韌性，相關實證證據仍有限。

本研究以 2013 至 2021 年間亞洲 11 國重大自然災害為事件樣本，透過地理距離劃分企業曝險程度，結合文本分析量化年報實體風險揭露強度，並採事件研究法，系統性檢驗揭露行為與企業災後韌性之關聯。實證結果發現，處於高災害曝險地區的企業若於災前展現較高實體風險揭露強度，災後營運表現（營業利益率）較為穩定，顯示資訊揭露有助於提升企業面對外部衝擊時的營運韌性。然而，財務穩定性（Z-score）方面，揭露程度較高企業於災後反而出現財務壓力提升，反映營運與財務韌性間可能存在落差。此外，市場評價層面（Tobin’s Q）未觀察到揭露強度對企業災後市場價值有顯著提升，顯示投資人對災後揭露資訊的反應較為謹慎。

本研究結合多元韌性指標與事件研究設計，補足過往文獻多聚焦單一表現或短期市場反應之侷限，並突顯揭露內容與實際風險契合性的重要性。結果顯示，風險揭露除具資訊傳遞功能外，亦可能驅動企業危機應變與資源配置行為，對企業永續策略與政策設計提供實證依據。

With the intensification of climate change and the increasing frequency of extreme disasters, physical risks have become a core challenge to corporate resilience. Although an increasing number of firms have adopted climate-related information disclosure in recent years, empirical evidence remains limited as to whether pre-disaster disclosure of physical risks can enhance post-disaster operational, financial, and market resilience.

This study takes major natural disasters across 11 Asian countries between 2013 and 2021 as exogenous events. By measuring firms’ exposure using geographic distance, quantifying the intensity of physical risk disclosure in annual reports through textual analysis, and employing an event study approach, this research systematically examines the relationship between disclosure practices and corporate resilience after disasters. Empirical results indicate that firms with higher levels of physical risk disclosure prior to disasters—particularly those located in high-exposure areas—tend to maintain more stable post-disaster operational performance (as measured by operating margin), suggesting that information disclosure can strengthen operational resilience in the face of external shocks. However, with respect to financial stability (Z-score), firms with higher disclosure actually experience increased financial pressure after disasters, reflecting a potential gap between operational and financial resilience. Moreover, at the market valuation level (Tobin’s Q), no significant improvement in post-disaster firm value is observed for firms with higher disclosure, indicating that investors’ responses to post-disaster disclosures are relatively cautious.

By integrating multiple resilience indicators and an event study design, this research addresses the limitations of prior studies that have focused mainly on single performance dimensions or short-term market reactions. The findings highlight the importance of the alignment between disclosure content and actual risk, showing that risk disclosure not only serves an informational function but may also drive corporate crisis response and resource allocation strategies, thus providing empirical insights for corporate sustainability strategies and policy design.

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