環境資訊揭露與公司經營績效之關聯性研究

The Relationship between Environmental Information Disclosure and Corporate Operating Performance

蕭又豪(Yu-Hao Hsiao)

指導教授 ： 張淳堅

朝陽科技大學/管理學院/會計所/碩士(2010年)

摘要

隨著全球環保意識的高漲及綠色消費觀念的興起，綠色壁壘逐漸取代關稅壁壘，缺乏永續發展概念的經濟型態將被取代，企業勢將負起環境管理之社會責任。本研究主要在探討環境揭露與經營績效兩者間之關聯性。在環境揭露方面，主要以內容分析法衡量環境揭露程度，並選取資產報酬率、純益率為經營績效的衡量指標。研究對象以我國上市公司為主，研究期間為2008年及2009年，並從台灣經濟新報資料庫取得經營績效等相關資料。
實證結果發現：（1）企業採行ISO14000對於其經營績效的提升，具有顯著為負的影響，ISO14000的採行對於經營績效會有稍許的降低，本研究推論企業實施ISO14000亦有其不可避免的潛藏成本，因此實施ISO14000之後，短期之內對於企業經營績效的增進並無助益，甚至會提高企業的經營成本，造成經營績效略為降低的現象；(2) 揭露較多環境資訊的企業投入的環保措施較多，故短期內會增加企業的經營成本，減少獲利；(3) 在環境資訊揭露對企業次年度經營績效之影響上，無論是對資產報酬率(ROA)或營業毛利率(ROS)，其係數均為負值，顯示短期內企業的環境措施等作為，尚無法有效的反應到經營績效的增進上；(4) 短期內企業的環境措施等作為，因對於環境保護的投資較多，造成對於營運、研發投資的排擠，而對於企業經營績效有負向的影響，且其結果不因產業對於環境影響程度的不同而有所不同，本研究推論企業對於環境的投資應是受到社會公共政策、環保意識高漲的壓力，迫使企業注重其環保形象與環保聲譽的建立，以避免政府的相關管制與公眾抗爭。

關鍵字

環境揭露 ； 經營績效

並列摘要

With the rising of global awareness in environmental protection and green consumption concept, green barrier has gradually replaced tariff barrier. The type of economy that lacks on-going development concept will become history as businesses eventually take up their social responsibility in environmental management. The study mainly explores the correlation between environmental disclosure and operating performance. In environmental disclosure, content analysis method is applied to measure the extent of environmental disclosure, while ratio of return on asset and return on sales are measuring index of operating performance. Sample of the study mainly consists of the publicly listed companies in Taiwan Stock Exchange and the period of study is for the two years 2008 and 2009. Relative data of operating performance, etc. are obtained from Taiwan Economic Journal Database.
The empirical results find that: (1) Business that implements ISO14000 has significantly negative effect on the promotion of operating performance. The implementation of ISO14000 can slightly reduce operating performance, indicating that the implementation of ISO14000 has its inevitable hidden cost. After the implementation there is no immediate help in increasing operating performance within a short period of time and operating cost can even be heightened, thus resulting in slight reduction in operating performance; (2) Business with more disclosure in environmental information usually inputs more in environmental protection measures, thus, operating cost is increased in the short term, decreasing profitability; (3) The effect of environmental information disclosure on the operating performance of business in the following year on both ROA and ROS is negative, showing that the environmental measure of the business has not been effectively reflected on the enhancement of operating performance in the short run; (4) In the short run due to more investment in environmental protection, the environmental measure of business has crowded out investment in operation and research and development, resulting in negative effect on the operating performance of business. Such results do not differ among different industries with different extent in affecting the environment. The study deduces that the investment of business on environment is a result of the rising pressure from social public policy and environmental protection awareness, forcing business to pay attention on environmental protection image and reputation, thus preventing relative governmental regulation and public confrontation.

並列關鍵字

Environmental Disclosure ； Operating Performance

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