環境資訊揭露與企業價值關聯性之探討

The Study on The Correlation between Environmental Information Disclosure and Corporate Value

葉威成(WEI-CHENG YEH)

指導教授 ： 張淳堅

朝陽科技大學/管理學院/會計系/碩士(2016年)

摘要

摘要
隨著科技的發展及環境的破壞，以致全球對於環境議題的重視升溫，國際組織及各國政府所制定的環境保護法規日趨嚴格，使得企業對於環保議題必須更加重視，並且響應環保政策規劃企業的營運計畫，以符合法規及大眾的期望。然而可能增加的環保支出勢必會造成企業可運用資金的縮減，而以往研究指出，這些支出會造成企業的競爭力下降，尤其以敏感性較高的產業更為明顯。
但隨著意識形態的改變，社會大眾對於企業的環保支出是給予正面的評價，企業的環保政策不僅能讓企業符合社會大眾的期望，且能遵循政府以及國際間的規章與協議，更能提升企業的經營績效，因此本文欲探討企業的環境揭露與其企業價值之關聯性，並採用內容分析法，對企業所發佈的股東年報上所揭露之環境揭露資訊進行評分以供進一步分析。
本研究結果是當企業所揭露之環境資訊越多時，企業的價值也能隨之上升。但就短期而言由於資金之運用受到壓縮，對於企業勢必造成發展上的困擾，甚至影響到經營績效，但就長期而言，此時所花費之環保支出會逐漸對於企業之經營績效有正向的影響，因而提高企業價值。

關鍵字

環境資訊揭露 ； 企業價值 ； 經營績效

並列摘要

Abstract

With the development of technology and the destruction to environment, environmental issues have gained more and more attention globally and the environmental regulations established by international organizations or many counties are increasingly stringent, thus companies must pay more attention to environmental issues and make operational plans to meet environmental in order to conform with regulatory and public expectations. However, the possible increase in environmental expenses will inevitably lead to reduction in companies’ working capitals. past studies have indicated that these expenditures will result in the decline of companies’ competitiveness, particularly in industries with higher sensitivity to environmental protection issues.
But with the changing in ideologies, people have given positive evaluation for corporate environmental expenditures. Companies' environmental policy not only can fulfill public expectations, but it also can comply with governmental regulations and international agreement, better enhancing corporate operating performance. Therefore, the study aims to explore the correlation between companies’ environmental information disclosure and their corporate value and applies content analysis to measure environmental information disclosed in companies’ annual financial statement for further analysis.
The results of study show that when companies disclose more environment information, their corporate value will also rise. However, in the short term due to the compression in working capital, it inevitably causes trouble on companies’ development, even affecting the operating performance. But in the long term, the environmental expenses eventually have a positive impact on companies’ operating performance, and further increasing corporate value.

並列關鍵字

Environmental Information Disclosure ； Corporate Value ； Operating Performance

參考文獻

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