企業自願揭露永續責任報告書經營績效之研究

近年來，國際社會愈來愈重視企業營運對環境造成的影響，企業社會責任(Corporate Social Responsibility)、永續環境經營(Sustainable Environmental Management)等概念也因此孕育而生，1976年間美國第四大石油天然氣虎克公司爆發愛河汙染事件，其因化學廢料洩漏於河川，造成大規模居民搬遷及約二億五千萬美元的財務損失。我國也不例外，在1978年有台鹼安順廠將汙染經由污泥及廢水排放，造成台南鹿耳門附近地區的底泥受到具有毒性的汞污染，耗資約二千萬進行整治，造成許多人罹癌；1994年更發生RCA公司違法傾倒有機溶劑汙染事件，造成一千餘名員工罹患癌症，其中兩百餘人因此死亡；2009年台塑仁武廠驗出廠區的地下水及土壤含有超量的汙染物，造成廠區外地下水與後勁溪水遭受汙染，已進入整治階段；2013年封裝大廠日月光將重金屬酸水排放到高雄後勁溪，導致千頃農田被汙染。諸如此類違背環境保護的事件，造成國家社會莫大的損失，故政府及民間逐漸重視企業在營運過程中是否能夠兼顧保護環境這項重大責任。有鑑於此，本研究以企業自願揭露『永續責任報告書』的企業為樣本，試圖找出在營運之同時兼顧環境保護之企業會帶來較佳的經營效益，及企業自願揭露『永續責任報告書』的影響因素。經研究結果，不論從敘述性統計分析、Pearson相關性分析、Spearmen相關性分析、迴歸分析、羅吉斯迴歸分析、T檢定等方法皆印證，自願揭露永續責任報告書的企業比未揭露之企業有較佳的經營績效，表示企業若能在營運的同時兼顧環境保護之責任，會為企業帶來較高的聲譽與形象，同時也會減少汙染及工安事件可能造成的成本與損失，創造優於未揭露企業的競爭優勢，達到永續發展之可能性。根據研究結果，也建議投資人於決策投資時能將企業投入環境保護的程度納入參考指標，以獲取穩健的投資報酬。

關鍵字

經營績效；企業環保績效；永續發展；財務績效；資產報酬率；營收成長率；負債比率；營業利益；每股盈餘

並列摘要

In recent years, the international society has more and more emphasized the influence caused by enterprise operation to the environment, and the concepts such as corporate social responsibility and sustainable environmental management have therefore come into being. In 1976, the fourth largest oil and gas company in America, Hooke Company broke out the Love River pollution event, and its chemical waste was leaked into rivers to cause mass resident relocation and a financial loss of about 250,000,000USD. It is also no exception in Taiwan, in 1978, Taiwan Alkaline Anshun Factory discharged the pollutant through sludge and sewage, causing toxic mercury pollution to the sludge bear Luermen, it cost 20,000,000NTD to rectify the environment and many people suffered from cancer; in 1994, an even worse event occurred, RCA Company illegally dumped organic solvents, causing that more than 1000 employees suffered from cancer, among whom more than 200 employees died; in 2009, Taiwan Plastic Wuren Factory examined that the underground water and soil in the plant area had excessive pollutants, which caused pollution to the underground water outside the plant and Ho-jin Stream water, and the pollution is being rectified at present; in 2013, Advanced Semiconductor Engineering, Inc. discharged the heavy-metal acid water into Ho-jin Stream in Kaohsiung, causing pollution to thousands of hectares of farmland. Such events violating the environmental protection cause great loss to the state and society, so the government and folk society have gradually emphasized whether the enterprises can take into account of the great responsibility of protecting environment in the process of operation. In consideration of this, in this research, with the enterprises voluntarily revealing "sustainable responsibility report" as the samples, it is attempted to find out the operation benefit brought to the enterprises during operation while considering the environment and the influential factors for enterprises to voluntarily reveal "sustainable responsibility report". The research result shows that the descriptive statistics, Pearson correlational analysis, Spearmen correlational analysis, regression analysis, Logistic regression analysis, t test methods demonstrate that the enterprises voluntarily revealing the sustainable responsibility report have better operation performance than those not revealing that, indicating that if the enterprises can consider the responsibility of protecting environment during operation, they will win more reputations and images, and reduce the cost and loss caused by the pollution and work safety events, so as to create competitive advantages superior to the peers who do not reveal the report, and achieve the possibility of sustainable development. According to the research result, it is also suggested that the investors should include the degree of enterprises' investment in environmental protection into the reference indicators, so as to achieve a stable investment return.

並列關鍵字

Operating performance ； Corporate environmental ethics ； Sustainable development ； financial performance ； ROA ； R & D spending ； debt ratio ； Profit Margin ； Earnings Per Share