強制揭露之環保支出資訊是否具有價值攸關性？

Are Mandated Disclosures on Environmental Protection Expenses Value-Relevant?

蔡柳卿(Liu-Ching Tsai) ； 楊朝旭(Chaur-Shiuh Young)

《當代會計》 5卷1期 (2004/05) Pp. 87-119

https://doi.org/10.6675/JCA.2004.5.1.04

摘要

新經濟時代下，環境績效資訊係攸關公司價值的一項重要資訊（FASB 2001）。本研究旨在探討我國「證券發行人財務報告編製準則」規範所要求揭露之環保支出資訊，是否具有價值攸關性。以民國80年至88年間具有潛在環保風險的上市公司進行分析，研究結果發現：依據「證券發行人財務報告編製準則」所要求揭露之環保支出資訊中，「公司當年度因污染環境所遭受損失及處分金額」、與「公司因污染環境所遭受損失及處分金額的變動數」與公司股價有顯著的負向關係，表示股市投資人會考量公司的違法活動或污染紀錄，而判斷公司可能承擔的環境負債，進而給予公司較差的評價。其次，「公司有無未來因應對策」及「公司未來環保資本支出」均與公司股價未呈顯著的正向關係，可能原因係會計師僅針對「最近兩年度因污染環境所受損失（包括賠償）及處分之金額」執行複核程序，而揭露之環境污染防治未來因應對策及環保資本支出等未來性資訊則未經驗證，導致此一主觀資訊的可靠性與合理性令人質疑。本研究結果可提供實務界參考，公司可考慮積極充分揭露有關環境目標、策略、未來規劃及過去環保規劃的執行成效，俾使公司資訊更具透明度，並對企業形象有所助益。此外，本研究亦建議主管機關對環保支出資訊的揭露格式與內容作一通盤檢討，或訂立罰則，俾提升環保支出資訊的揭露品質。

關鍵字

環境績效 ； 環保支出資訊 ； 價值攸關性

並列摘要

”Criteria Governing the Preparation of Financial Reports by Securities Issuers” enacted by the Securities & Exchange Commission in May 1991 stipulated what environmental information should be disclosured on all financial reports filed by companies. The purpose of this study is to examine the relation between the market value of equity and the mandated disclosures on environmental protection expenses. We primarily test four items: 1. the current total amount of loss (including compensation) and penalty for environmental pollution, 2. the change amount of loss (including compensation) and penalty for environmental pollution, 3. the future countermeasures, and 4. the estimated significant capital expenditure for environmental protection in the coming three years. Using a sample of Taiwanese listed companies exposed to future environmental liabilities, we find that the current amount and the change of loss and penalty for environmental pollution are value-relevant, but the other two disclosures about future environmental protection plan and significant capital expenditure are not. To provide more reliable information, we suggest that policymakers should require the disclosures about future environmental protection plan and significant capital expenditure to be reviewed by auditors, and discipline those who violate the requirement.

並列關鍵字

Mandated disclosures ； Environmental performance ； Information on environmental protection expenses ； Value relevance

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