雖然利害關係人理論以及資源寬裕理論在環境資訊揭露的研究中被廣泛探討與支持，但利害關係人如何影響企業自願性碳揭露的實證文獻尚顯不足，以及資源寬裕對於環境資訊揭露的效果不一致，因此本研究聚焦探討企業自願性參與碳揭露計畫(Carbon Disclosure Project，以下簡稱CDP)的影響因素。研究樣本是以參與CDP調查報告的S&P 500企業，樣本期間為2008至2015年，共2,483個年觀測值，使用縱橫資料(Panel Data)Tobit迴歸來探討主要利害關係人(機構投資人及債權人)、綠色行動策略(環境支出及生態效益)及企業特性(環境產業敏感與否、獲利能力)對碳揭露分數影響程度，結果顯示掌握企業資金來源的機構投資人、債權人及較佳的企業生態效益訊號會正向顯著影響企業的碳揭露分數，此外分別觀察在金融危機及復甦期(2008至2010年)以及經濟穩定期(2011至2015年)不同期間，發現機構投資人力量在不同期間的效果不一致，在金融危機及復甦期為負向顯著，而整體期間及經濟穩定期間是正向顯著。在有獲利的前提下，企業規模越大時，會正向顯著影響碳揭露分數。機構投資人與債權人對環境的態度行為發揮力量也不一樣，在金融危機及復甦期以及經濟穩定期，債權人對碳揭露分數皆為正向顯著，而機構投資人在經濟穩定期為正向顯著，在金融危機及復甦期為負向顯著，這項研究結果可增加利害關係人理論及資源寬裕理論對企業自願性碳揭露的實證文獻補充。

Although stakeholder theory and slack resources theory are widely explored and supported in environmental disclosure research, empirical evidence about the role of stakeholders in firms’ voluntary carbon disclosure is still scarce, and slack resources theory are inconsistent with the effect of the environmental disclosure . Therefore, the present research focuses on influential factors that affect companies’ participation in voluntary Carbon Disclosure Project (CDP). The sample comprises firms listed in the CDP S&P 500 reports with the data of 2,483 firm-year observations (from 2008 to 2015). Panel data Tobit regressions are utilized to analyze the relationships between major stakeholders (i.e., institutional investors and creditors), green strategy (i.e., environmental expenditures and eco-efficiency), industry characteristics (i.e., environmental sensitivity and profit), and carbon disclosure scores. The results show that major stakeholders and eco-efficiency are significantly positively related to carbon disclosure scores. In addition, we observe different influences between  period of financial crisis(2008 to 2010) and economic stability(2011 to 2015). We found there was inconsistency among the institutional investors in relation to carbon disclosure score influence; in the period of financial crisis it was significantly negative, and in both periods of economic stability it was significantly positive. Under the conditions of profit, when the company size is bigger, there is a more significantly positive relation to the carbon disclosure score, and the current study can complement previous empirical studies discussing how stakeholder theory and slack resource theory are applied in the examination of firms’ voluntary carbon disclosure.

謝誌	I
中文摘要	II
英文摘要	III
目錄	IV
圖表目錄	VI
第壹章、緒論	1
一、研究背景與動機	1
二、研究目的	3
三、研究架構流程	4
第貳章、文獻探討	4
一、碳揭露計畫	4
二、主要利害關係人與碳揭露	8
1. 機構投資人的股東行為主義	8
2. 債權人的綠色信貸力量	9
三、綠色行動策略與碳揭露	10
1.	環境支出	10
2. 生態效益	11
四、企業特性與碳揭露	12
1.	敏感產業	12
2.	獲利能力	13
第參章、研究方法	14
一、觀念性架構	14
二、變數衡量及實證模型	14
1.	依變數：碳揭露分數(D_S)	14
2.	實證模型	15
3.	自變數及控制變數	15
三、研究期間及樣本選取	15
四、研究方法	16
1.	敘述性統計	16
2.	縱橫資料模型(Panel data model)	16
第肆章、實證結果分析	17
一、敘述性統計分析	17
二、相關性分析	18
三、實證結果分析	20
四、額外分析	24
第伍章、結論與建議	32
一、研究結論	32
二、管理意涵	32
三、研究貢獻	33
四、研究限制及建議	33
參考文獻	34
英文文獻	34
網站資料	38

圖 1 1 ：CDP S&P 500 歷年問卷回覆趨勢	1
表 2-1：CDP碳揭露計畫的相關文獻表	7
圖 3-1：觀念性架構	14
表 3-1：變數定義及衡量	15
表 3-2：樣本產業分布表	16
表 4-1：各變數之敘述性統計	17
表 4-2：各年度碳揭露分數平均分數	18
表 4-3：以產業別區分的碳揭露分數	18
表 4-4：各變數之間一般相關係數矩陣	19
表 4-5：2008至2015年碳揭露分數之Tobit截斷迴歸	23
表 4-6：2008至2010年碳揭露分數之Tobit截斷迴歸	25
表 4-7：2011至2015年碳揭露分數之Tobit截斷迴歸	27
表 4-8：假說結果彙整表	29
表 4-9：整體樣本不同期間影響碳揭露分數的效果彙總	30
表 4-10：子樣本不同期間影響碳揭露分數的效果彙總	31

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