跨政府氣候變遷小組(Intergovernmental Panel on Climate Change, IPCC))指出，全球暖化為人類行為累計的後果，且企業營運需為溫室氣體排放負很大的責任。從1990年至2013年統計可見，台灣人口只佔全球的0.6%，排出的二氧化碳(CO2)卻占全球排放量的3.6%，然而面對追求股東利益極大化的資本市場，企業所揭露之碳資訊、環境管理和環境認證是否會增進企業價值？本研究以2014年至2015年間，台灣上市之企業為研究對象，並使用全球報告倡議組織(Global Reporting Initiative，GRI)，於2013年5月發布強調「重大性」議題揭露，且更相關、更可靠、更易使用之第四版(GRI G4)永續性報告指南作為環境管理評分的衡量，同時採用Tobit迴歸之縱橫資料模型分析。就整體樣本來看，不論企業財務表現，碳排放量資訊會負向顯著影響次期企業價值(ROE)，此結果呼應國際研究，顯示碳排放資訊是不好的訊息。本研究發現一個有趣的現象，當企業財務表現較好(營收正成長)時，其碳排放、環境管理與環境認證資訊皆正向顯著影響次期之企業價值(Tobin’s Q和ROE)，此結果符合資源寬裕理論(Slack Resource Theory)，顯示財務表現好的企業，越能分配資源提升環境表現，當經理人達成股東託付的經濟永續目標時，揭露碳排放、環境管理和環境認證資訊，會顯著提升企業價值。本研究以台灣企業做為研究樣本，呼應國際研究，並採用全球主流使用之GRI G4指南，作為環境管理衡量之依據，並特別針對財務表現較佳的企業進行分析，以實務意涵來說，並非企業所有投入的綠色成本都會被肯定，唯有在經濟永續達成的基礎上，企業經理人若致力於同時揭露碳排量(非意欲產出的結果資訊)、環境管理(環境改善的過程面資訊)和外部環境認證(第三方公正客觀的保證確信資訊)，將有助於降低資訊的不對稱，提升企業價值。

Statistics from 1990 to 2013 show that Taiwan accounts for only 0.6% of the world's population, but its carbon dioxide (CO2) emitted accounts for 3.6% of the global emissions. However, in the face of the capital market in which the maximization of shareholder interests is pursued, will the disclosure of carbon information, environmental management and environmental certification by an enterprise enhance its firm value? The research objects of this study are the Taiwanese listed companies from 2014 to 2015. To access and measure the environmental management, this study employs the issue by the Global Reporting Initiative (GRI) in May 2013 along with the fourth edition (GRI G4) of Sustainability Report Guidelines which is more relevant and more reliable. At the same time, the Tobit Regression with Panel Data Model Analysis is adopted. Judging from the samples as a whole, the information of carbon emission will negatively affect the firm value (ROE). This result echoes the international studies and shows that carbon-emitting information is a bad message. An interesting phenomenon found in this study is that when the financial performance of an enterprise (with revenue growing) is better, then its information of carbon emission, environmental management and environmental certification will positively and significantly affect the firm value (Tobin's Q and ROE) more. This result conforms to the Slack Resource Theory and indicates that the enterprise with good financial performance is more capable of allocating the resources and enhancing the environmental performance. When a manager achieves the sustainable economic objectives entrusted by shareholders, the disclosure of carbon emission, environmental management and environmental certification will significantly enhance the firm value.

中文摘要	I
英文摘要	II
目錄	III
表目錄	IV
圖目錄	V
第壹章	緒論	1
第一節 研究背景	1
第二節 研究動機與目的	2
第三節 研究架構流程	4
第貳章	文獻探討	7
第一節 碳排放資訊揭露與企業價值	7
第二節 環境管理揭露與企業價值	9
第三節 環境認證與企業價值	11
第參章	研究方法	14
第一節	觀念性架構	14
第二節	變數衡量及實證模型	15
第三節	樣本及資料來源	22
第四節	研究方法	23
第肆章	實證結果分析	24
第一節 敘述性統計	24
第二節 相關性分析	24
第三節 實證結果與額外分析	26
第伍章	結論與建議	31
第一節 研究結論	31
第二節研究貢獻	31
第三節 研究限制級建議	32
第四節 研究建議	32
第陸章	參考文獻	33

表目錄
表1：環境管理揭露評分表	16
表2：各變數之定義	21
表3：樣本數分布及產業別	23
表4：敘述性統計表	24
表5：相關性分析表(Tobin’s Q)	25
表6：相關性分析表(ROE)	25
表7：碳排放、環境認證以及環境管理對企業價值(Tobin’s Q)之迴歸分析表	26
表8：碳排放、環境認證以及環境管理對企業價值(ROE)之迴歸分析表	28
表9：假說結果彙整表	30

圖目錄
圖1：研究流程圖	6
圖2：觀念性架構	14

中文文獻
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張育琳，2016，碳排放量、綠化投資策略與公司績效，管理系統，23-2，197-222。
祝道松、盧正宗、洪晨桓與楊秀萍，2008，環境績效對環境揭露與經濟績效的影響，當代會計，9-2，237-270。
黃正忠，2013，【聯合國最新氣候變遷評估報告】發表後，企業該做什麼？，安侯建業通訊電子報，84，16。
黃正忠，2013，加速氣候治理及碳管理揭露的腳步，安侯建業通訊電子報，80，17-18。
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