環境資訊揭露程度與資金成本之關係──以我國電子產業為例

The Relationship between the Environmental Information Disclosure and the Cost of Capital: Evidence in the Taiwan Electronics Industry

本研究針對2010年至2014年臺灣電子業上市公司，以內容分析法由年報與企業社會責任報告書取得正面與負面環境資訊，探討環境資訊揭露程度分別與權益資金成本與負債資金成本之關係。實證結果發現：（1）環境資訊揭露程度與權益資金成本存在顯著負相關；（2）正面與負面環境資訊揭露程度皆與權益資金成本存在顯著負相關，表示公司揭露越多環境資訊，能降低投資人與公司間之資訊不對稱，使投資人風險減少而願意接受較低之必要報酬率，公司則取得較低權益資金成本；（3）正面與負面之環境資訊揭露程度環境與負債資金成本間未存在顯著負向關係。本研究結果有助於企業管理當局與相關主管機關未來制訂環境資訊揭露政策之參考。

This study examined the relationship between positive or negative environmental disclosure and the cost of capital among all firms in the electronics sector listed on the Taiwan Stock Exchange between 2010 and 2014. Observations pertaining to environmental disclosure were collected via content analysis from annual reports and corporate social responsibility reports. The results revealed a number of points (1) Environmental disclosure is significantly negatively related to cost of equity capital. (2) Both positive and negative environmental disclosures are significantly negatively related to the cost of equity capital, indicating that the disclosure of environmental information can reduce information asymmetry between investors and firms. The result is that investors bear lower risks and are willing to accept lower rate of return, resulting in a corresponding reduction in the cost of equity capital. (3) Neither positive nor negative environmental disclosures were significantly related to the cost of debt capital. These results provide insights into the relationship between environmental disclosures and cost of capital. They also have important practical implications for policy makers.