環境策略、環境管理與企業價值－以台灣製造業為例

Environmental Strategy, Environmental Management and Firm Value - Evidence from Taiwan's Manufacturing Industry

黃振豊(Cheng-Li Huang) ； 孔繁華(Fan-Hua Kung) ； 陳詩穎(Shih-Ying Chen)

《當代會計》 21卷1期 (2020/05) Pp. 1-31

https://doi.org/10.6675/JCA.202005_21(1).01

摘要

本研究旨在探討環境策略、環境管理與企業價值之關聯性，以2015年與2016年上市櫃製造業公司為對象，環境策略及環境管理之評分係採內容分析法分析企業社會責任報告書所獲得。研究結果顯示，實施前瞻式環境策略並不如反應式環境策略有助於提升企業價值。顯示台灣目前對於環境策略較為保守，不似營運策略或行銷策略受到重視。其次，實施前瞻式環境策略之效益在短期內可能不顯著，需要長期的投入才能顯現其成效。相較於保守式環境管理，實施積極式環境管理更有助於提升企業價值，說明了其藉由成本的節省、減少負面環境事件所產生的罰款，進而提升企業價值。本研究亦發現實施反應式環境策略與積極式環境管理之企業價值最高，表示企業運用環境策略滿足利害關係人，配合積極式環境管理，可有效提升企業價值。

關鍵字

前瞻式環境策略 ； 反應式環境策略 ； 環境管理 ； 企業價值

並列摘要

In this study, a sample of manufacturing companies listed in Taiwan between 2015 and 2016 are used to examine the relationship between environmental strategy, environmental management and firm value. The scores of environmental strategy and environmental management are accessed from social responsibility report by content analytical method. The empirical results show that compared to those firms with reactive environmental strategy, the firms implementing a proactive environmental strategy did not increase the firm value. This may be due to the fact that companies in Taiwan are more conservative on environmental strategy while they pay more attention on operational and marketing strategy. The benefit of implementing a proactive environmental strategy may lack significant effect in the short-term. On the other hand, implementing proactive environmental management will increase the firm value through cost savings and reduction of penalties arising from negative environmental events. The empirical results also show that those companies that implement reactive environmental strategy and aggressive environmental management have high firm value, indicating that companies become involved in environmental management with satisfied stakeholders will have a positive impact on firm value.

並列關鍵字

proactive environmental strategy ； reactive environmental strategy ； environmental management ； firm value

參考文獻

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