跨政府氣候變遷小組(Intergovernmental Panel on Climate Change, IPCC))指出，全球暖化為人類行為累計的後果，且企業營運需為溫室氣體排放負很大的責任。從1990年至2013年統計可見，台灣人口只佔全球的0.6%，排出的二氧化碳(CO2)卻占全球排放量的3.6%，然而面對追求股東利益極大化的資本市場，企業所揭露之碳資訊、環境管理和環境認證是否會增進企業價值？本研究以2014年至2015年間，台灣上市之企業為研究對象，並使用全球報告倡議組織(Global Reporting Initiative，GRI)，於2013年5月發布強調「重大性」議題揭露，且更相關、更可靠、更易使用之第四版(GRI G4)永續性報告指南作為環境管理評分的衡量，同時採用Tobit迴歸之縱橫資料模型分析。就整體樣本來看，不論企業財務表現，碳排放量資訊會負向顯著影響次期企業價值(ROE)，此結果呼應國際研究，顯示碳排放資訊是不好的訊息。本研究發現一個有趣的現象，當企業財務表現較好(營收正成長)時，其碳排放、環境管理與環境認證資訊皆正向顯著影響次期之企業價值(Tobin’s Q和ROE)，此結果符合資源寬裕理論(Slack Resource Theory)，顯示財務表現好的企業，越能分配資源提升環境表現，當經理人達成股東託付的經濟永續目標時，揭露碳排放、環境管理和環境認證資訊，會顯著提升企業價值。本研究以台灣企業做為研究樣本，呼應國際研究，並採用全球主流使用之GRI G4指南，作為環境管理衡量之依據，並特別針對財務表現較佳的企業進行分析，以實務意涵來說，並非企業所有投入的綠色成本都會被肯定，唯有在經濟永續達成的基礎上，企業經理人若致力於同時揭露碳排量(非意欲產出的結果資訊)、環境管理(環境改善的過程面資訊)和外部環境認證(第三方公正客觀的保證確信資訊)，將有助於降低資訊的不對稱，提升企業價值。 Statistics from 1990 to 2013 show that Taiwan accounts for only 0.6% of the world''s population, but its carbon dioxide (CO2) emitted accounts for 3.6% of the global emissions. However, in the face of the capital market in which the maximization of shareholder interests is pursued, will the disclosure of carbon information, environmental management and environmental certification by an enterprise enhance its firm value? The research objects of this study are the Taiwanese listed companies from 2014 to 2015. To access and measure the environmental management, this study employs the issue by the Global Reporting Initiative (GRI) in May 2013 along with the fourth edition (GRI G4) of Sustainability Report Guidelines which is more relevant and more reliable. At the same time, the Tobit Regression with Panel Data Model Analysis is adopted. Judging from the samples as a whole, the information of carbon emission will negatively affect the firm value (ROE). This result echoes the international studies and shows that carbon-emitting information is a bad message. An interesting phenomenon found in this study is that when the financial performance of an enterprise (with revenue growing) is better, then its information of carbon emission, environmental management and environmental certification will positively and significantly affect the firm value (Tobin''s Q and ROE) more. This result conforms to the Slack Resource Theory and indicates that the enterprise with good financial performance is more capable of allocating the resources and enhancing the environmental performance. When a manager achieves the sustainable economic objectives entrusted by shareholders, the disclosure of carbon emission, environmental management and environmental certification will significantly enhance the firm value.
