隨著國際社會永續議題的升溫，企業不再以破壞環境代價來換取經濟成長，漸漸重視本身永續發展，考量環境與社會面向的經營策略，並關心多層面利害關係人的利益時，提升自我競爭力，創造新商機。
本研究探討重要利害關係人(政府、機構投資人、債權人)及公司特性對不同環境揭露內涵(循環經濟與氣候行動之揭露)之影響，本文以內容分析法對中國企業社會責任報告書進行編碼(coding)，樣本期間為2013年到2015年，取得1782個觀察值的環境揭露分數，以Panel data的Tobit迴歸分析進行後續假說驗證。實證結果發現，就利害關係人部分，中國的國有企業會顯著揭露更多循環經濟與氣候行動之環境資訊，反之，機構投資人及債權人影響公司環境揭露的力量皆不顯著。整體而言，公司特性中，敏感產業的企業會釋放出更多氣候行動之揭露；規模大、列為永續成份股的企業會揭露更多循環經濟及氣候行動之揭露。本研究的貢獻在於，以往探討利害關係人與環境揭露研究時，較少區分何種利害關係人及企業特質會影響企業釋放循環經濟與氣候行動環境資訊，透過本研究實證，可瞭解到中國政府所推行的循環經濟、節能環保減碳國家政策背後主要推動力量來自國有企業，此項結論可彌補文獻上的缺口。在實務面上，有助於釐清該強化何種利害關係人的問責性，使監督發揮更大影響力。

With the advancement of sustainable development, companies no longer exchange the damaged environment for economic growth. When the companies consider environmental and social-oriented business strategies and care about the interests of stakeholders, enhancing the company's competitiveness and create new business opportunities
In this study we explore the effect of important stakeholders (government, institutional investors, and creditors) and company's characteristic on different types of environmental information disclosure (circular economy and climate action). The data used comes from Corporate Social Responsibility reports in China during 2013-2015. The environmental information disclosure is graded by the content analysis, and the hypothesis test is conducted by the Panel data-Tobit regression model. The empirical results found that all state-owned companies have positive significant influence on circular economy and climate action of the environmental information disclosure. However, Institutional investors and creditors have not significant effect on environmental disclosure. From the viewpoint of company's characteristic, sensitive industrial companies will release more climate action of environmental information disclosure. And the companies which are larger and a member of China Sustainability Indexes will both release more circular economy and climate action of the environmental information disclosure. The study distinguishes which stakeholders and company's characteristic is important for company to disclose environmental information.

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	5
第三節	研究架構流程	6
第貳章	文獻探討與假說建立	8
第一節	環境資訊揭露	8
第二節	環境資訊揭露原因與相關理論	12
第三節	研究假說建立	15
第參章	研究方法	20
第一節    觀念性架構	20
第二節	研究模型與變數之衡量	21
第三節	樣本及資料來源	27
第四節	研究方法與設計	28
第肆章	實證結果與分析	30
第一節	敘述性統計分析	30
第二節	相關性分析	31
第三節	Tobit迴歸分析結果	32
第伍章	結論與建議	39
第一節	研究結論	39
第二節	研究貢獻與建議	39
參考文獻	41
圖目錄
圖1- 1聯合國17項永續發展目標(SDGs)	2
圖1- 2 研究流程圖	7
圖3- 1 觀念性架構與研究假說間的關係	20
表目錄
表3- 1環境資訊揭露衡量及評分標準表	22
表3- 2樣本的產業分布	28
表4- 1各變數之敘述統計	31
表4- 2各變數間 Pearson 相關係數矩陣	31
表4- 3整體環境揭露之影響因素以Tobit 截斷迴歸分析	33
表4- 4循環經濟之環境揭露的影響因素以Tobit 截斷迴歸分析	35
表4- 5氣候行動之環境揭露的影響因素以Tobit 截斷迴歸分析	37
表4- 6假說結果彙整表	38

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