綠色績效與企業經營績效之關聯性研究－製造業和非製造業比較實證

Abstract

傳統的觀點認為投資環保會增加公司成本，然而企業要掌握趨勢，從核心業務出發追求環保以激發創新，提升自我競爭力，才是永續經營的關鍵。 本研究利用Newsweek公布的Green Score Ranking進行實證探討產業別的綠色績效與財務績效的關聯性。實證結果顯示企業綠色績效與短、長期經營績效呈顯著正相關，其中製造業投入綠色能反應在當年經營績效，而非製造業大部分都是低汙染產業，綠色改善需要結構性的調整，其綠色投資通常耗時長遠，遞延性顯著，由於綠色的長期效益及遞延性建議不管在任何產業都值得企業及早綠色投資；此外，因為量化指標加重年度改善製造業的綠色績效平均比非製造業表現要佳；Newsweek 2014年調整成較量化的綠色指標，同業間比較個別公司的2012年的綠色分數相比，企業之綠色分數平均較低、企業間綠色績效差異變大。

Business people have always regarded that investing on environment will increase a company’s costs, thus reduce its profitability. However, the trend suggests that green investment would strategically enhance a company’s long-term development if it starts from its core business to stimulate innovation by pursuing sustainability. The purpose of this thesis is to investigate the relationship between an enterprise’s green performance and its short/long-term financial performance in manufacturing and non-manufacturing industries. Would an enterprise be paid off from its investment on green issues？ Would an enterprise’s better green performance bring a justified financial return in different industries in the long run？ Which industries would take more time to gain interests from their green investment？ In this thesis, we use the database Green Ranking Global Companies 500 from Newsweek to conduct the empirical study to explore these viewpoints. The empirical results conclude a significant positive relationship between enterprises’ green performance and financial performance. The green investment of the manufacturing industry brings financial performance within a year, but the non-manufacturing industry dosen’t. Due to the low pollution characteristics of the industry in non-manufacturing industry, it will take longer to be paid off from the investment on green issues. Furthermore, the mean of green score of manufacturing sector is better than that of the non-manufacturing sector. Finally the new green measurement metrics have lowered the companies’ green score and increase score variance in 2014.