環保涉入對經營績效及公司價值之影響

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题名:	環保涉入對經營績效及公司價值之影響
作者:	卓明振
贡献者:	會計學系
关键词:	經營績效 operating performance 公司價值 corporate value 企業公民獎 excellence in corporate social responsibility
日期:	2012
上传时间:	2012-11-20 10:22:07 (UTC+8)
摘要:	近年來由於環保意識高漲，企業從事經濟活動時都會受到政府的監督、環保團體的關注及社會大眾的評價，對於環境保護的責任首當其衝的是各國企業，企業在資源使用量上往往大於個人，當然對環境保護的責任所負的責任也越大。當企業發生環保問題時，外界會給予批評，使企業形象受到影響以及政府也會給予嚴厲的罰款，因此企業的經營績效也會受到影響。而過去探討環保投入與企業之經營績效相關議題中外學者有著正反兩面的意見。本研究探討2006年至2010年間我國取得國際ISO 14000環境管理認證之企業，並對其環保投入對企業之經營績效及公司價值之關聯性以實證研究探討之。環保投入以得到天下雜誌所頒發「企業公民獎」之上市公司為代理變數；企業經營績效以每股盈餘作為企業經營績效代理變數及公司價值以Tobin’s Q為代理變數。實證結果顯示，得到天下雜誌「企業公民獎」之上市公司與企業經營績效及公司價值有顯著正向關係，表示當企業積極投入環保活動時，其企業的經營績效及公司價值也會因此提升。 Recently, environmental protection issue has been risen. Industries’ engagement in economical activities will be supervised by government or environmental corporation. Industries should take more responsibility for environmental protection since they use more nature resources than individuals. Nevertheless, when the enterprises are involved in environmental pollution problems can cause severe damage to the enterprises’ image and operating performance. According to researches, many of the scholar’s studies about the relationship be-tween environmental protection and enterprises operating performance show different conclusions. This paper will be discussing the correlation between enterprises’ environment in-vestment and its operating performance and the market value, using the sample of public enterprises which were certificated ISO 14000 during 2006 to 2010 in Taiwan. This paper uses industries that acquired Excellence in Corporate Social Responsibility as proxy variable about environmental performance. And uses the proxy variable to indi-cate the relationship between enterprise operating performance and market value. In this paper the proxy variable is the earnings per share that represents operating performance and Tobin’s Q represents corporate value. In the empirical results, significantly positive effect between enterprise operating performance and environmental performance; as well as the market value and environ-mental performance can be found. In conclusion, enterprises’ operating performance and corporate value will be rose if they are active in environmental protection area. So this paper encourage that the industries to join the environmental protection that will get benefits from that kind of investment.
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