環境績效對環境揭露與經濟績效的影響

The Effect of Environmental Performance on Environmental Disclosure and Economic Performance

祝道松(Dauw-Song Zhu) ； 盧正宗(Cheng-Tsung Lu) ； 洪晨桓(Chen-Huan Hong) ； 楊秀萍(Xiu-Ping Yang)

《當代會計》 9卷2期 (2008/11) Pp. 237-269

https://doi.org/10.6675/JCA.2008.9.2.04

摘要

未來的經濟將會從缺乏環境管理觀點的20世紀資本主義經濟，轉化成具有永續發展觀點的新經濟型態，亦即企業必須肩負起日益受到重視的環境管理面之社會責任。本研究主要在探討環境績效、環境揭露與經濟績效三者間之關聯性。在環境績效方面，以行政院環境保護署於2000年所辦理之工廠污染防治評鑑專案為衡量指標，並以企業年報所揭露事項來衡量環境揭露程度，而Tobin Q及經濟附加價值(EVA)則作為經濟績效的衡量指標。研究對象為評鑑專案中可取得完整資料之上市上櫃公司，並從台灣經濟新報資料庫及公開資訊觀測站取得經濟績效資料。研究結論發現：(1)環境績效與環境揭露呈現顯著正向的影響性，表示環境績效較好的企業，其環境揭露程度較高；(2)環境績效與Tobin Q 或EVA並無顯著的關聯性，表示環境績效好壞與企業的經濟績效間沒有直接影響；(3)環境績效可透過環境揭露來間接影響當年度Tobin Q，證實環境揭露存在完全中介效果。

關鍵字

環境績效 ； 環境揭露 ； Tobin Q ； 經濟附加價值 ； 環境會計

並列摘要

The economy's trend will transform the non-environmental management in the 20th century of capitalism into the new era of sustainable development economic structure. Specifically, enterprises will undertake more social responsibility in the issue of environment management. The purpose of this study is to investigate the relationship among environmental performance, environmental disclosure and economic performance. We use Factory Pollution Prevention in 2000 investigated by EPA (Environmental Protection Administration), as the measure index for environment performance. The extent of environmental disclosure is measured by the magnitude of accounting information disclosed by the annual reports. Tobin Q and economic value added (EVA), on the other hand, are used to proxy for economic performance. Firms listed in the Taiwan Stock Exchange Corporation (TSEC) and the GreTai Securities Market (GTSM) are identified to obtain complete environmental information from the EPA report. Relevant financial data pertaining to this study are gathered from Taiwan Economic Journal (TEJ) database and Market Observation Post System (MOPS). The conclusions of our study are as follow: (1) the environmental performance has positive effect on the environmental disclosure, implying that the enterprises with better environmental performance will also have higher degree of environmental disclosure; (2) the result also shows that there is no direct association between the environmental performance and Tobin Q or EVA, suggesting that there is not a direct relationship between environmental performance and economic performance; and (3) the environmental performance has indirect effect on the economic performance (Tobin Q) through the environmental disclosure with full mediation effect.

並列關鍵字

environmental performance ； environmental disclosure ； Tobin Q ； economic value-added EVA ； environment accounting

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