環境資訊揭露關鍵因素之研究：台灣上市公司的實證

An Study Determinants of Environmental Information Disclosure: An Empirical Study of Taiwan Listed Companies

陳建丞(Jian-Cheng Chen)

指導教授 ： 歐陽豪

崑山科技大學/商業管理學院/企業管理研究所/碩士(2012年)

摘要

本研究以2003年至2010年台灣9,006家上市櫃公司的股東會年報為研究樣本,探討影響上市櫃公司股東會年報中環境資訊揭露的關鍵因素。本研究中以內容分析法，對股東會年報中環境資訊進行揭露評分，結果發現，環境資訊揭露總分中，以『經濟因素』揭露分數的總平均分數為最高，『公司污染防制狀況』次之，『其他相關環境資訊』揭露分數第三，『訴訟事件』揭露分數最低；而『環境敏感性產業』的環境資訊揭露總分與組成細項均顯著高於『非環境敏感性產業』，此外，『環境敏感性產業』的『是否通過ISO 14000認證』、『公司規模』及『公司年齡』均顯著高於『非環境敏感性產業』，『環境敏感性產業』的『財務槓桿』與『資產報酬率』均顯著低於『非環境敏感性產業』公司；最後，本研究實證結果也發現，『環境敏感性產業』、『通過ISO 14000認證』、『公司規模越大』及『成立年限越久』的公司，其環境資訊揭露的得分較高；而「舉債較多的公司」及「獲利較高的公司」其『環境資訊揭露』較低，最後員工人數對環境資訊揭露的影響則有待進一步的實證。本研究的貢獻有三：第一、過去國內的實證指出，環境敏感產業並未有較高的環境資訊揭露，本研究的實證指出近年來環保意識的提高，政府的要求下，『環境敏感性產業』對環境資訊揭露為顯著正向影響，第二、過去的研究只提出影響『環境資訊揭露總分』的關鍵因素，本研究則提出影響『環境資訊揭露總分』及其四項組成環境資訊揭露、自願性及強制性環境資訊揭露的關鍵因素；第三、本研究提出過去國內未曾進行實證的『財務槓桿』對環境資訊揭露的實證，發現環境敏感性產業的『財務槓桿』顯著低於非敏感性產業，同時『財務槓桿』對『環境資訊揭露總分』為顯著負向關聯。

關鍵字

環境資訊揭露 ； 環境敏感性產業 ； ISO 14000認證

並列摘要

This study adopts 9,006 companies listed on TSE, and uses shareholder meeting annual report as research samples during 2003 to 2010. The purpose is to discuss which are the determinants of environmental information disclosure (EID) at present. In this study we use the content analysis, score the EID by the shareholder meeting annual report,. The findings in this study, First, the EID of “economic factors (EID1)” gets the highest score, next is the “condition of company pollutes against system (EID3)”, the third is “other related environment information (EID4)”, finally is t “lawsuit event (EID2)”. The EIDs of environment sensitive industry (ESI) are higher than non-enviroment sensitive industry (non-ESI), including the “total score of EID (EIDT)”, and the “four compositions of environment information disclosure (EID1, EID2, EID3, and EID4)”. In addition, “whether the company adopted the ISO 14000 authentication (DUM_ISO)”, the “firm size (SIZE_TA)”, and the “firm age (AGE_SET)” of ESI are higher than non-ESI. The “financial leverage (LEV) and the “return on assets (ROA) of ESI are lower than non-ESI.. The empirical results of this study found that the ”ESI”, “company adopted the ISO 14000 authentication“, “firm size get bigger”, and the “firm age is longer” have positive effects on EID score. While, the debt ratio and profitability of firm have negative effects on EID score. Finally, it required further empirical study between the “number of firm’s employee” on the “EID” score.
This research's contribution has three fold: First, the past Taiwan literature pointed out: The ESI do not disclose more environment information than non-ESI, our research pointed out, in recent years environmental consciousness knew enhancement, under government's request, environment sensitive industry has remarkable positive influence on environment information disclosure; Second, past research only proposed the determinants of the “EIDT score”, this research proposes the determinants of the “EIDT score“, “four composition of EID”, “voluntary of EID (VEID)”, and the “mandatory of EID (MEID)”; Third, this research proposed one factor, the financial leverage, which Taiwan has not carried on its contribution to the environment information disclosure, and our finding is that the financial leverage of environment sensitive industry obviously is lower than the non-environment sensitive industry, and the relationships between the financial leverage and the environment information disclosure total score is remarkably negative correlated.

並列關鍵字

Environmental Information Disclosure ； Environment Sensitive Industry ； ISO 14000

參考文獻

[06] 陳冠宙、陳育成與陳雪如，2005，”影響上市公司網站資訊透明度因子之實證”，會計與公司治理，2(1),33-59。

[04] 祝道松、盧正宗、洪晨桓與楊秀萍 2008，”環境績效對環境揭露與經濟績效的影響”，當代會計，第九卷，第二期，237-270。

[15] 蔡柳卿與楊朝旭，2004，”強制揭露之環保支出資訊是否具有價值攸關性？”，當代會計，第五卷，第一期,87-120。

[05] 翁霓與蕭運炎，2008，”財務報表環境資訊揭露品質影響因素之探討－以國內上市公司為例”，東吳經濟商學學報，第六十一期，1-30。

[03] 林玲芬與汪怡娟(2003) “環保支出資訊揭露及揭露品質決定因素之研究”，國立成功大學企業管理研究所碩士論文。