本研究旨在探討台灣上市企業環境資訊揭露程度與不同利害關係人群體間之關聯性，研究以2003年至2005年間上市公司為樣本。實證結果顯示，當年度之罰款與賠償、公司規模、負債程度、顧客關聯性則皆與公司之環境資訊揭露程度呈顯著正相關，顯示公司環保揭露策略受到政府、債權人、及顧客等外部利害關係群體所影響，意味著企業不只是對股東負責，做決策時也須滿足外在各利害關係群體，符合利害關係人理論之論點。其次環境支出預算數、員工人數與環境資訊揭露程度為顯著正相關，大股東持股比和環境資訊揭露程度呈負顯著相關。顯示管理者重視企業環境績效，也樂於將此訊息透露給大眾所知，而公司員工人數越多，員工也傾向關心自身企業環境揭露程度，且當股權越分散，股東人數越多也越關注企業環境資訊之揭露。從中介利害關係人角度觀之，ISO14001認證、高環境敏感度產業與受大型會計事務所查核之公司，皆與環境資訊揭露程度為顯著正相關，意味著ISO認證組織、環保團體及會計事務所與公司無直接利害關係，因此中介利害團體能以大眾利益為出發點，發揮監督力量，對企業環境資訊揭露策略也具有影響力。

This paper aims to investigate the relationship of environmental information disclosure and among stakeholders. 759 samples have been chosen from publicly listed companies. The empirical results reveal the variables of external stakeholders, including annual fines, the scale of a company, debts, and advertisement fees have significantly positive correlation with environmental information disclosure. It suggests that environmental information disclosure has been affected by external stakeholders - government, debtee, and customer. Companies are not only responsible for their stockholders but also responsible for the external stakeholders. The companies with more environmental expenditure budgets and the number of employees have better environmental disclosure, while those companies with more centralized of stocks has the less disclosure of environmental information. Moreover regarding the intermediate stakeholders, companies with higher environmental pollution industries having ISO14001 or auditing under large accounting professional firms show better environmental disclosure. It means that although intermediate stakeholders such as ISO organizations, environmental protection groups, and accounting professional firms have no direct influence on the companies. They will bear the interest of the public in mind to supervise these companies, having to improve their environmental information disclosure.

壹、緒論	- 1 -
第一節 研究背景與動機	- 1 -
第二節 研究目的	- 3 -
第三節 研究貢獻	- 3 -
第四節 研究流程	- 4 -
貳、文獻探討	- 5 -
第ㄧ節 企業社會責任報告與理論發展	- 6 -
第二節 環境資訊揭露文獻與相關規範	- 11 -
第三節 利害關係人理論之發展與探討	- 17 -
第四節 環境資訊揭露與利害關係人理論結合之文獻	- 22 -
参、第參章 研究方法	- 24 -
第一節 觀念性架構	- 24 -
第二節 研究假說	- 25 -
第三節 變數定義與衡量	- 30 -
第四節 資料來源與分析方法	- 34 -
肆、實證結果與分析	- 38 -
第一節 上市公司財務報表之環境資訊揭露程度	- 38 -
第二節 產業環境之後續深入分析	- 49 -
第三節 企業財務績效之後續深入分析	- 52 -
第四節 採用因素分析與結構方程式之後續分析	- 55 -
伍、研究結論、限制與建議	- 66 -
第一節 研究結論	- 66 -
第二節 研究限制	- 69 -
第三節 研究建議	- 69 -
参考文獻	- 70 -
附錄	- 77 -
表2-1  2007年台灣企業社會責任排名	- 6 -
表2-2  利害關係人之分類	- 21 -
表3-1  各利害關係人之代理變數	- 30 -
表3-2  樣本篩選過程	- 34 -
表3-3  各變數之定義	- 36 -
表4-1  環境資訊揭露程度(759樣本)	- 39 -
表4-2  敘述性統計分析(759家樣本)	- 41 -
表4-3  整體環境揭露程度與自變數間PEARSON相關係數矩陣	- 42 -
表4-4  自願性環境揭露程度與自變數間PEARSON相關係數矩陣	- 43 -
表4-5  非自願性環境揭露程度與自變數間PEARSON相關係數矩陣	- 43 -
表4-6  不同應變數與利害關係群體變數進行迴歸分析結果整理表	- 46 -
表4-7  敏感性分析	- 48 -
表4-8  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	- 49 -
表4-9  產業環境之分群方式	- 49 -
表4-10 產業環境對照表	- 49 -
表4-11 不同環境敏感群之迴歸結果彙總	- 52 -
表4-12 不同財務績效下利害關係群體與整體資訊揭露關聯性之彙總	- 53 -
表4-13 因素分析檢定結果	- 55 -
表4-14 利害關係群體構面因素分析表	- 56 -
表4-15 模式配適度結果	- 58 -
表4-16 五大因素對不同資訊揭露程度之路徑係數	- 59 -
表4-17 研究量表（史雅男，2004）	- 61 -
表4-18 模式配適度結果	- 62 -
表4-19 各因素與四項環境指標之路徑係數	- 63 -
表5-1  不同環境資訊揭露程度與利害關係群體間之關聯性	- 67 -
表5-2  不同環境敏感產業下整體環境揭露程度與利害關係人關聯性	- 68 -
表5-3 不同財務狀況下，整體環境資訊揭露程度與利害關係群體之關係	- 69 -
圖1-1  研究流程圖	- 4 -
圖2-1  文獻結構圖	- 5 -
圖2-2  社會責任報告與其相關理論之關聯圖	- 8 -
圖3-1  觀念性架構圖	- 24 -
圖4-1  五大因素群體與各環境資訊揭露之關聯圖	- 57 -
圖4-2  五大因素對不同環境資訊揭露程度之路徑圖	- 60 -
圖4-3  五大因素對各環境資訊指標之關聯圖	- 60 -
圖4-4  五大因素對各環境資訊指標之路徑圖	- 64 -

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