本研究旨在探討水電及碳管理與企業價值之關聯性，以2013年至2017年上市櫃有出具企業社會責任報告書製造業為研究對象。水電管理及碳排放方面之環境資訊從企業社會責任報告書獲得，企業價值之績效取自台灣經濟新報，並觀察產業耗能性之干擾效果。研究結果顯示，水管理方面，水量不會顯著影響企業價值，但高耗能產業有較高用水量的企業會有較高企業價值，高耗能產業用水密度減少也能使企業價值提升。電管理方面，電量不會顯著影響企業價值，但高耗能產業減少用電密集度可使企業價值增加。碳管理方面，碳排放量與碳排放密集度愈低的公司會有較高的企業價值，而高耗能產業更加強化的反映此關係。

The purpose of this study is to explore the relationship between water, electric,  and carbon management and firm value. The sample comprised of publicly listed manufacturing companies providing corporate social responsibility report from 2013 to 2017. The measure of firm value is based on both accounting performance and market performance, and energy intensive industry is used to examine the moderating effect. The results showed that water used not significantly affect the enterprise value, but has higher value in energy intensive industries. In addition, water density decrease also can significantly promote enterprise value in energy intensive industries. As to power management, power consumption not significantly affect the enterprise value, but reducing electricity intensity can increase enterprise value in energy intensive industries.  On carbon management, those companies having more carbon emissions and lower carbon emission intensity have higher corporate value, especially in energy intensive industries.

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	研究流程	5
第四節	論文架構	6
第貳章	文獻探討	7
第一節	水電及碳管理	7
第二節	企業價值	9
第三節	水電及碳管理與企業價值關聯性理論基礎	10
第四節	水電及碳管理與企業價值	12
第參章	研究設計	16
第一節	觀念性架構與研究假說	16
第二節	資料來源與樣本選取	17
第三節	變數衡量與實證模型	19
第四節   因素分析	23
第肆章	資料分析	24
第一節	敘述性統計量分析	24
第二節   Pearson統計量分析	27
第三節   迴歸分析	28
第四節   額外分析	36
第伍章	結論與建議	48
第一節   研究結論	48
第二節   管理意涵	50
第三節   研究限制與建議	51
參考文獻	52
中文文獻	52
英文文獻	54

圖目錄

圖 1- 1 研究流程圖	5
圖 3- 1 觀念性架構圖	16
圖 4- 1 用水量、高耗能產業別與企業價值之比較圖	33
圖 4- 2 碳排放量、高耗能產業別與企業價值之比較圖	33
圖 4- 3 碳排密集度、高耗能產業別企業價值之比較圖	34
圖 4- 4 用電密集度增加、高耗能產業別與企業價值之比較圖	34
圖 4- 5 用水密集度增加、高耗能產業別與企業價值之比較圖	35

表目錄

表 3- 1 出具企業社會責任報告書之上市櫃製造業(2013至2017年)	18
表 3- 2 資料適合度檢定	23
表 3- 3 原變數與共同因素之共同性	23
表 3- 4 共同因素可解釋變量	23
表 4- 1 敘述性統計與T檢定	25
表 4- 1 敘述性統計與T檢定(接續上表)	26
表 4- 2 Pearson相關係數表	27
表 4- 3 迴歸實證結果-企業價值對電、水、碳	29
表 4- 4 迴歸實證結果-高耗能產業對企業價值與電、水、碳關係之影響	32
表 4- 5 用水量、高耗能產業別與企業價值之比較表	33
表 4- 6 碳排放量、高耗能產業別與企業價值之比較表	33
表 4- 7 碳排放密集度、高耗能產業別與企業價值之比較表	34
表 4- 8 用電密集度增加、高耗能產業別與企業價值之比較表	34
表 4- 9 用水密集度增加、高耗能產業別與企業價值之比較表	35
表 4- 10 遞延迴歸實證結果-企業價值對電、水、碳	37
表 4- 11 遞延迴歸實證結果-高耗能產業對企業價值與電、水、碳關係之影響	38
表 4- 12 資料適合度檢定	39
表 4- 13 原變數與共同因素之共同性	40
表 4- 14 共同因素可解釋變量	40
表 4- 15 會計績效對電、水、碳	41
表 4- 16 高耗能產業對公司績效與電、水、碳關係之影響	42
表 4- 17 市場績效對電、水、碳	44
表 4- 18 高耗能產業對市場績效與電、水、碳關係之影響	45
表 4- 19 遞延迴歸實證結果-電子業對企業價值與電、水、碳關係之影響  47

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