本研究旨在探討當前企業股權結構與環境支出之關聯性，並進一步探討核心代理問題與環境敏感產業之調節效果。利用一般迴歸分析來評估並以2015年到2018年上市上櫃有出具企業社會責任報告書之製造業為研究對象。本研究之結果指出政府股權與環境支出呈現正向關聯性；經理人股權與機構股權對於環境支出有負向關聯性。就調節效果的部分，本研究發現核心代理問題與環境敏感產業對於部分股權結構具有調節效果，本研究除了補充相關文獻外，也對未來企業在制定決策時提供參考

The purpose of this study is to explore the relationship correlation between the current corporate ownership structure and environmental expenditure, and the moderating effect of that core agency problem and environmentally sensitive industries has on such relationship This research uses general regression analysis to examine a sample of manufacturing firms that issued a corporate social responsibility report from 2015 to 2018 as the research object. The results show that there is a positive association between government ownership and environmental expenditure, and a negative association between manager ownership or Institutional ownership and environmental expenditure. In the part of moderating effect, this study finds that the core agency problem and environmentally sensitive industries have moderating effect on certain types of the ownership structure. In addition to the extends the relevant literature, this study also provides a reference for future enterprises in decision-making.

第一章	緒論	1
第一節	研究背景與動機	1
第二節	研究目的	5
第三節	研究流程	6
第四節	論文架構	7
第二章	文獻探討	8
第一節	環境支出	8
第二節	股權結構	12
第三節	股權結構與環境支出	14
第三章	研究設計	21
第一節	觀念性架構與研究假說	21
第二節	研究期間、樣本選取與資料蒐集	24
第三節	變數衡量與研究模型	29
第四節	實證模型	33
第四章	實證結果	35
第一節	敘述性統計	35
第二節	迴歸結果	39
第三節	迴歸模型之結論	50
第五章	結論	52
第一節	研究結論	52
第二節	管理意涵	53
第三節	研究貢獻	54
第四節	研究限制與未來發展	54
參考文獻	56

表目錄
表3-1 研究假說彙整表	22
表3-2 產業分配圖	26
表4-1 股權投資家數	35
表4-2 敘述性統計	37
表4-3 Pearson相關係數表	38
表4-4 迴歸模型-直接效果	40
表4-5 迴歸模型-代理核心問題調節效果	42
表4-6 迴歸模型-環境敏感產業調節效果	47
表4-7 迴歸分析結果彙總表(直接影響)	50
表4-8 迴歸分析結果彙總表(間接影響)	51

圖目錄
圖1-1 研究流程圖	6
圖 3-1 研究架構圖	21
圖4-1 股權比例分配圖	36
圖4-2 股權偏離度對於董監事股權與環境支出之調節效果	44
圖4-3 席次偏離度對於經理人股權與環境支出之調節效果	44
圖4-4 席次偏離度對於機構股權與環境支出之調節效果	45
圖4-5 席次偏離度對於政府股權與環境支出之調節效果	45
圖4-6 環境敏感產業對於經理人股權與環境支出之調節效果	48
圖4-7 環境敏感產業對於外資股權與環境支出之調節效果	49

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