近幾年來，極端氣候發生的次數愈趨頻繁，而其所帶來的損失及傷害往往也都非常的嚴重。過去有許多外國相關文獻，研究先前的災害經驗會對於個人未來在行為決策上會產生什麼樣的影響。而研究結果發現，過去的災害經驗容易使人有過度放大的效果，進而使其整體行為趨於保守，甚至做出較為不合適的決定。而本研究根據這些影響行為決策的相關文獻，推測在對象為企業時，也會因為受到災害經驗的影響而趨於保守，選擇追求較低的風險以及穩定度。因此本研究主旨在針對公司災難後是否有趨於保守進行檢驗。我們以美國22個颶風以及4個熱帶氣旋為巨災主軸事件，針對其影響美國上市公司的投資政策進行檢驗。而實證也發現，位於災區的公司在災害過後無論是在長短期投資上都出現顯著下降。而後續分別在通過不同樣本時間以及金融危機的相關影響做了兩項穩健性測試，穩健性測試的結果也再一次印證本研究對於公司在災害影響過後會趨於保守的推測。

In recent years, extreme weather events have been occurring with increasing frequency and have often resulted in very serious damage. There has been much literature on how past disaster experiences affect individuals' future behavioral decisions. The empirical results show that past disaster experiences tend to have an over-amplifying effect on people's overall behavior, leading them to be conservative and even make inappropriate decisions. Based on these literature, this study hypothesizes that when it comes to corporations, they also tend to be conservative and choose to pursue lower risk and stability due to the influence of disaster experience.The main objective of this study is to examine whether companies tend to be conservative in the aftermath of a disaster. We examine the impact of 22 U.S. hurricanes and 4 tropical cyclones on investment policies of U.S. public companies. The empirical results show that companies in the disaster area do show a notable decline regardless of long- or short-term investment behind the disaster. Two further robustness tests were conducted by regarding diverse sample period and the impact associated with financial crisis. The evidence of the robustness tests also remain and conjecture that companies are more conservative after facing the impact of catastrophe disaster.

論文審定書………………………………………………………………i
誌謝辭……………………………………………………………………ii
摘要…………………………………………………………..………… iii
Abstract………………………………………………………………..... iv
Contents…………………………………………………………………..v
1. Introduction ……………………………………………………………1
1.1 Research Motivation………………………………………………1
1.2 Research Objects ………………………………………………….2
1.3 Research Process ………………………………………………….3
1.4 Research Framework …..…………………………………………5
2. Literature Review and Hypothesis Development…………………..…..5
3. Research Methodology ……………….. ……………………………..12
　3.1 Research Data………………………………………………….…12
3.2 Models and Research Variables………………………………...…20
3.2.1 Models …………………………………………………….20
3.2.2 Control Variables…………………………………………..22
4. Empirical Results….….….….….….….….….….….….….….………24
4.1 Descriptive statistics…………………………………………...…24
4.2 Multiple regression results…………………………………..……28
4.3 Robustness test………………………………………………..…..30
5. Conclusion.......……………………………………………………….35
Reference………………………………………………………………..37
Appendix ………………………………………………………………..40

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