雖然公司治理和環境資訊揭露之間的關係在過往的文獻中被廣泛探討，但卻沒有關注過管理能力對企業碳揭露決策的直接影響。由於當所有權和經營權分離之後，管理者才是企業的決策者和價值創造者，影響企業的資源配置效率。本研究依據過去文獻採用資料包絡分析法求得企業的相對效率，並將企業效率中可歸因於企業特性效率因數的部分移除，殘差項即為管理能力。再通過Logit迴歸模型、Tobit迴歸模型分別對企業參與碳揭露計畫與否、碳揭露分數進行分析，探討了管理能力和產業特性對企業自願性碳揭露之影響。主要的樣本資料來自日經500成份股，分別是1136及610份。本研究結果表明，當企業的管理能力較佳時，即使沒有強制性披露要求，他們也更有可能積極參與揭露碳資訊的調查，這一點符合綠色競爭力理論的預期。然而，管理能力與CDP碳揭露分數之間卻未達顯著關係。本研究首次將管理能力與碳資訊揭露聯結起來，擴展了公司治理與企業自願性揭露的文獻。此外，企業是否選擇參與CDP調查，和企業能取得的揭露分數是相互獨立的，先前的文獻大多將其混為一談，本研究將兩者結合起來，力圖從更全面、完整的角度分析管理能力對自願性碳揭露的影響。最後，本研究彌補日本福島核災後企業自願性碳揭露行為的文獻缺口。本研究結果發現，管理能力較佳之企業更傾向于參與CDP調查，該結果有助於企業在氣候變遷對於經濟活動衝擊愈來愈大的背景之下，釐清前瞻性的碳揭露或為好的管理策略。

While the relationship between corporate governance and environmental disclosure has been extensively discussed in past literature, there is a lack of attention on the direct influence of managerial ability on carbon disclosure decisions. Once the ownership and management rights of a company are separated, the manager becomes the decision maker and value creator which would have an impact on the resource allocation efficiency of the company. The relative efficiency of firms is obtained with the data envelopment analysis (DEA) adopted by the previous literature, in which what can be attributed to firm-specific efficiency drivers are eliminated, with the residual item being the managerial ability. Then, analysis of whether firms participate in CDP or not, and their carbon disclosure scores is carried out with the Logit regression model and Tobit regression model. This study explores the impact of managerial ability and industrial characteristics on voluntary carbon disclosure of firms. The main sample data are from Nikkei 500 index, being 1,136 and 610 copies respectively. The results of the study show that when firms have better managerial ability, they are more likely to actively participate in the survey of carbon disclosure even if they are not mandatorily required to do so, which conforms to the expectation of green competitiveness of enterprises. However, managerial ability and CDP scores are not significantly related to each other. It is the first time that managerial ability has been linked with carbon disclosure, which enriches the literature on corporate governance and voluntary disclosure. In addition, whether firms choose to involve in CDP survey or not are independent of the disclosure scores they can obtain, which, however, are regarded as being related to each other in the majority of previous literature. They are discussed together in this study to analyze the impact of managerial ability on voluntary carbon disclosure from a rather comprehensive and inclusive perspective. Finally, this study makes up for the literature gap on voluntary carbon disclosure behavior of firms after Fukushima nuclear disaster in Japan. The results of the study show that firms with better managerial ability are more likely to participate in CDP survey, which can enable them to realize that forward-looking carbon disclosure may be an effective management strategy.

第壹章 緒論	1
第一節 研究背景與動機	1
第二節 研究目的	3
第三節 研究架構流程	4
第貳章 文獻探討與假説發展	6
第一節 碳揭露計畫(CDP)	6
第二節 管理能力對自願性碳揭露的影響探討	12
第三節 產業特性對自願性碳揭露的影響探討	14
第參章 研究方法	16
第一節 觀念性架構	16
第二節 變數衡量與實證模型	17
第三節 樣本選取與資料來源	24
第四節 研究方法	25
第肆章 實證結果與分析	27
第一節 敘述性統計	27
第二節 相關係數分析	30
第三節 實證結果分析	33
第四節 穩健性檢驗	39
第伍章 結論與建議	42
第一節 研究結論	42
第二節 管理意涵	43
第三節 研究貢獻	43
第四節 研究限制及建議	44
參考文獻	45

表2-1：被解釋變數為企業參與CDP調查與否的相關文獻表	10
表2-2：被解釋變數為CDP碳揭露分數的相關文獻表	11
表3-1：七項投入變數及一項產出變數表	20
表3-2：變數表	23
表3-3：模型1之樣本分佈表	24
表3-4：模型2之樣本分佈表	25
表4-1：各變數之敘述性統計	29
表4-2：模型1之各變數間Pearson相關係數矩陣與變異膨脹係數(VIF)	31
表4-3：模型2之各變數間Pearson相關係數矩陣與變異膨脹係數(VIF)	32
表4-4：管理能力對企業參與CDP與否之迴歸結果	35
表4-5：管理能力對CDP碳揭露分數之迴歸結果	38
表4-6：假說結果彙整表	39
表4-7：管理能力對企業參與CDP與否之迴歸結果(穩健性檢驗)	40
表4-8：管理能力對CDP碳揭露分數之迴歸結果(穩健性檢驗)	41

圖1-1：研究流程圖	5
圖2-1：CDP組織成長圖	7
圖3-1：觀念性架構	16
圖4-1：歷年碳揭露分數折線圖	27

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