在資本市場裡,長久以來企業的財務績效一直是最主要的核心議題,然而現今環保意識的抬頭,人們對於企業在維護環境,減少污染物產生等方面,也更加的嚴苛要求。由於資本市場是需要市場投資人的認同,所以企業不再僅僅只須致力於財務方面的表現,亦需要在營運的過程中努力去降低其對環境的損害。 本研究選取2000年至2006年,在台灣證券交易所上市之公司為研究樣本,探討企業經濟附加價值、生態效益與市場績效之關聯性。實證結果發現:企業經濟附加價值及企業生態效益皆與市場績效呈現顯著的正向關係;企業經濟附加價值與生態效益確實會共同影響市場績效,但其效果對於整個市場而言並不顯著。在區分多頭及空頭年度下,結果大致與先前一致,然而在空頭市場下企業經濟附加價值與生態效益之互動效果沒有達到顯著效果,故推論當市場位於空頭時,投資人較擔心的是該企業是否會因為整個資本市場的不景氣,可能導致企業的資金出現缺口,更可能爆發財務危機,反而更專注於其財務績效的表現。
In capital market, the financial performance always has been the most main core subject since the long-time. However, nowadays environmental protection consciousness is rising, people also more severe request enterprise in maintenance environment and reduced pollutant and so on the aspect. Because the capital market needs the investor's approval, the enterprise no longer merely must devote to the financial performance, also needs diligently to reduce the environment harm in enterprise operation process. In this repot select the samples which have shares listed on the Taiwan Stock Exchange from 2000 to 2006 to test the relationship among economic value added, eco-efficiency and marketing performance. The research results shows that economic value added and eco-efficiency have significant positive relation with marketing performance. The economic value added and the eco-efficiency truly affect the marketing performance together, but the effect is not significant for the whole market. In differentiates bullish market and bearish market, this result was approximately consistent with formerly. But in bearish market, the interaction effect between the economic value added and the eco-efficiency is insignificant. Therefore deduces the investors comparatively concern about the enterprise financial performance, because of the capital market is not booming, possibly causes enterprise to generation of funding gap.