環境資訊揭露品質與投資人決策評估之關聯性研究

The relationship between quality of environmental information disclosure and investor decision-making assessment

鄭勝介(Sheng-Chieh Cheng)

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

過去研究中指出投資者在選擇投資標的時會考慮企業是否重視社會責任，國內外也有眾多研究在探討企業社會責任對股價或市場的影響，本研究延續此項論點以國內上市公司為對象並探討企業年報之環境資訊，將環境資訊轉換為揭露得分與揭露項目數量兩者作為資訊品質的衡量指標，此外投資者多為參考企業股價、報酬等經營成效，本研究據此以企業累積異常報酬作為投資者進行投資決策評估的衡量指標，探討當投資者接收到企業年報之環境資訊後對企業累積異常報酬的影響。
研究結果發現若因環境汙染而產生罰款之企業會於年報中揭露較多的環境資訊，同樣情況亦發生在已取得ISO 14000系列認證之企業、屬於大規模之企業、有揭露防治污染設備金額之企業。另外發現企業的揭露得分會與累積異常報酬呈現顯著負相關；屬於環境敏感性之企業發現其揭露之環境資訊會與累積異常報酬呈現顯著負相關；企業於年報中揭露防治污染設備金額之資訊會與累積異常報酬呈現顯著負相關；然而已取得ISO 14000系列認證之企業其環境資訊會與累積異常報酬呈現正相關。

關鍵字

投資人 ； 累積異常報酬 ； 環境揭露

並列摘要

In the past researches have pointed out that when choosing investment targets investors will consider whether the business puts emphasis on corporate social responsibility. In domestic and international there are a lot of researches that investigate the influence of corporate social responsibility on stock price or market. This study extends this argument and takes listed companies in Taiwan Stock Exchange as study objects to explore the environmental information in the corporate annual reports. The environmental information is transformed to disclosure scores and number of disclosed items as the measuring indicator of information quality. In addition, investors often take corporate stocks, returns and operation performance, etc. as reference. Accordingly, the study uses the cumulative abnormal returns (CAR) of companies as the measuring indicators when making investment decisions and investigates the influence on the the cumulative abnormal returns (CAR) of companies when investors receive the environmental information of corporate annual reports.
The results of this study are as follows: Companies that have been fined for causing environmental pollution will disclose more environmental information in their corporate annual reports. The same also occurred in companies that have obtained ISO 14000 series certification, companies of large scales, and companies that disclose the amount of pollution control equipments. We also found that the correlation between companies’ disclosure scores and their cumulative abnormal returns (CAR) is significantly negative. Companies that are environmentally sensitive are found to have their disclosed environmental information significantly negatively correlated to cumulative abnormal returns (CAR) . The information on the amount of pollution control equipments that companies disclosed in the annual reports is significantly negatively correlated to cumulative abnormal returns (CAR). However, for companies that have obtained ISO 14000 series certification, their environmental information is positively correlated to cumulative abnormal returns (CAR).

並列關鍵字

Investor ； Cumulative abnormal returns ； Environmental disclosure

參考文獻

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