系統識別號 | U0002-0307201901313200 |
---|---|
DOI | 10.6846/TKU.2019.00066 |
論文名稱(中文) | 循環經濟揭露因素及對股東價值的影響 |
論文名稱(英文) | The impact on determinants of circular economy disclosure to shareholder’s value |
第三語言論文名稱 | |
校院名稱 | 淡江大學 |
系所名稱(中文) | 會計學系碩士班 |
系所名稱(英文) | Department of Accounting |
外國學位學校名稱 | |
外國學位學院名稱 | |
外國學位研究所名稱 | |
學年度 | 107 |
學期 | 2 |
出版年 | 108 |
研究生(中文) | 吳貫維 |
研究生(英文) | Guan-Wei Wu |
學號 | 605600138 |
學位類別 | 碩士 |
語言別 | 繁體中文 |
第二語言別 | |
口試日期 | 2019-06-21 |
論文頁數 | 55頁 |
口試委員 |
指導教授
-
郭樂平
委員 - 黃仕斌 委員 - 楊志豪 |
關鍵字(中) |
循環經濟 環境資訊揭露 利害關係人 股東價值 |
關鍵字(英) |
Circular economy Environmental information disclosure Stakeholder Shareholder’s value |
第三語言關鍵字 | |
學科別分類 | |
中文摘要 |
本研究探討企業特性對於循環經濟資訊揭露成因之影響,並進一步研究揭露更多循環經濟資訊是否能提升股東價值。本文以內容分析法對中國企業社會責任報告書進行編碼(coding),樣本期間為2011年到2017年,取得3768個觀察值的循環經濟揭露分數,以Panel data的Tobit迴歸分析進行後續假說驗證。研究結果發現,就企業特性部分,中國的敏感性產業和大規模企業會顯著揭露更多循環經濟資訊,反之,國有企業及財務績效影響企業循環經濟揭露的力量皆不顯著,但從樣本群中能發現,國有企業隨著時間的增長,會揭露更多的循環經濟資訊,代表國有企業逐漸成為揭露循環經濟資訊的領頭羊,而企業的循環經濟資訊揭露會顯著提升股東權益報酬率和股東價值。本研究的貢獻在於聚焦循環經濟揭露因素,比起環境資訊揭露,近來國際對於實質性的循環經濟呼聲更高,並釐清何種企業特性會影響企業的循環經濟資訊揭露,實證發現中國的國有企業在十二五後期到十三五期間(2013-2017)顯著成為綠色循環經濟政策的領頭羊,此項結論能彌補文獻上的缺口,並為循環經濟資訊揭露和股東價值間的關係提供了實證分析。 |
英文摘要 |
In this study, we explore the effect of firm characteristics on different types of circular economy disclosure and further explore whether disclosing more circular economy information can enhance shareholder value. Collecting sample data from Corporate Social Responsibility reports in China during 2011-2017, has obtained 3,768 observations of circular economy information disclosure, which were graded by using content analysis. Hypothesizes have been examined by the Tobit regression model. The empirical results concluded that enterprises within the sensitive industry and large-scale companies have a positive significant influence on circular economy disclosure. However, corporate profitability and state-owned companies have no significant impact on circular economy disclosure.In the opposite, observing the changed from 2011 to 2017, state-owned companies would disclose more circular economy information over time, which represented the state-owned has become a major consideration of the circular economy information. Then increased return on shareholder's equity and shareholder value. This study is to focus on the determinants of circular economy disclosure. Recently, the international community has been paying attention to the more substantial circular economy than environmental information itself. And clarify which firm characteristics would affect the circular economy information disclosure. It is found that China's state-owned firms have become the leader of the circular economy policy during the period from the late 12th to the 13th (2013-2017). This conclusion can complement the literature. And provide an empirical analysis of the relationship between circular economy information disclosure and shareholder value. |
第三語言摘要 | |
論文目次 |
目錄 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、研究架構流程 5 第貳章 文獻探討與假說建立 7 第一節、環境資訊揭露 7 第二節、循環經濟資訊 8 第三節、相關理論 12 第四節、循環經濟揭露影響成因 16 第五節、循環經濟揭露因素及對股東價值之影響 20 第參章 研究方法 21 第一節、觀念性架構 21 第二節、研究模型及變數衡量 22 第三節、樣本及資料來源 26 第四節、研究方法與設計 28 第肆章 實證結果與分析 30 第一節、敘述性統計 30 第二節、相關性分析 31 第三節、迴歸結果分析 32 第伍章 結論與建議 41 參考文獻 43 圖目錄 圖1-1 本研究流程 6 圖3-1 本研究觀念性架構 21 表目錄 表3-1 循環經濟揭露評比項目 23 表3-2 樣本選取(以年份劃分) 27 表3-3 樣本選取(以產業劃分) 27 表4-1 各變數之敘述性統計 31 表4-2 實證模型2-1的 Pearson 相關係數矩陣 32 表4-3 實證模型2-2的 Pearson 相關係數矩陣 32 表4-4 循環經濟資訊揭露成因(EID_CE)與股東權益報酬率(ROE)的迴歸分析 35 表4-5 循環經濟資訊揭露成因(EID_CE)與股東價值(SGR)的迴歸分析 36 表4-6 循環經濟資訊揭露成因(EID_CE)與股東價值SGR2的穩健性測試 38 表4-7 節能降廢構面(Reduce)與股東價值(SGR)的穩健性測試 39 表4-8 假說結果彙整表 40 |
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