環境資訊透明度與融資指標關聯性之研究

A Study of the Relationship between Transparency of Environmental Information and Financing Indicators

黃瓊瑤(Chiung-Yao Huang) ； 趙翊廷(Yi-Ting Chao) ； 賴靜惠(Ching-Hui Lai)

《評價學報》 3期 (2010/08) Pp. 41-51

https://doi.org/10.30073/JV.201008.0004

摘要

環境保護議題已是近年來最重要的國際議題之一，而企業經營過程所帶來的負面環境影響是無法在短期內立即恢復與改善的，需要企業更積極投入關注。本研究首先針對2004年至2008年國內上市櫃公司之環境資訊揭露現況進行分析，並檢測企業社會責任績效表現相對較佳與相對較差的兩群樣本，其環保資訊透明度是否有顯著差異。此外，本研究亦針對環境資訊透明度與融資指標之間的關聯性進行檢測。主要採用Logistic迴歸與複迴歸分析進行假說驗證。實證結果發現環境資訊揭露仍未獲得國內企業的普遍重視；另外，社會責任績效表現相對較佳與較差的兩群企業，其環境資訊透明度有顯著差異。最後，企業藉由環境資訊之訊號發射，可突顯企業在經營過程中越關注對環保的投資、監督與程序控管，因此可獲得投資人正面的肯定，進而反應在較佳的股票投資報酬率。

關鍵字

環境資訊透明度 ； 企業社會責任 ； 融資指標

並列摘要

The environment-protection has been the major issue all over the world. In order to prevent the negative influence; firms should pay close attention to their daily operation. First, this paper analyzes the actual state about transparency of environmental information in Taiwan listed companies from 2004 to 2008. Second, the transparency difference of environmental information between firms with better corporate social performance and firms with worse corporate social performance is examined. Finally, this study explores the relationship between transparency of environmental-protection and indicators of financing. Logistic regressions analysis and multiple-regression analysis are adopted to test the hypotheses. The empirical result shows when firms have better corporate social performance, they will have more transparency of environmental information. Furthermore, there is significant positively association between transparency of environmental information and returns on stock.

並列關鍵字

Transparency of Environmental Information ； Corporate Social Responsibility ； Financing Indicators