環保議題已是近年來最重要的國際議題之一,而企業經營過程所帶來的負面環境影響是無法在短期內立即恢復與改善的,因此需要企業更積極投入關注。本研究首先針對國內2004年至2008年上市櫃公司之環境資訊透明度現況進行分析,然後進一步檢測企業社會責任績效表現相對較佳與相對較差的兩群樣本,其環保資訊透明度是否有顯著差異。最後,檢測環保資訊透明度與企業融資指標之間的關連性。主要以Logistic迴歸分析與複廻歸分析進行假說檢測。實證結果顯示國內攸關環保的資訊揭露仍未獲得企業重視,因此環保資訊透明度普遍低落。另外,企業社會責任表現相對較佳之企業,基於永續經營與累積良好利害關係人關係資源的誘因與行動能力,會有較高的環境資訊透明度的機率,且顯著高於企業社會責任表現相對較差之企業;環境資訊透明度與信用風隩評等等級之間則存在負向關係,但未達統計顯著水準。最後,企業藉由環保資訊之訊號發射,可突顯企業在經營過程中越關注對環保的投資、監督與程序控管,可獲得投資人正面的肯定,並反應在股價的績效表現,因此有較佳的股票投資報酬率。
The environment-protection has been the major issue all over the world. In order to prevent the negative influence; firms should pay close attention to their daily operation. First, this paper analyzes the actual state about transparency of environmental information in Taiwan listed companies from 2004 to 2008. Second, the difference transparency of environmental information between firms with better corporate social performance and firms with worse corporate social performance is examined. Finally, this study explores the relationship between transparency of environmental-protection and the financing indexes. Logistic regressions analysis and multiple-regression analysis are adopted to test the hypotheses. The empirical result shows when firms have better corporate social performance, they will have more transparency of environmental information. Furthermore, there is negative association between transparency of environmental information and the ranking of Taiwan Corporate Credit Risk Index, but does not achieve the statistic significantly level. Additionally, there is significant positively association between transparency of environmental information and returns on stock.