Since climate change has emerged as a pressing issue, the related risks and opportunities are becoming crucial competitive factors, not only in the global market but also in the domestic market. The restrictions agreed between nations on greenhouse gas emissions, which have tended to center on developed nations, have become tougher. Climate change should be treated as a very sensitive issue by companies that emit a great deal of greenhouse gas, since it could threaten their business operation. In spite of that, we have not conducted any proper research in Korea on how big an impact the risks and opportunities related to climate change might have on market value. This is due to a lack of data. In this study, the correlation between market value and the risks and opportunities that climate change presents is empirically analyzed. At the same time, the responses that investors have given to the risk factors that attach to climate change are examined too since the Korean government passed the bill, coping with climate change and management of energy. Furthermore,firm specific factors that could motivate companies to voluntarily disclose relevant information on climate change are examined From the results of the analysis, it appears that energy consumption and greenhouse gas emissions, which together are one of the risk factors of climate change, have a significantly negative impact on market value. Moreover, energy consumption and green house gas emissions have had a negative influence on investors' assessments since the policies outlined in coping with climate change and management of energy were adopted by the government, and particularly,it seems that greenhouse gas emissions have more significant negative influence than has energy consumption. However, it seems that among opportunity factors, the development of new renewable energy sources have a significantly positive impact on market value. Among factors pertaining to the disclosure relevant information, it appears that the existence of environmental management systems, company size and the ratio of institutional investors have a significantly positive impact. According to the results of the research, investors had been recognizing an individual company’s climate change risk factors as internal and external competitive factors even before the adoption of the bill, and are applying the risks and opportunities resulting from climate change to their value assessments in the decision-making process. It is noted that adopting policies related to climate change brings changes in the business environment of a company, and it is shown that these changes influence investors' actions. Investors are exerting their influence upon companies so that more companies voluntarily disclose information on climate change by giving good reviews to the companies that are successfully managing climate change risk factors and actively utilizing the opportunities that arise from climate change as strategic alternatives. Therefore, companies should build their own internal systems through which information on the risks and opportunities arising from climate change can be collected and should voluntarily be disclosed. In terms of the governmental policies, the range of the regulations should be expanded. More recently, companies disclose information only on energy usage and greenhouse gas emissions. The regulations should include climate change management and strategic responses. As a result,investors will be able to apply specific and verified information to their investment decisions.