環境經營度、盈餘績效與市場績效關係－台灣與日本百大企業之比較研究—

Degree of environmental management, earning performance and market performance － A comparison between Taiwan & Japanese Top 100 enterprises.

李佳燐(Chia-Lin Lee)

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/cycu200800324

摘要

摘要

人們享受經濟發展所帶來便利，卻忽略其為環境所帶來的破壞。隨著環境漸漸惡化，人們才開始重視環境保護的重要，但卻不是每個國家、企業都是同等的重視，因此，本研究探討環境經營度、盈餘績效與市場績效三者之關係，在進一步探討台灣與日本在此三者關係之表現是否有不同。
本研究以2003年至2006年為研究期間，並對台灣樣本進行環境經營度項目的評分，最後台灣與日本總共篩選出933家製造業公司作為實證測試的樣本。實證結果如下：ROE與市場績效為顯著負相關；環境經營度表現佳的情況下，台灣與日本市場績效沒有顯著差異；環境經營度與ROE可能不會共同影響市場績效；在環境經營度與股東權益報酬率表現佳之企業，台灣與日本的市場績效並沒有明顯差異。
雖然本研究假說都未能支持，但仍在實證中發現台灣與日本在三者關係上的表現不同：
(1)在環境經營度方面，台灣與日本的2004年至2006年市場績效表現仍有顯著差異，
(2)將樣本依環境經營度與股東權益報酬率分群後，台灣樣本與日本樣本有顯著差異。

關鍵字

環境經營度 ； 盈餘績效 ； 股東權益報酬率 ； 市場績效

並列摘要

ABSTRACT

People enjoy the convenience which economical development brought, but neglect the destruction that it brings for the environment. With the destruction of environment become more and more serious, people start to face the significant of environmental protection. However, this topic is not coordinate to each country and enterprise. So this research would discuss these three relations of environmental management, the earnings performance and the market performance. And furtherly discuss whether there is different manifestations between Taiwan and Japan in these three relations.
The main time periods of this research is from 2003 to 2006 and graded the environment management of Taiwan's sample. Finally, sieved out 933 companies of Taiwan and Japan as empirical testing sample. The empirical results are: The ROE is significantly negatively associated with market performance. The enterprise had good environmental management in the past, Taiwanese and Japanese have no significantly difference. The environmental management and ROE whether can affect the market performance are indefinite. The enterprise had good environmental management and ROE in the past, Taiwanese and Japanese market performance are not significantly difference.
Although the hypothesis all has not finally been able to support, but still discovered Taiwanese and Japanese is different in three relations:
(1) Taiwanese and Japanese market performance is significantly difference associated with environmental management from 2004 to 2006.
(2) Group into the sample according to environmental management and ROE, Taiwanese and Japanese sample is significantly difference.

並列關鍵字

return on equity ； market performance ； earning performance ； environmental management

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