企業實施環境風險管理對資金成本與財務績效影響之實證分析

Abstract

本研究探討台灣企業實施環境風險管理與資金成本及財務績效之關係。以ISO14001環境管理系統認證做為實施環境風險管理的指標，研究實施環境風險管理的企業在資金成本與財務績效上是否具有較佳之表現。本研究以截至2011年4月通過ISO14001認證之上市櫃公司為實驗組，以及未曾通過認證之公司為對照組。並分為三部份進行迴歸分析，其主要研究結果如下：\n(一) 實施環境風險管理對債劵資金成本有負向影響。但對股東權益資金成本是正向顯著的影響。因股東權益占公司資金比重較大，故加權平均資金成本亦為正向顯著影響。\n(二) 在財務績效的部份，大都支持企業實施環境風險管理時，與財務槓桿呈負向關係。並且實驗組均支持通過年數越長對稅盾有負向影響。此外，實驗組全體產業與實驗組非高污染性產業，通過認證時間越長，則對系統性風險有負向顯著影響。但實驗組高污染性產業之環境風險管理與系統性風險則無顯著相關。\n(三) 由實驗組與對照組之研究比較，發現支持實施環境風險管理之公司具有較低之大股東持股比。\n(四) 根據實驗組之研究，發現公司通過環境風險管理之認證，與外資法人投資比率有正向關係。但實驗組與對照組之比較，通過認證與否則對外資呈負向顯著的關係。實驗組高低汙染性產業比較中，高污染性產業僅通過認證年數與外資投資比率呈顯著相關，但非高污染性產業則不論是否通過認證與通過年數，均與外資投資比率呈正向顯著相關。\n\n關鍵字：ISO14001環境管理系統、環境風險管理、資金成本、財務績效。

This study investigates the relationship between implementing environmental risk management and cost of capital and financial performance for the public companies in Taiwan. Using the ISO14001 environmental management system certification as the indicator of environmental management, this thesis explores whether the companies implementing the environmental risk management system will possess lower the cost of capital and better financial performance. Among the sample firms, the companies with ISO14001 certification in year 2011 are regarded as the experimental group, and the companies have not been certified as the controlled group. Then this study conducts regression analyses for environmental risk management. The major findings are as follows:\n1. Implementation of environmental risk management and the capital cost of bonds have a significantly negative relationship. However, the capital cost of equity shows a significantly positive relationship. Since shareholders` equity is a greater proportion on the company`s funds in the sample firms, so the weighted average cost of capital also presents a significantly positive relationship.\n2. Regarding the relationship between firm’s financial performance and its environmental risk management, this study finds that financial leverage exhibits a negative relationship. The experimental group supports that the companies with ISO14001 certification for longer years have a negative relationship with their tax shields. Besides, in the entire experimental group and experimental group of non-highly-polluting industries, the systemic risk shows a negative relationship with the longer years of certification. However, environmental risk management and the systemic risk do not present significant correlation in the experimental group of highly-polluting industries.\n3. The comparison between the experimental group compared and the controlled group support the hypothesis that implementation of environmental risk management can have a lower ratio of large shareholdings. \n4. The study of experimental group supports that foreign investors’ shareholdings have a positive relationship with the firms passing the certification. However, the comparison between the experimental group and the controlled group shows certification and foreign investor negatively related. In highly-polluting industries, the number of certified years is the only factor influencing foreign investors’ shareholdings. In non-highly-polluting industries, passing the certification and number of certified years both are positively associated with foreign investors’ shareholdings.\n\nKeywords：ISO14001 environmental management system, environmental risk management, cost of capital, financial performance.