環境策略、環境管理與企業價值關聯性之研究-以台灣上市櫃製造業為例

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年上市櫃製造業為對象，環境策略及環境管理採內容分析法分析企業社會責任報告書所獲得，財務資料則取自台灣經濟新報之財務資料庫。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，不如營運策略、行銷策略般重視。其次，實施前瞻式環境策略之效益在短期內可能不顯著，需要長期的關注才能顯現其成效。除此之外，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，表示企業與其費神在環境策略，不如花費更多心力在環境管理。

關鍵字

環境策略；環境管理；企業價值

並列摘要

Using the examples of publicly listed manufacturing companies in Taiwan in 2015 and 2016, this paper examines the relationships between environmental strategy, environmental management and enterprise value. The data of environmental strategy and environmental management are collected from social responsibility report by content analytical method, and financial data are got from TEJ database. The empirical results show that compared to those firms with reactive environmental strategy, the firms implementing a proactive environmental strategy did not increase the enterprise 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 strategy 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 enterprises value through cost savings and reduction of penalties arising from negative environmental events. The empirical results also show that companies that implement reactive environmental strategy and proactive environmental management have high enterprise value. Companies should spent more time and effort on environmental management rather than on environmental strategy.