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。

合理性理論認為，公司實際的環境績效必須與攸關公眾的期望一致，否則便出現合理性威脅。有合理性威脅的公司，必須向握有公司存續經營准駁權的攸關公眾揭露環境資訊，以合理化其永續經營的權利。為了探究管理當局公開環境揭露的誘因，本研究即根據合理性理論，以我國上市公司中合理性出現威脅的公司為對象，針對該等公司的年報環境揭露程度進行研究，探討攸關公眾之期望與公司年報環境揭露程度間的關係。 本研究之樣本係為60家過去環境績效表現不佳的上市公司，研究期間為民國89年，同時採用數量評估和品質評估兩種評分方式，在對資料之分配進行常態性檢定後，以Spearman等級相關和Mann-Whitney U test進行檢定。 實證結果顯示：（一）在敘述性統計方面，各公司均以「公開發行公司年報應行記載事項準則」所規定的應行記載事項為揭露架構，且多以表格或分點、逐項的方式進行說明，揭露項目雖然一致但揭露內容卻有各自表述的情形。若將數量和品質評估進行比較，染整業及染顏料業之揭露係以宣揚和美化性質的陳述為多，較少論及具體的環保措施，而石化業、化工業和鋼鐵業所揭露資訊的質和量則均高。（二）在假說檢定方面，年報環境揭露程度與平面媒體報導程度、公司規模、所有權結構成顯著正相關。食品、飼料及肥料業可能因為污染問題以及環保訴求略異於其他產業，故年報環境揭露程度顯著異於他業；石化業和化工業則可能因為長年積累的污染問題，使得攸關公眾關切甚殷，故受到合理性威脅的影響較大，其年報環境揭露程度亦顯著異於其他產業。綜合本研究的實證結果，以揭露品質進行的測試多為顯著正相關，較能支持合理性理論的推論，可見國內管理當局認為，當公司實際的環境績效不符攸關公眾之預期，在年報中採取較高程度的環境揭露品質能有助化解合理性威脅，以爭取公司之永續經營權利。 / Legitimacy itself has been defined by Lindblom（1994）as a condition or status which exists when an entity，s value system is congruent with the value system of the larger social system of which the entity is a part. When a disparity, actual or optional, exists between the two value systems, there is a threat to the entity，s legitimacy. Based on the social contract concepts described above, legitimacy theory posits that environmental disclosures（EDs） are made as reactions to disparities, which threaten the sustaining rights of corporations, between relevant publics， expectations and actual performance. In other words, corporations legitimize its existence through making EDs. This study，s objective was to investigate management，s motivations of publicizing EDs voluntarily based on the legitimacy theory. We sampled 60 listed companies which had unsatisfactory past environmental performance. We studied the relationship between their annual reports， ED levels and relevant publics， expectations. After coding these companies， EDs on their 2000 annual reports by using both quantity assessment and quality assessment, we tested hypotheses with Spearman rank-order correlation and Mann-Whitney U test. The results were summarized below. First, based on descriptive statistics, we found most companies， EDs were in compliance with the required disclosure items regulated by law. However, every company had its own interpretation of what each requirement really meant. Regarding the results of two methods of enumeration, the Dyeing industry，s quantitative disclosure levels were high but its qualitative disclosure levels were lower. Petroleum and chemical industries， disclosure levels were very high in terms of both methods. Second, hypothesis testing showed that annual reports， ED levels were positively correlated with the level of print media coverage, firm size, and ownership structure. In addition to food, feed and fertilizers industries, petroleum and chemical industries， ED levels were also significantly different from other industries. Additionally, the qualitative disclosure evidence presented more persuasive results than the quantitative one in our findings. The hypothesis that corporations facing more print media coverage on their environmental performance would legitimize their sustaining rights by making better quality environmental disclosures was supported.

本研究蒐集各國企業所發行之獨立環境報告（Corporate Environmental Reports）共84份，採內容分析的研究方法，針對環境報告的內容進行研究分析。本研究建立一種評量模式，以聯合國環境規劃署（UNEP）所建議之環境報告揭露主題作為觀察評量單元，依揭露內容的完整性與相關主題的系統整合度，將環境報告于各單元的表現分為四個等級，依次給予0-3的權重分數，各單元所得分數加總即為整份環境報告的揭露成果。 本研究同時進行產業別與地區別的分析，依產業分為電力、汽車、能源、消費品、資本設備、化學、服務、森林產品與造紙等八種產業類別，將隸屬同一產業別的企業環境報告歸類分別進行分析比較，以電力與汽車兩種產業為例，摘出其產業中于各揭露主題表現最佳的範例置于本研究報告之中，作為樣本參考。本研究尚進行產業之間的比較，研究發現環境報告因產業特性而產生的揭露選擇與差異；地區別的分析則將環境報告依地區重新分類，分為美加、歐洲、北歐以及日本四個主要地區，觀察分析各地區報告的差異。 最後提出研究結論，歸納現階段環境報告揭露的主要內容，各產業之環境報告揭露選擇的差異，各地區環境報告的表現，以及提出對國內企業製作環境報告的建議。 目 錄 第一章 緒論 ……………………………………………………. 1 第一節 研究動機 ……………………………………………1 第二節 論文結構 …………………………………………... 3 第二章 文獻回顧 ……………………………………………….. 5 第一節 企業環境報告的重要性 ……………………………. 5 第二節 企業環境報告的演進及相關研究 ………………10 第三節 環境報告的指導方針與具體作法 ………………24 第四節 環境報告製作所遭遇的困難與待改進的問題 …31 第三章 研究方法 ………………………………………………35 第一節 研究架構 ………………………………………….35 第二節 研究對象 ………………………………………….39 第三節 研究方法與分析單元 …………………………….41 第四節 研究限制 ………………………………………….42 第四章 產業環境報告分析 ……………………………………..44 第一節 分析評量方法 ……………………………………..44 第二節 產業別分析 ……………………………………..48 一、 電力產業 ………………………………………….48 二、 汽車產業 ………………………………………….78 三、 能源產業 ………………………………………..106 四、 消費品產業 ……………………………………115 五、 資本設備產業 ……………………………………123 六、 化學產業 ………………………………………...131 七、 服務性產業 ……………………………………139 八、 森林產品與造紙產業 …………………………..146 第五章 產業別與地區別分析 ……………………………….155 第一節 產業別分析 ……………………………………155 第二節 地區別分析 ……………………………………172 第六章 結論與建議 ………………………………………...178 第一節 研究發現 ………………………………………...178 第二節 研究建議 ………………………………………...187 環境報告＆參考文獻 ………………………………………...189 / Abstract Out of strict environmental law, intensive market competition, and the trend toward sustainable development, the environmental responsibility has now become one of the essential elements in doing business. Under the pressure of stakeholders, such as employees, shareholders, and environmental groups, there are more and more enterprises trying to have their own presentation of environmental performance. Among the enterprises of Fortune 500, Three hundreds of them have environmental reports. They believe the environmental report is a good instrument for promoting their image of environmental protection as part of marketing strategy. In Taiwan, both the academic and the public have known very little about environmental report. In the meantime, there are only a few enterprises have their own environmental reports. Consequently, it is necessary for us to systemically examine the environmental reports of the leading company in the world to understand the contents and the level of the information they disclosed. The study collected and analyzed eighty-four standalone corporate environmental reports from different industries around world. Four major issues - management systems, input／output inventory, finance, and stakeholder relations, and twenty more detail disclosure subjects of environmental report suggested by the United Nations Environmental Program (UNEP) are used as our research units. Via content analysis, we categorized content of these disclosure subjects into four degrees according to their qualitative, quantitative and systematic levels. The eight industries we studied are electrical & gas utilities, automobiles, energy, consumer goods, capital equipment, chemical, service, forest products and papers. We draw the best practice of each disclosure subject in electrical & gas utilities and automobiles as benchmark. In addition to analyze each industry, we compared the industries, summarized the average and the deviation of the disclosure in these twenty subjects, explored the priority of disclosure choice and discuss the differences cause of the industry's differences. We also analyzed by four regions - America-Canada, Europe, Scandinavia, and Japan, to observe and analyze the differences of the reports by the companies in different regions. The main findings of this research are: (1) Currently, the contents covered by most of the environmental reports are: 1. The "Environmental Policy" which declares the organization's determination to preserve the environment. 2. The operational "Environmental Management System". 3. The "organizational framework" which is responsible for environmental matters. 4. "The data of energy consumption and the effects of energy saving" which response the concerns of the scarcity of energy resource. 5. "The data of air emission and the reducing method " which response the greenhouse gas, global climate changes and local air pollution. 6. "The method of wastes disposal and the result of wastes reduction". 7. "The real effect to environment and consumers" by the operations and the products of business. (2) The disclosure by different industries in four main observed issues are: n Environmental Management Systems 1. Presentation environmental policy is a common consensus, but disclosure of the other three subjects - environmental management system, management responsibility and legal compliance has large variance. 2. The level of disclosure in the management system is not related to the nature of industry's character. 3. Energy industry has the most disclosure on legal compliance subject, and automobiles industry is least one. 4. Chemical and service industries' disclosures in this area are more conservative, and the rest six industries are at same level. n Input╱Output Inventory Unit 1. Wastes disposal, air emission, and energy consumption are the top three subjects most disclosed by all industries. Accidents and emergency response, water consumption, health and safety are the least three. 2. The nature of the industry will effect the disclosure priority. For example, automobiles industry pays much attention on reducing material and disposing with the wastes because it dealing with thousands of components. n Related Financial issues 1. The sequence of industry's disclosure in finance is forest products and papers, energy, consumer goods, chemical, service, electrical & gases utilities, capital equipment and automobiles. 2. Companies' disclosures of environmental spending have wide variance in each industry. n Stakeholder Relations Unit 1. Employees, industry association and local community are the top three stakeholders thought by all industries, so the disclosure information are mostly relevant to them. 2. The industry, which affects the environment badly, like energy and automobiles, will be monitored usually by the government agencies, regulators, or environmental protection group. Therefore, their disclosure performance about the issues is much better than others. (3) The disclosure performance differences of regions are: 1. Companies in Scandinavia region have better environment disclosure in management systems and input／output inventory issues, but the average performance in stakeholder relations unit is not as good in four regions, it appears that they have a large room to improve on that. 2. Companies in America-Canada region have the best disclosure performance in finance issues, but for those high pollution industry like chemical or energy industry still do not disclose their input and output information sufficiently. 3. The Japan companies' disclosure performance is not as good currently, but we found their environmental management system are established in most companies, they also interacted with stakeholders actively. So we think Japanese companies have the potential to perform better in the future and reach the world class. Finally, we make some suggestions about how to encourage companies in Taiwan to prepare their environmental reports. (1) Reasons and motivations for company to disclose its environmental information, such as: 1. The responsibility to the environment. 2. Response to the unavoidable trend. 3. Direct and indirect business benefits. 4. The demands from the stakeholders (2) Making corporate environmental report step by step First, establishes a web site, put the most important environmental information (like air emission or wastes disposal). Second, the company must establish its environmental management system, environmental department, and go a step further to report the more extensive input/output data. Third, connection with the shareholders includes employees, investors, legislators, regulators, industry associations and local communities, and keep well interaction with them. As long as you "say what you do, do what you say", then to publish an standalone environmental report with relevant content will be easy!