本篇文章調查了台灣企業的污染排放是否對其營運風險有影響這一實證問題。我收集了台灣環境保護局（EPA）提供的企業的空氣、水、廢物和有毒污染排放情況。我發現，整體污染排放量大的公司將有更高的營運風險，提高了資本供應商的要求回報率。污染排放高的公司，如果現金持有量少，資產增長率快，對經營風險的影響就更大。經驗證據顯示，基礎風險和公司的污染排放之間有很強的關聯性。

This study investigates the empirical question of whether Taiwanese corporations' pollution emissions have an impact on their operating risk. I collect the air, water, waste, and toxic pollution emission of firms provided by the Environmental Protection Administration (EPA) in Taiwan. I discover that companies with greater overall pollution emissions will have higher operating risks, raising the required rate of returns from capital suppliers. Firms with high pollution emissions that have less cash holding and faster asset growth rates have a greater influence on operating risk. The empirical evidence shows a strong correlation between foundational risk and the firm's pollution emissions.

Abstract-------I
摘要 -------II
致謝辭-------III
1. Introduction-------1
2. Literature-------5
2.1 Environmental Performance and Operating Risk-------5
2.2 Environmental Performance and Capital Suppliers’ Risk-------6
3. Methodology-------8
4. Hypothesis-------8
5. Data-------10
6. Empirical Result-------14
6.1 Baseline Result-------14
6.2 Channels-------16
6.3 Robustness Test-------18
7. Conclusion-------21
8. Reference-------23
9. Figure-------26
Figure 1-------26
Figure 2-------27
10. Table-------28
Table 1: Summary Statistic-------28
Table 2: Regression of Operating Risk and Total Pollution-------29
Table 3: Channel Results-------30
Table 4: Each Type of Pollution and Operating Risk-------32
Table 5: Each Type of Pollution and Equity Risk-------34
11. Appendix Table-------36
Table A-------36

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