企業實質性環境行為與價值創造的關聯

The relationship between substantive behavior on firm's environmental management and value creation

林晨(Chen Lin)

指導教授 ： 郭樂平

淡江大學/商管學院/會計學系碩士班/碩士(2015年)

https://doi.org/10.6846/TKU.2015.00659

摘要

本文欲探討日本上市公司揭露更多實質性環境資訊對其企業價值的影響。以2008至2012年日經500指數成分公司為研究對象，從企業環境行動的三種揭露資訊（成本、創新，減排效益）進行觀察，環境成本聚焦於企業的環境資本支出與費用支出的金額揭露，環境創新則關注企業環境營運流程與環境技術的資訊揭露，減排效益觀察企業碳排密集度（碳強度）資訊，此外，本文採用內容分析法對企業環境創新揭露進行評分，並以迴歸分析進行後續假說驗證。結果發現日本的大公司揭露環境成本的支出資訊不一定能提升其企業價值，然而，環境創新揭露資訊對提升企業價值多半存在正向反應，這項結果或許暗示在像日本這種環境保護的先進國家，環境成本的投入對於企業價值之創造影響不一，然而企業若能在揭露組織營運創新資訊的同時積極揭露環境技術的創新資訊，有助於企業價值創造進一步的提升。此外本文發現日本在環境揭露方面，市場的投資大眾較偏好環境技術面的創新資訊，本文期望借鑒日本資本市場之經驗，協助我國企業瞭解何種環境資訊揭露能使企業釋放出較實質的綠色訊號，吸引市場綠色投資人目光，幫助企業帶來競爭優勢與價值的創造。

關鍵字

實質性環境資訊 ； 企業價值 ； 環境成本 ； 環境創新

並列摘要

This article is to explore the Japanese listed companies disclose more substantial environmental information impact on its firm value. This article takes the Nikkei 500 index component companies from 2008 to 2012 for the study. From three disclosure information of firm environmental action(cost, innovation, emission reduction effect) to observe. The environmental cost focus on the environmental capital and environmental expense　expenditures, the environment innovation is concerned about the organization operating and environmental technology innovation, and the carbon reduction effect observe carbon emission density (carbon intensity).In addition, this article uses content analysis take the exposing score of firm environmental innovation, and subsequent uses regression analysis to verify the hypothesis. It was found that the Japanese listed companies disclosed the information of environmental cost may not be able to enhance the firm’s value. However, disclose the environment innovation information to enhance firm’s value most have a positive reaction. This result may imply the advanced countries in environmental protection such as Japan, invest environmental cost to innovative the firm’s value are not necessarily have an impact. However, if the firm to expose the actual operating process of environment information and disclose environmental technology information, it is more helpful to create firm’s value. Environment disclosure is a bridge that firm express itself is an environmentally responsible company to the public, and has become a global trend, in our country is no exception. This article is to explore which environmental information is market investing public like, and expect learn from the experience of the Japanese market to help our country development of environmental information disclosure in the future.

並列關鍵字

Substantial environmental information ； Firm value ； Environmental cost ； Environment innovation

參考文獻

郭惠雯，2014，企業營運的效率性整合環境投資的評估，淡江大學會計研究所未出版碩士論文。

顧曼蘋，2010，公司環境資訊傳遞與環境合理性：以日本企業為例，淡江大學會計研究所未出版碩士論文。

Aden J., K. H. Ahn, and M.T.Rock. 1999. What is driving the pollution abatement expenditure behavior of manufacturing plants in Korea. World Dev27(7):1203–1214.

Albornoz, F., M. A. Cole,R. J. R. Elliott, and M. G.Ercolani. 2009. In search of environmental spillovers.World Economy 32: 136–163.

Amaeshi, K. M., and A. Crane.2006. Stakeholder engagement: a mechanism for sustainable aviation. Corporate Social Responsibility and Environmental Management 13(5): 245–260.