實質有感的環境行動是近年受全球各國重視且被視為企業朝永續發展的唯一途徑，而循環經濟是更為實質有感的環境行動。本研究認為企業對循環經濟應設定目標、有具體行動並長期持續追蹤循環經濟績效及積極取得國際認證，做到改善企業價值鏈前端的營運模式，減少對環境的負面影響，從而達到永續經營。中國在2007年執行綠色信貸政策後，要求商業銀行與企業皆需對環境污染承擔相關責任，企業需提供完整充分的環境訊息予銀行端作為融資參考依據以給予不同的融資條件或降低融資成本的取得。而綠色製造是昂貴的，企業從源頭改變企業生產製程，營運成本上升、需向外融資更多資金是難以避免的。本研究聚焦於循環經濟資訊，橫跨中國十二五至十三五實施初期（2011至2017年），探究企業特性對循環經濟揭露程度的影響及其與負債融資成本率間的關係。研究結果顯示國有企業、大規模企業對於循環經濟資訊揭露皆呈正向顯著的影響效果；敏感產業之企業與當年度有獲利之企業對於循環經濟資訊揭露呈正向及負向不顯著效果；而當企業對於循環經濟資訊揭露越多，負債融資成本率會上升。

Countries around the world have been paying attention to more substantial environmental actions, which regarded as the only way driving the enterprises to a sustainable development future, the circular economy is one of them. This study assumes that enterprises should set goals, to have specific doings, continue to track performance on circular economy and to obtain international certification actively, as improving the negative environmental impact caused by operating model from the forefront of the value chain, then achieving sustainable operations. After China implemented the Green Credit Policy in 2007, requiring firms and business banks both responsible for the environmental pollutions. Thus, enterprises should disclose sufficient environmental information to obtain a satisfactory interest rate from the financing institution or lower the cost of debt from concerning financing sources. However, green manufacture is expensive. Change production progress from the beginning of the value chain would increase operation cost. This study focuses on the circular economy information and the period from China's Twelfth Five year to Thirteenth Five year Plan adoption (2011 to 2017), exploring the relations between determinants of enterprise characteristics on the circular economy disclosure level and cost of debt. The empirical result concludes that state-owned companies, large-scale companies have a positive and significant impact on circular economy information disclosure. Second, companies within sensitive industries and enterprises which have a positive net income in the current year would have a positive and a negative impact on circular economy information disclosure. Last, the circular economy information disclosure and the cost of debt would have a positive and significant effect.

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   研究架構及流程	5
第貳章       文獻探討與假說建立	6
第一節   環境資訊揭露	6
第二節   中國的綠色金融	16
第三節   循環經濟資訊揭露與負債融資成本	19
第參章       研究方法	21
第一節   研究架構	21
第二節   實證模型與變數之衡量	22
第三節   研究樣本與資料來源	27
第四節   研究方法	29
第肆章       實證結果與分析	30
第一節   敘述性統計分析	30
第二節   相關性分析	31
第三節   迴歸分析結果	32
第伍章       結論與建議	38
第一節   研究結果	38
第二節   研究貢獻與限制	41
參考文獻	42
中文文獻	42
英文文獻	42
 
圖目錄

圖1-1  研究流程圖 	5
圖3-1 研究架構與假說 21

表目錄

表3-1 循環經濟資訊揭露衡量及評分標準	23
表3-2 變數衡量匯總	 26
表3-3 樣本選取（以年份劃分） 27
表3-4 樣本選取（以產業劃分） 28
表4-1 各變數之敘述性統計 30
表4-2 第一階段各變數間 PEARSON 相關係數矩陣 31
表4-3第二階段各變數間 PEARSON 相關係數矩陣 31
表4-4 2011-2017年循環經濟資訊揭露成因與負債融資成本迴歸分析 34
表4-5 中國十二五規劃初期、後期及中國十三五規劃初期之迴歸分析比較 37
表5-1 假說匯總 40

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