为从资本市场视角检验环境规制对企业碳活动的影响，通过将废气排放违法处罚公告信息和企业碳排放量信息与上市企业微观数据相结合，以2009~2022年上市公司数据为样本，采用固定效应模型回归分析投资者在企业收到废气排放违法处罚信息后，对企业碳风险溢价的调整及其作用机制。研究发现：废气排放违法处罚后企业碳风险溢价显著上升，并且投资者情绪是推升企业碳风险溢价的主要影响机制；废气排放违法处罚信息通过改变投资者情绪，促使投资者调整其对于企业的碳排放预测。进一步来看，处罚影响程度根据企业性质和监控程度呈现明显的异质性特征，并受到企业环境信息披露水平和ESG表现的调节。

To examine the impact of environmental regulation on corporate carbon activities from a capital market perspective, this study integrates illegal emission penalty announcement information and corporate carbon emission data with micro-level data of listed enterprises. Using a sample of Chinese listed companies from 2009 to 2022 and employing a fixed-effects model regression analysis, it investigates how investors adjust corporate carbon risk premium following the disclosure of environmental penalty and the underlying mechanisms. The findings reveal that corporate carbon risk premium significantly increases after emission-related penalties, with investor sentiment serving as the primary transmission channel- such penalties reshape investors’ carbon emission projections by altering investors’ sentiment. Furthermore, the impact of penalties exhibits significant heterogeneity depending on enterprise ownership type and monitoring intensity, and is moderated by firms’ environmental information disclosure levels and ESG performance.