本研究旨在探討台灣上市企業環境污染資訊揭露程度與公司內部治理機制間之關聯性，研究以2001年至2006年間上市公司為樣本。董事會結構由董事會規模、獨立董事比例、家族董事比例及CEO雙重身分為替代變數；股權結構由內部人持股率、機構投資人持股率及控制權與現金流量權之偏離程度為替代變數。實證結果顯示，台灣上市公司之環境污染資訊揭露程度普遍不佳，此結果之可能原因在於公司認為環境資訊係屬「商業機密」，額外資訊之報導成本超過可能之利益所導致。
研究結果顯示，董事會規模、獨立董事比例及家族董事比例則皆與公司之環境污染資訊揭露程度呈顯著正相關，顯示公司之環境污染資訊揭露受到董事會人數、獨立董事及家族董事的影響，意味著董事會人數越多、獨立董事越多及家族董事成員亦越多，發揮其董事之責任，有效率地監督著公司，善盡其應有的責任，確保公司之永續經營。內部人持股率及機構投資人持股率與環境污染資訊揭露程度呈顯著負相關，而控制股東之控制權與現金流量權偏離程度與環境污染資訊揭露程度呈顯著正相關，隱含著當股權越分散，股東人數越多也越關注企業環境資訊之揭露，而因我國法人機構主要係進行短期投資，僅重視公司短期獲利，未能如效率監督假說所預期般，有效地監督企業，且當控制股東的偏離程度越大，企業之環境污染資訊揭露程度則越佳。而公司規模越大、高環境敏感群及ISO14001認證通過之公司，其環境污染資訊揭露程度亦顯著高於規模較小、低環境敏感群及未取的認證之公司。

This paper aims to examines the impact of board structure and ownership structure on environmental pollution information disclosure. Board structure is characterized by size of the board, the proportion of independent directors, the proportion of family members on the board and dual leadership structure. Ownership structure is characterized by the proportion of shares owned by insiders, the proportion of shares owned by institutional investor and controlling shareholders with the degree of control rights deviating from cash flow rights. Divide the environmental information disclosure into non-voluntary and voluntary environmental disclosure. 2922 samples have been chosen form publicly listed companies. The empirical results show poor condition of Taiwan’s environmental pollution information disclosure, no matter voluntary or non-voluntary. It may due to the companies look environmental pollution information as business secret and the cost of disclosure is higher than the benefit of disclosure. Our results show that board size, the proportion of independent directors and the proportion of family members on the board is positively related to the environmental pollution information disclosure. However, the proportion of shares owned by insiders and by institutional investor is negatively related to the environmental pollution information disclosure. Moreover, controlling shareholders with the degree of control rights deviating from cash flow rights is positively related to the environmental pollution information disclosure. We also find that larger firms, companies with higher environmental pollution industries and having ISO14001 firms is significantly positively related to the environmental pollution information disclosure.

第壹章  緒論	1
第一節  研究背景與動機	1
第二節  研究目的	4
第三節  研究貢獻	5
第四節  研究架構與流程	5
第貳章  文獻探討	7
第一節  環境揭露之理論架構	7
第二節  國內環境資訊揭露相關規範	15
第三節  公司內部治理機制	17
第四節  環境資訊揭露與公司內部治理機制之相關文獻	27
第參章  研究方法	32
第一節  觀念性架構	32
第二節  研究假說	33
第三節  變數定義與衡量	38
第四節  資料來源與分析方法	46
第五節  實證模型	48
第肆章  實證結果與分析	50
第一節  上市公司財務報表之環境污染資訊揭露程度	50
第二節  上市公司環境污染資訊揭露程度與公司治理構面變數之關聯性	52
第三節  產業環境敏感群之分析	66
第四節  依企業特性進一步分析	70
第五節  採用因素分析之後續探討	74
伍、研究結論、限制與建議	78
第一節  研究結論	78
第二節  研究限制	81
第三節  研究建議	82
參考文獻	84
附錄	91
 
表目錄
表2-1  環境揭露衡量方式彙總表	13
表3-1  研究量表	39
表3-2  台灣四大行業各年之防治污染設備投資比例及其分群基值	43
表3-3  產業環境對照表	43
表3-4  變數衡量彙總表	45
表3-5  樣本篩選過程	46
表3-6  各變數之定義	48
表4-1  環境污染資訊揭露程度（2,922家樣本公司）	51
表4-2  環境敏感別之變異數分析表A	52
表4-3  各變數之敘述性統計值（2922家樣本公司）	54
表4-4  各產業環境之變數平均數（2922家樣本公司）	54
表4-5  整體環境污染資訊揭露程度與自變數間PEARSON相關係數矩陣	55
表4-6  自願性環境污染資訊揭露程度與自變數間PEARSON相關係數矩陣	56
表4-7  非自願性環境污染資訊揭露程度與自變數間PEARSON相關係數矩陣	56
表4-8  不同應變數與公司內部治理機制構面變數進行迴歸分析結果整理表	61
表4-9  環境污染資訊揭露程度與公司內部治理機制構面變數之迴歸分析結果	63
表4-10  環境污染資訊揭露程度與公司內部治理機制構面變數之迴歸分析結果	65
表4-11  不同環境敏感群之迴歸結果彙總	69
表4-12  不同企業特性，整體環境污染資訊揭露與公司內部治理機制關聯性之彙總	73
表4-13  因素分析檢定結果	74
表4-14  公司內部治理機制構面因素分析表	75


 
圖目錄
圖1-1  研究流程圖	6
圖2-1  公司治理架構圖	20
圖 3-1  觀念性架構圖	32
圖3-2  產業環境之分群方式	43

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