本研究旨在探討環境策略、環境管理與企業價值之關聯性，以2015年與2016年上市櫃製造業為對象，環境策略及環境管理採內容分析法分析企業社會責任報告書所獲得，財務資料則取自台灣經濟新報之財務資料庫。研究結果顯示，實施前瞻式環境策略並不如反應式環境策略有助於提升企業價值。顯示台灣目前對於環境策略較為保守，不如營運策略、行銷策略般重視。其次，實施前瞻式環境策略之效益在短期內可能不顯著，需要長期的關注才能顯現其成效。除此之外，相較於保守式環境管理，實施積極式環境管理更有助於提升企業價值，說明了其藉由成本的節省、減少負面環境事件所產生的罰款，進而提升企業價值。本研究亦發現實施反應式環境策略與積極式環境管理之企業價值最高，表示企業與其費神在環境策略，不如花費更多心力在環境管理。

Using the examples of publicly listed manufacturing companies in Taiwan in 2015 and 2016, this paper examines the relationships between environmental strategy, environmental management and enterprise value. The data of environmental strategy and environmental management are collected from social responsibility report by content analytical method, and financial data are got from TEJ database. The empirical results show that compared to those firms with reactive environmental strategy, the firms implementing a proactive environmental strategy did not increase the enterprise value. This may be due to the fact that companies in Taiwan are more conservative on environmental strategy. While they pay more attention on operational strategy and marketing strategy. The benefit of implementing a proactive environmental strategy may lack significant effect in the short-term. On the other hand, implementing proactive environmental management will increase the enterprises value through cost savings and reduction of penalties arising from negative environmental events.  The empirical results also show that companies that implement reactive environmental strategy and proactive environmental management have high enterprise value. Companies should spent more time and effort on environmental management rather than on environmental strategy.

目錄
第一章、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 論文架構與流程4
第二章、文獻探討與研究假說6
第一節 企業社會責任6
第二節 企業社會反應10
第三節 環境策略13
第四節 環境管理15
第五節 企業價值17
第六節 環境策略與管理相關理論18
一、利害關係人理論18
二、資源基礎理論18
第七節 研究假說發展21
第三章、研究設計26
第一節 研究期間與對象26
第二節 資料來源與蒐集方法26
第三節 操作性定義與衡量28
第四節 實證模型37
第五節 信度與效度分析38
第四章、研究結果39
第一節 敘述性統計39
第二節 相關性分析41
第三節 多元迴歸分析43
第四節 遞延效果分析51
第五節 敏感性分析54
第五章、結論與建議62
第一節 研究結論62
第二節 研究限制63
第三節 研究建議64
參考文獻65
中文文獻65
英文文獻66

圖目錄
圖1-1:研究流程圖5
圖2-1:企業社會反應分類12
圖2-2:企業營運循環14
圖2-3:資源基礎理論-策略分析架構19
圖2-4:觀念性架構圖25
圖4-1:環境策略、環境管理與Tobin's Q之比較圖46
圖4-2:環境策略、環境管理與ROA之比較圖47
圖4-3:環境策略、環境管理與ROE之比較圖47
圖4-4:環境策略、環境管理與異常報酬之比較圖48
圖4-5:環境策略、環境管理與綜合價值之比較圖48

表目錄
表1-1:企業社會責任定義8
表2-1:策略性資源的內涵20
表3-1:樣本分佈彙總表27
表3-2:樣本彙總表27
表3-3:環境策略評分量表28
表3-4:環境管理評分量表30
表3-5:變數衡量彙總表36
表3-6:變數代號對照表37
表3-7:信度分析38
表4-1:敘述性統計40
表4-2:各變數之Pearson相關係數矩陣42
表4-3:環境策略、環境管理與企業價值之迴歸分析結果彙總45
表4-4:環境策略、環境管理與Tobin's Q之比較表46
表4-5:環境策略、環境管理與ROA之比較表47
表4-6:環境策略、環境管理與ROE之比較表47
表4-7:環境策略、環境管理與異常報酬之比較表48
表4-8:環境策略、環境管理與綜合價值之比較表48
表4-9:高環境敏感產業、低環境敏感產業與企業價值之獨立樣本t檢50
表4-10:環境策略、環境管理與企業價值之迴歸分析結果彙總(遞延效果分析)52
表4-11:環境策略、環境管理與企業價值之迴歸分析結果彙總(敏感性分析一)56
表4-12:環境策略、環境管理與企業價值之迴歸分析結果彙總(敏感性分析二)58
表4-13:環境策略、環境管理與企業價值之迴歸分析結果彙總(敏感性分析三)60

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