環境資訊揭露、公司治理與財務績效關聯之研究

A Study of The Relationship among Environmental Information Disclosure,Corporate Governance and Financial Performance

楊惠媗(Hui-Xuan Yang)

指導教授 ： 劉立倫

中原大學/商學院/會計研究所/碩士(2008年)

https://doi.org/10.6840/cycu200800323

摘要

摘要
近年來國際間環保意識高漲，社會大眾開始關注企業是否對環保盡份心力，企業為了證明永續經營的目標，主動將此資訊予以揭露，以提升企業的價值。本研究先探討環境資訊揭露與財務績效之關聯性，以便了解在環保意識日漸高漲的趨勢下，這兩者有何關聯性，然而企業做環境資訊的揭露，一定需要一個有效的監督機制也就是公司治理，因此本研究再加入公司治理機制的變數，來探討環境資訊揭露與公司治理機制是否會共同影響財務績效。
本研究以2002年、2003年及2004年為主要研究期間，最後篩選出907家公司做為實證測試的樣本，實證結果發現過去財務績效較好的企業，與環境資訊揭露呈反向關係；而過去財務績效好的企業，其環境資訊揭露與企業短期與長期經營績效呈正向關係；而過去財務績效差的企業，其環境資訊揭露與企業短期與長期經營績效呈負向關係但不顯著；最後再加入公司治理機制變數，實證結果發現而過去財務績效好的企業，其環境資訊揭露和公司治理機制與企業短期與長期經營績效呈正向關係但不顯著；而過去財務績效差的企業，其環境資訊揭露和公司治理機制與企業短期與長期經營績較呈負向關係但不顯著。

關鍵字

財務績效 ； 公司治理 ； 環境資訊揭露

並列摘要

Abstract
Recently international environmental protection consciousness surged upward, many people started to pay attention to whether the enterprise protect environment effectively or not. In order to prove the goal of continuous operation the enterprise disclosed information actively to promote corporate value. This research first discusses the relationship between the environmental information disclosure and the financial performance, in order to understand above what connection have both under the tendency that gradually upsurges in the environmental protection consciousness. However the enterprise does making environmental disclosure, and it must need a valid direct mechanism which is also corporate governance.Therefore this research joins this variable, the discussion about environmental information disclosure and the corporate governance whether can affect the financial performance together.
This research takes 2002, 2003 and 2004 as main research periods and finally sieves 907 companies to do for the empirical testing sample.The empirical results are: The enterprise which had good financial performance in the past is significantly negatively associated with the environmental disclosure. The enterprise had good financial performance in the past, its environmental disclosure is significantly positively associated with enterprise short-term and long-term operating performance.The enterprise had bad financial performance in the past, its environmental disclosure is negatively associated with enterprise short-term and long-term operating performance. Finally this research joins the corporate governance variable.The empirical results are: The enterprise had good financial performance in the past, its environmental disclosure and its corporate governance are also positively associated with enterprise short-term and long-term operating performance.The enterprise had bad financial performance in the past, its environmental disclosure and its corporate governance are also negatively associated with enterprise short-term and long-term operating performance.

並列關鍵字

financial performance ； corporate governance ； environmental information disclosure

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