本論文從Ohlson(1995)股價評價的觀點出發,主要在於探討通過ISO 14001環境管理認證、公司治理變數及總體經濟因素與公司價值的關聯性。實證上以台灣地區上市公司為研究對象,扣除未能取得環境管理認證的公司及其他限制條件後,共獲得59家樣本公司。 實證上採用複迴歸模型進行分析,研究期間為民國85年至92年,並將公司依污染程度區分為高低污染產業,依公司規模大小區分為小規模公司、中規模公司及大規模公司,依每季盈餘分區為正負盈餘公司,以檢驗環境管理認證、企業主要關係人、機構投資人持股比例,以及總體經濟因素對公司股價之影響。 實證結果發現,Ohlosn理論的確適用於評價我國上市公司股價,且高污染產業、中規模公司與正盈餘公司在通過環境管理認證後的確能提升公司股價。其次,在公司治理因素中,頗為重要的董監事與經理人持股比例的增加卻使公司股價下降,支持利益掠奪假說。此外,機構投資人中之外資持股比例的增加也有助於股價上升。最後,當經濟成長率和消費者物價指數上升時,將會帶動股價上揚。
Based on Ohlson (1995) valuation models, this thesis investigates the effect of environmental management, corporate governance, and macroeconomics factors on firm value. The total 59 sampling anuual data are come from houses of stock market in Taiwan, excluding non-envirnomental management certification and other limited conditions. In empirical study, we adopt multiple regression method and divide firms into high-pollution and low-pollution companies, small, middle and large companies, positive earnings and negative earnings companies. The empirical results are as follows: 1. Ohlson valuation model is fit for companies had gotten ISO 14001 environmental management certification in Taiwan stock market. 2. The stock prices of high-pollution, middle scale, and positive earings companies will be promoted, after they has gotten ISO 14001 environmental management certification. 3. In a whole, while holding stock rate of chairman and manager is increasing will make stock price going down. 4. On the other hand, while holding stock rate of qualified foreign investment institution increases, stock price will go up. In addition, the increases of economic growth rate and consumer price index will bring stock price up.