本研究應用Ullmann之利害關係人理論之概念性架構，探討民國92年營收前200之上市公司其年報中有關環境資訊揭露程度。其中利害關係人之影響力以股權集中程度、負債比率、是否在五年內（88-92年）違反環保法規而被處罰、是否為環境敏感性產業來衡量；企業策略態度積極與否以是否有環保專責之部門、處室、委員會來衡量；經濟績效則以資產報酬率來衡量。 研究結果顯示：若應變數為環境揭露程度，則與負債比率（質的方面）、是否在五年內曾違反環保法規而受處罰（質與量方面）、是否為環境敏感性產業（量的方面）、是否設置環保專責之部門、處室、委員會（量的方面）有顯著相關。若應變數為自願性環境揭露程度，則與負債比率（質與量方面）、是否在五年內曾違反環保法規而受處罰（質的方面）有顯著相關。

摘要 司馬庫斯村，一個位於新竹縣山區的偏僻村莊，在過去幾年來為自己建立了一 個口盃，不僅成為著名的觀光景點，也是台灣在地生態旅遊的榜樣。而在漫長 的觀光發展過程中，仍然能夠保有其主體性則是其獨有的特色。本研究旨在論 證司馬庫斯族人，如何在眾多利害關係方的糾葛下，依舊能維持其對生態旅遊 的堅持。本文將針對三個不同的，分別由總體層面(非政府組織 (NGOs)、政府 機關、觀光客、私人投資者，以及學者）與個體層面 (村落長老、家庭以及教 會)，闡述司馬庫斯與各個外部利害關係人間的互動及其影響。本文主要立基於 二手文獻，但也包含了部份原始資料，例如訪談記錄及報章文獻。本文透過個 體及總體層面闡明各個利害關係方間的衝擊、變化及發展。在研究過程中有數 個重大的發現，首先，社群的凝聚–包括在地教會的支持，以及一位深具個人魅 力的村落長老–對文化及傳統的關注、對自決的重視、許多不同面向上的賦權 (empowerment)及對觀光發展過程的掌控，是司馬庫斯村民們能夠維持其對生態 旅遊的堅持的主要原因。其次，本案體現了透過對挑戰的克服，及對信仰與傳 統的信心，成功實現了替代發展。 / Abstract Smangus Village, a remote community in the mountains of Hsinchu County, has made a name for itself in the last few years. It has become a famous tourist destination and role model for successful indigenous ecotourism business in Taiwan. The power to maintain subjectivity during a long process of tourism development is its trademark. This study will demonstrate how the people of Smangus could maintain their way of tourism business even though they had to tangle with various stakeholders. To illustrate the influence and interaction of various external stakeholders with the village, this thesis will investigate from the macro level (Non-Governmental Organizations (NGOs), government agencies, private investors, tourists, and scholars) and the micro level (the village leader, families and the church) across three different time periods. The research is mainly based on secondary literature however it also includes primary sources such as interviews and articles from Taiwanese newspapers. The thesis illuminates impact, change, and development in terms of each stakeholder at both micro and macro levels. This examination made important discoveries about the successful implementation of indigenous ecotourism. The research concludes, firstly, that (a.) coherence in the community which includes a supportive church and a charismatic village chief, (b.) the focus on culture and traditions, (c.) emphasis on self-determination, (d.) the empowerment in various dimensions, and (e.) the ability to exercise power over the tourism development process are the main reasons why the people of Smangus can maintain their way of tourism business. Secondly, it exemplifies a case which was able to achieve alternative development through overcoming challenges and faith in their beliefs and traditions.