環境資訊揭露具價值攸關性嗎？——以臺灣50指數企業為例

Does Environmental Information Disclosure have Value Relevance? —Evidence From Taiwan 50 Index Firms

隨著環保意識的高漲及各國環保法令規範日趨嚴格，環境保護已成為各國政府施政、公益團體及人士所關注的重要焦點，故將環境議題轉化成企業的競爭優勢，已成為世界潮流。我國已於2008年參酌國際環境會計發展制定「產業環境會計指引」以建全資訊揭露體系，故在企業價值評價中環境資訊揭露尤為重要。本文以臺灣50指數企業為樣本，採多元迴歸模式探討環境資訊揭露之價值攸關性，本文實證結果顯示，整體環境資訊揭露、自願性環境資訊揭露對企業價值具負面攸關性。

With the increasing of environmental protection sense, the laws of the environmental protection become strictly in many countries, and the environmental protection has become the important focal issue for government policy, the public welfare association and the public people. How to transfer environment subjects into firm's competitive advantage have become the trends in the world. Taiwan has established “The Guide of Industrial Environment Accounting” to construct the entire information disclosure system in 2008, so the environmental information disclosure is important for firm valuation. This study applies multi-regression model to examine the value relevance on environmental information disclosure for TSEC Taiwan 50 index firms. The empirical results argue that total environmental information disclosure, voluntary environmental information disclosure have a negative relationship to firm value.