本研究旨在探討利害關係人、環境績效與環境揭露之關聯性。由於利害關係人是影響企業環境績效與環境揭露之重要因素，若企業在制訂環境管理決策時，將利害關係人構面納入考量，則較會滿足利害關係人之需求及加強環境管理以提升環境績效，並透過年報揭露環保相關訊息予利害關係人，提高資訊透明度，企業以此善盡社會責任以提升競爭力。
本研究係以行政院環保署空氣污染排放量資料庫為環境績效衡量指標;在利害關係人方面，則以大股東持股比、負債比率、是否曾在二年內因違反環保法規而被處罰及媒體報導次數為利害關係人力量之代理變數，最後採用內容分析法衡量2009年台灣上市製造業公司其年報中有關環保資訊揭露程度。
研究結果發現：利害關係人力量會顯著影響環境績效，其中，是否曾在二年內因違反環保法規而被處罰及媒體報導次數與環境績效呈顯著負向關係; 利害關係人力量亦對環境揭露有顯著之影響，大股東持股比與環境揭露呈顯著負相關;媒體報導次數與環境揭露呈顯著正相關;負債比率與自願性環境揭露呈顯著負相關;企業環境績效越不佳，年報中之環境揭露程度越高。

This study aims to investigate the relationships among stakeholder forces, environmental performance, and environmental disclosure. In making environmental management decisions, firms which take stakeholders into account can better satisfy stakeholders’ needs, strengthen environmental performance, and promote information transparency via disclosing more environmental information to stakeholders, so as to enhance the company’s social responsibility and competitiveness.
This study uses the Taiwan Emission Data System (TEDS) provided by the Environmental Protection Administration as environmental performance . Proxy variables for stakeholder forces consist of: major shareholding ratio, debt ratio, penalties resulting from regulatory violations within the last two years, and the number of media coverage reports.  Finally, content analysis method is employed to measure the extent of environmental information as disclosed in the annual reports made by Taiwan listed manufacturing firms in 2009.
Research findings indicate that stakeholder forces significantly affect environmental performance, in particular, penalties due to regulation violations the last two years and the number of media coverage reports have significantly negative association with environmental performance; stakeholder forces have a significant effect on environmental disclosure. The findings also indicate that the shareholding ratio has negative effect on environmental disclosure, whereas media coverage has positive effect on environmental disclosure. Debt ratio has negative effect on voluntary environmental disclosure. It is suggested that the poorer the firm’s environmental performance, the more environmental information it tends to disclose in its annual report.

目錄
中文摘要	I
英文摘要	II
目錄	III
表目錄	V
圖目錄	V
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 研究流程	4
第貳章 文獻探討	6
第一節 利害關係人理論	7
第二節 環境績效指標	12
第三節 環境資訊揭露與法規	15
第四節 利害關係人、環境績效與環境資訊揭露相關文獻	22
第參章 研究方法	28
第一節 觀念性架構	28
第二節 研究假說	30
第三節 研究變數之衡量	34
第四節 研究樣本與資料來源	39
第五節 模型建立與資料分析方法	41
第肆章 實證結果與分析	44
第一節 上市公司年報之環境資訊揭露程度	44
第二節 多元迴歸分析	51
第三節 企業規模之進一步分析	57
第伍章 研究結論與建議	62
第一節 研究結論	62
第二節 研究貢獻	63
第三節 研究限制	64
第四節 研究建議	64
參考文獻	66
一、中文部分	66
二、英文部分	67

表目錄
表2-1利害關係人的分類	8
表2-2環境績效指標	14
表3-1研究量表	36
表3-2各利害關係人之代理變數	38
表3-3樣本公司產業別	40
表3-4各變數之定義	42
表4-1環境資訊揭露程度（222家樣本公司）	46
表4-2敘述性統計	47
表4-3 PEARSON相關係數矩陣	49
表4-4變異性膨脹因素（VARIANCE INFLATION FACTORS,VIF）	50
表4-5利害關係人與環境績效間之迴歸分析結果	52
表4-6利害關係人與整體環境資訊揭露間之迴歸分析結果	54
表4-7利害關係人與自願性環境資訊揭露間之迴歸分析結果	54
表4-8環境績效與整體環境資訊揭露間之迴歸分析結果	55
表4-9環境績效與自願性環境資訊揭露間之迴歸分析結果	56
表4-10利害關係人與整體環境資訊揭露間之迴歸結果-大型企業規模	58
表4-11利害關係人與自願性環境資訊揭露間之迴歸結果-大型企業規模	58
表4-12利害關係人與整體環境資訊揭露間之迴歸結果-小型企業規模	59
表4-13利害關係人與自願性環境資訊揭露間之迴歸結果-小型企業規模	59
表4-14環境績效與整體環境資訊揭露間之迴歸結果-大型企業規模	60
表4-15環境績效與自願性環境資訊揭露間之迴歸結果-大型企業規模	60
表4-16環境績效與整體環境資訊揭露間之迴歸結果-小型企業規模	61
表4-17環境績效與自願性環境資訊揭露間之迴歸結果-小型企業規模	61
圖目錄
圖1-1 研究流程圖	5
圖2-1 文獻架構圖	6
圖3-1 觀念性架構圖	29

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