碳揭露計畫(CDP)為全球擁有最完整碳資訊的機構，透過其公開發布之報告書中給予各企業之碳揭露分數，可型塑企業之碳聲譽訊號，藉此非財務面訊號，試圖連結到企業財務面的表現，即-企業經營效率，探討之間的關聯性。據此，本研究蒐集S&P500企業自願參與或拒絕CDP調查的企業與其經營效率間之關連；再者，若企業自願參與CDP調查，將企業碳揭露分數由高到低排序，檢視碳揭露分數高低與企業經營效率間之關係，樣本期間為2008至2015年，並採用資料包絡分析法計算企業經營效率值。
首先，不參加CDP調查之企業其經營效率皆優於參與者，2008及2009年金融海嘯期間尤其明顯，藉此發現不參與CDP之企業，其管理階層在選擇資源配置時傾向以本身營運有直接相關之活動為主，此舉與股東財富最大化的理論相同。再者，整體研究期間，參與CDP且其碳揭露分數為於前25%之企業，其經營效率皆顯著優於後25%，不論是環境敏感企業或大規模企業皆有相同結果。
目前，訊號理論較少直接探討CDP所揭露之資訊與其經營效率間之關聯，本研究結果發現願意參與CDP調查且獲得較高碳揭露分數之企業，其財務面的經營績效亦較優，未來社會投資基金可以透過CDP此一碳聲譽訊號(非財務面訊號)，尋找兼顧經濟及環境永續雙贏的企業。

The Carbon Disclosure Project (CDP) is the organization that has the most complete carbon information in the world. Through the carbon disclosure scores given to companies in its publicly released report, it can shape the carbon reputation signal of the company and use it as a non-financial signal. Linked to the performance of the company's financial side, namely - business operating efficiency, and explore the relevance. Based on this, the research collects the relationship between S&P500 companies' willingness to participate in or reject CDP surveys and their operating efficiency; in addition, if companies voluntarily participate in the CDP survey, they rank the corporate carbon disclosure scores from high to low, and examine the carbon disclosure scores. The relationship between enterprise operating efficiency, the sample period from 2008 to 2015, and the use of data envelopment analysis method to calculate the operating efficiency value of the company.
First, companies that do not participate in the CDP survey are more efficient than their participants. This was particularly evident during the financial tsunami in 2008 and 2009. As a result, companies that do not participate in CDP have been found to have direct management in their choice of resource allocation. The related activities are mainly based on the same theory as the maximization of shareholder wealth. Furthermore, during the overall study period, companies that participated in the CDP and whose carbon disclosure score was the top 25% had significantly better operating efficiency than the latter 25%. Both the environmentally sensitive and large-scale companies had the same results.
At present, signal theory does not directly discuss the correlation between the information disclosed by CDP and its operating efficiency. This study found that companies willing to participate in the CDP survey and obtaining higher carbon disclosure scores have better financial performance and future social performance. Investment funds can use CDP's carbon reputation signals (non-financial signals) to find companies that balance economic and environmental sustainability.

目錄
第壹章 緒論	1
第一節 研究背景	1
第二節 研究動機	3
第三節 研究目的	6
第四節 研究架構	8
第貳章 文獻探討	10
第一節 碳揭露計劃	10
第二節 企業經營效率之評估	14
第三節 企業特性與碳揭露計劃	20
第參章 研究方法	29
第一節 觀念性架構	29
第二節 實證方法與投入產出變數之衡量	30
第三節 資料篩選及樣本來源	31
第四節 研究方法	32
第肆章 實證結果及分析	34
第一節 敘述性統計	34
第二節 企業效率分析與差異檢定	35
第伍章 結論與建議	48
第一節 研究結論	48
第二節 管理意涵	49
第三節 研究貢獻	50
第四節 研究限制及建議	51
參考文獻	52

表目錄
表1-1：2014及2016年永續投資成長概況	3
表2-1：CDP相關文獻表	13
表2-2：經營效率衡量論文彙整-以會計觀點出發	17
表2-3：經營效率衡量論文彙整-結合非財務指標	19
表2 4：研究假說彙總表	28
表3 1：變數操作性定義說明	30
表3-2：樣本產業分布表	32
表4 1：2008-2015年之敘述性統計量	34
表4 2：參與及不參與CDP之企業家數及其經營效率值及檢定	37
表4 3：CDP碳揭露分數中前後25%之企業家數及其經營效率值及檢定	38
表4 4：參與及不參與CDP之環境敏感企業家數及其經營效率值及檢定	39
表4 5：CDP碳揭露分數中前後25%之環境敏感企業家數及其經營效率值及檢定	41
表4 6：參與及不參與CDP之大規模企業家數其經營效率值及檢定	42
表4 7：CDP碳揭露分數中前後25%之大規模企業家數及其經營效率值及檢定	43
表4-8：假說結果之彙整表	44
表4 9：CDP碳揭露分數中前後50%之企業家數及其經營效率值及檢定	45
表4 10：CDP碳揭露分數中前後50%之環境敏感企業家數及其經營效率值及檢定	45
表4 11：CDP碳揭露分數中前後50%之大規模企業家數及其經營效率值及檢定	46
表4-12：各項經營效率比較之彙整	47

圖目錄
圖1-1：研究動機說明圖	6
圖1-2：研究流程圖	9
圖2-1：CDP組織成長圖	10
圖3 1：觀念性架構	29

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高強、黃旭男、Toshiyuki Sueyoshi，2003，管理績效評估：資料包絡分析法，台北：華泰書局。
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