| 摘要: | 隨著環保意識的高漲與訴求企業善盡社會責任，各國環保法令規範日趨嚴格，環境保護已成為各國政府施政、公益團體及人士所關注的重要焦點。環境問題為全球性的問題，則企業的生產流程、產品及服務需遵循環保規範，故將環境議題轉化成公司的競爭優勢，已成為世界潮流。我國已於2008 年參酌國際環境會計發展制定「產業環境會計指引」以建全資訊揭露體系，故在企業價值評價中環境資訊揭露尤為重要。企業經營權與所有權分離的趨勢，導致管理階層與股東等企業利害關係人之間的代理問題，故需落實公司治理來解決代理問題；學者指出考慮董事會特徵及股權結構可有效提升公司的經營績效及公司價值。目前文獻僅探討環境績效與環境資訊揭露之關聯性、環境資訊揭露影響因素，或公司治理與企業價值或績效之關聯性。本研究計畫為國內外首篇以台灣上市公司為樣本，採Ohlson 評價模式探討環境資訊揭露、企業價值與公司治理之關聯性，並針對環境敏感產業與非環境敏感產業深入分析，為一有趣、重要且創新之議題。研究結果將有助於政府、學術界及實務界瞭解或釐清公司治理對整體環境資訊揭露、強制性環境資訊揭露及自願性環境資訊揭露與企業價值攸關性之影響。
With the increasing of environmental protection sense and the firm’s community responsibility, the laws of the environmental protection become strictly in many countries, and the environmental protection has become the important focal issue of many countries' government policy, the public welfare association and the public people. The environment question already is the global question, and the product process, the product and the service of firms must follow the environmental protection standard, and how to transfer environment subjects into firm's competitive advantage have become the trends in the world. Taiwan has established “The Guide of Industrial Environment Accounting” to construct the entire information disclosure system in 2008, so the environmental information disclosure is important for firm valuation. The management power of firms is separated from ownership, and it is the cause of agency problem, so corporate governance can solve the agency problem. The scholars present that operating performance and firm’s value can be enhanced by considering the characteristic of director boards, and ownership structure. Research literatures discuss only the relation between environmental performance and environmental information disclosure, the influence factors of environmental information disclosure, or the relation between corporate governance and firm value, so this study is the first to apply Ohlson’s valuation model to examine the value relevance on environmental information disclosure and corporate governance, and further study the effect of environmental sensitive industries and non-environmental sensitive industries for the Taiwan’s listing companies. This study is an interesting, important and innovating research issue, and the research results will help the government, academia and practice to understand the influence of corporate governance on the relation between firm valuation and total environmental information disclosure, mandatory environmental information disclosure, or voluntary environmental information disclosure. |
