Investigation of corporate valuation model with climate control factor

气候变化仍然是一个全球性的挑战，因此迅速减少二氧化碳排放以实现《京都议定书》设定的目标是很重要的。在这项研究中，首先指出了日本公司环境报告中的二氧化碳减排努力。接下来，我们考察了二氧化碳排放与公司价值之间的相关性，以及公司减排措施及其披露与公司价值之间的相关性。研究结果表明，投资者的决策考虑了企业的二氧化碳排放量及其对策和信息披露。

Climate change remains a global challenge and so it is important to reduce rapidly the CO2 emissions to achieve the goals set by the Kyoto Protocol. In this research, first, CO2 emissions reduction effortsfrom Japanese companies' environmental reports are indicated. And next, we investigate the correlation between CO2 emissions and corporate value, and the correlation between corporate measures to reduce their emissions and its disclosure, and corporate value. The results suggest that the decision-making of investors incorporates firm's CO2 emissions and their countermeasures and disclosure.