綠色績效與企業經營績效之關聯性實證研究— 歐洲、美國與中國企業比較實證

Abstract

因應氣候變遷與資源短缺的重要議題，綠色已成為世界各國的重要政策，世界主要碳排放國家皆訂出對應之減排目標，並制定相關綠色政策，追求環境、經濟與社會之共同永續發展。本研究主要探討綠色績效與企業經營績效之關聯性，以 Newsweek 公佈之Green Ranking 進行實證研究，並深入探討歐洲、美國與中國企業比較實證。實證結果顯示整體企業之綠色績效與經營績效存在顯著正向相關，顯示企業投入綠色有助於提升其企業的長期競爭力；以個別國家地區來看，歐美企業之綠色績效與企業經營績效存在顯著正向相關，歐洲企業在整體環保法規以及政策較為嚴格，為全球環保先鋒，綠色表現優於其他地區，近年因主權債務危機，經濟與股市表現相對疲弱，相較于美國企業，其獲得金融市場的估值較低；中國於十二五規劃提及，未來中國企業將逐漸轉型為以低碳節能為主的產業結構，然而其綠色績效與企業經營績效之間卻無顯著正向相關，綜觀過去中國境內污染事件的處理，企業多直接以實質利益的交換作為污染補償，而未進行長期實質改善，說明中國普遍的綠色價值觀仍有很大的改善空間。從整體財務市場觀點而言，企業追求永續發展的確能夠帶來實質企業競爭力的提升。

At a response to the climate change and resource shortage issues, sustainability management has become an important policy among the whole world. Major carbon emission countries have set corresponding emission reduction targets and developed relevant sustainable policies for pursuing the sustainable development of environment, economics and society. This study is to investigate the relationship between environmental performance and financial performance of enterprises, adopting the Green Ranking revealed by Newsweek as environmental performance. Moreover, an empirical study probing into the comparison between European, American and Chinese companies in conducted. The result shows that there is a significant positive relationship between environmental performance and financial performance. European companies’ environmental performance is better than that of other countries, derived from its relatively strict constitution and policies. While the financial performance of European companies is less impressive than Americans’, they still keep their competency by investing in green. Chines companies would turn into low carbon economies in the future. However, there is no significant positive relationship between environmental performance and financial performance in Chinese companies. From the observation of the past pollution incident in China, the companies usually gave substantial settlement for compensation instead of improving the root causes. Hence, there is still a plenty room for improvement in developing sustainable valuation for Chinese.