環境資訊揭露對投資人盈餘品質認知之影響：兼論經理人股權結構

The Effects of Environmental Information Disclosure on Investors' Perceptions of Earnings Quality: The Difference in Managerial Ownership Structure

近年來環保意識抬頭，企業之環境資訊揭露日漸受到關注。企業是否認真、完善地揭露環境相關資訊，取決於企業的治理制度優劣。本研究從內部經理人的角色進行相關分析，以我國2012年至2019年上市櫃企業為研究對象，探討環境資訊之揭露是否影響投資人對盈餘品質的認知。實證結果顯示，企業環境資訊揭露程度越多，愈會提升投資人對盈餘品質的認知。本文進一步發現，環境資訊揭露和投資人對盈餘品質認知之正向關係，且於高經理人持股的企業中更為明顯。整體來說，這些結果顯示環境資訊之揭露對投資人的重要性，此外，臺灣資本市場中存在利益收斂的情況。

Because of the rising awareness of environmental protection, enterprises' disclosure of environmental accounting information become increasingly important. Whether enterprises disclose environmental information seriously and properly depends on the quality of their governance system. This study investigates whether environmental information disclosure affects investors' perceptions of earnings quality using a sample of companies listed on Taiwan Stock Exchange or Taipei Exchange for the period 2012-2019. This study documents that investors' perceptions of higher earnings quality are obvious when firms disclose a higher level of environmental information. Moreover, the positive relationship between environmental information disclosure and investors' perceptions of earnings quality is more pronounced in firms with a higher level of managerial ownership. Overall, these results suggest that environmental information disclosure matters to market participants and that a convergence of interests occurs in the Taiwan capital market.