- 學位論文
高污染產業環境資訊揭露與經營績效、股價關係之研究
A Study on Environmental Information Disclosure of High Pollution Firms between Operating Performance and Stock Price
摘要
近年來國際間環保意識高漲，社會大眾開始關注公司是否會對環保盡份心力，因此公司為了落實永續經營目標與強化環境資訊揭露，便是公司經營管理上重要議題之一。並且由於現今網際網路所帶來的便利性與時效性，社會大眾可以利用公開資訊觀測站及各公司自有網站查詢其環境資訊揭露的內容和程度。 故本研究以2009年的台灣上市公司中高污染產業為研究對象，主要以內容分析法衡量其年報內環境資訊揭露程度後轉換為揭露得分，並選取揭露性質、外銷收入比率、財務狀況、公司規模、總資產報酬率、每股盈餘、杜賓ｑ值、平均股價成長率及年股價報酬率作為經營績效與股價關係的衡量指標，以迴歸分析來探討環境資訊揭露、經營績效與股價關係這三者之間具有何種關聯性。 實證結果發現環境資訊揭露性質、財務狀況、公司規模、每股盈餘及杜賓ｑ值，對公司於年報內自願性揭露環境資訊程度呈現顯著正向關係，惟外銷收入比率呈現正向關係但不顯著，而總資產報酬率、平均股價成長率及年股價報酬率則呈現負向關係。
並列摘要
Due to the globally increasing environmental consciousness over the years, the local public has begun to pay attention to whether a firm makes any contribution to environmental protection. Therefore, implementing sustainability management and increasing environmental information disclosure have gradually been included among the most significant management issues for a firm. In addition, thanks to the facility and time-efficiency rendered by the popularity of Internet, the citizens can visit freely the market observation post system or the Webpage of every company to understand the essence of its environmental information and to what extent such information was revealed. Thus the current paper aims to target at the firms of the high pollution firms among public companies in 2009, adopting content analysis to evaluate the environmental information disclosure in the annual report of each firm and subsequently estimate the score. Consequently, this paper has chosen the nature of environmental information disclosure, export revenues ratio, financial situation, firm size, the return on total assets, earnings per share, Tobin’s Q, the growth rate of average share price, and the rate of annual stock returns as evaluation index to evaluate the relationship between operating performance and stock price. Furthermore, the study uses regression analysis to explore the correlation of environmental information disclosure, operating performance and stock price. According to the empirical results of the paper, the nature of environmental information disclosure, financial situation, firm size, earnings per share and Tobin’s Q all display an apparent positive relationship with the voluntary environmental information disclosure in annual report, while export revenues ratio suggest a weaker positive relationship with such disclosure. Conversely, the return on total assets, the growth rate of average share price and the rate of annual stock returns demonstrate a negative correlation with the aforementioned disclosure.