摘要
隨著國際對環境與企業社會責任的重視，企業社會責任（CSR）報告中依循的全球永續報告綱領（GRI）中環境面的指標佔有相當的比重，現在企業除了追求財務績效外，也開始注重環境生態效率。本研究主要探討公司治理與環境生態效率兩者之間的關係，不過不同生命週期的企業追求的目標不同，對於環境面的投入也可能有所差異，因此本研究主要在探討企業在不同的生命週期階段下，其環境生態效率是否會有所差異，以及在不同生命週期階段，公司治理與企業環境生態效率之相關性是否也會有所不同。本研究主要以企業社會責任報告書中的環境面數據衡量環境生態效率指標，研究對象則以我國上市公司有揭露企業社會責任報告的公司為主，研究期間為 2011年至 2015年，並從台灣經濟新報資料庫（TEJ）取得公司治理與相關的財務變數資料。企業所處生命週期階段之判斷因子以銷貨成長率、研究發展費用率、資本支出率、公司成立年數四項指標作為區分。本研究結果發現，不同生命週期著重的環境生態效率指標是不一樣的，而部分公司治理變數對環境生態效率有顯著正相關，若考慮生命週期，部分環境生態效率指標與公司治理間的正相關性在不同生命週期會呈現顯著差異。
關鍵詞：公司治理、企業生命週期、環境生態效率、企業社會責任Abstract
With the international emphasis on environmental protection and corporate social responsibility, the environmental indicators in GRI (Global Reporting Index) guiding the Corporate Social Responsibility (CSR) report account for a considerable proportion. Nowadays, companies begin to pay attention to environmental eco-efficiency in addition to the pursuit of financial performance. This study attempts to examine the relationship between corporate governance and environmental eco-efficiency. However, a company at different business life cycle stages should have different operating goals and efforts for environmental protection activities. Therefore, this research aims to examine the relationship between corporate governance and environmental eco-efficiency by introducing the business life cycle concept. We collected environmental performance index data from CSR reports to measure environmental eco-efficiency. Our research samples focused on the listed firms with disclosure of CSR report in Taiwan from 2011 to 2015. The financial data were obtained from Taiwan Economic Journal Database. We used the sales growth rate (SG), the capital expenditures rate (CEV), the R&D expenses (RDV) and the establishment years (age) to determine the business life cycle stages. The results show that business life cycles have an effect on some environmental eco-efficiency, and there is a significant positive relationship between corporate governance and environmental eco-efficiency. However, for some environmental eco-efficiency indicators, the level of positive relationship is significantly different in different business life cycles.
Keywords: Corporate Governance, Business Life Cycle, Eco-efficiency, Corporate Social Responsibility