影響環境資訊揭露品質關鍵公司特性因素之探討－以台灣上市公司為例

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

林妤家(Yu-Chia Lin)

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(2011年)

摘要

本研究以2007年至2009年台灣3,803家上市公司的股東會年報為研究樣本，探討影響上市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，然後再進行迴歸分析。在敘述統計方面，國內上市公司的環境資訊揭露中，「經濟因素」的環境資訊揭露佔最高分，其次為「公司污染防制狀況」的揭露，「其他相關環境資訊」第三，最後才是「訴訟事件」的環境資訊揭露；以行業別而言：環境資訊揭露總分以「水泥工業」最高，「塑膠工業」次之；在差異分析方面，就環境資訊揭露方面，除『訴訟事件』環境資訊揭露外，『環境敏感性產業』公司的『經濟因素』環境資訊揭露、『公司污染防制狀況』環境資訊揭露、『其他相關環境資訊』及『環境資訊揭露總分』均顯著高於『非環境敏感性產業』公司，在公司特性組成變數中，『環境敏感性產業』的『公司規模』顯著高於『非環境敏感性產業』，而『環境敏感性產業』的『公司年齡』與『財務槓桿』均顯著低於『非環境敏感性產業』公司；在迴歸分析方面，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』、『員工人數越多』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。本研究的貢獻有三：第一、過去國內的實證指出：環境敏感產業並沒有較多的環境資訊揭露，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

並列摘要

This study adopts 3,803 companies listed on TSE shareholder meeting annual report as research samples during 2007 to 2009 and discusses the environmental information disclosure (EID) at present. In this study we use the content analysis, score the EID by the shareholder meeting annual report, and then carries on the regression analysis. In the description statistics, The EID of “economic factors ” gets the most high score, next is the EID of “condition of company pollutes against system ”, the third is the EID of “other related environment information”, finally is the EID of “ lawsuit event”. For the profession side: Cement industry gets highest EID, the next is Plastics industry. In compare means aspect, the EIDs of environment sensitive industry(ESI) are higher than non-ESI, including the EID of “economic factors”, “ condition of company pollutes against system ”, “other related environment information”, and “total score of EID”, except the EID of “lawsuit event”. In firm characteristics aspect, the “firm size” of ESI is higher than non-ESI, the “firm age” and “financial leverage” of ESI are lower than non-ESI; In the regression analysis aspect, the ESI industries, companies pass through the ISO 14000 authentication, the size of company get bigger and the companies’ age is more longer, and the more the number of firm’s employee, its’ EID score is higher. Besies, the greater the debt ratio and the profitability, its’ EID score is lower. This research's contribution has three fold: First, the past Taiwan literature pointed out: The environment sensitive industries do not disclose more environment information than non- environment sensitive industries, 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 “environment information disclosure total score” , this research proposes the determinants of “the environment information disclosure total score “ and four composition of environment information disclosure; Third, this research proposed one factor,the financial leverage,whichTaiwan 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-senvironment ensitive 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

參考文獻

[7] 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。

[3] 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。

[10] 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。

[4] 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。

[8] 歐陽豪與黃玉旋(2010)， 公司治理機制與年報資訊揭露對公司績效直接與間接效果之實證研究，崑山科技大學企業管理研究所未出版論文。