過去二十年以來廣泛的環保議題不但發展成為全國性的焦點，而且有關水、空氣品質、土壤保持、浪費及廢棄物的處置、噪音控制及天然資源的管理等環保議題更是國際間所共同關注的。
本論文主要探討三個主題。第一、環保法規與公司股價報酬的相關性。第二、環保設備投資支出與公司經營績效之相關性。第三、公司環境績效與公司價值之相關性。
本研究選取在臺灣證券交易所上市的五個高污染產業為樣本。在探討環保法規與公司股價報酬的相關性部份，採用事件研究法。而環保設備投資支出與公司經營績效之相關性部份利用因素分析法萃取出五項財務績效構面。探討公司環境績效與公司價值之相關性則採用迴歸模式。
實證研究的結果顯示：
1.高污染產業之標準化平均異常報酬及標準化累積平均異常報酬在事件日顯著異於零。
2.企業的經營績效確實會受到污染防治設備投資的影響。而且本研究發現污染防治設備投資和企業的經營績效呈現顯著的負相關。
3.公司的環境績效變數中公司是否通過ISO14001認證、污染防治設備投資支出二變數與公司價值之關係並不顯著，而公司因污染環境而遭受之損失與處分則與公司價值有顯著正相關存在。

Over the last two decades a widespread environmental concern has developed nationally as well as internationally around the issues related to water and air quality, protection of the soil, waste and disposal, noise control and the management of natural resources.
The purposes of this research are to examine（1）the relationships between environmental regulation and abnormal stock price return.（2）the relationships between pollution control equipment and corporate performance. （3）the relationships between environmental and market value of firms.
The samples of the research are selected from five high pollution industries which have shares listed on the Taiwan Stock Exchange. Event study was applied to find the relationships between environmental regulation and abnormal stock price return. And the factor analysis was applied to find the relationships between pollution control equipment and corporate performance. The principal components method of is employed to select 5 common factors and 17 important financial ratios from 20 original ratios. The relationships between environmental and equity market value was explored by using regression models.
The empirical results of this study suggest：
1.SAR and SCAR of high pollution industries on event day are significant.
2.By empirically testing data from 1994 to 2001, the results of the study show that the corporate performance is indeed impacted by the investment of the pollution control equipment. And we find that there is a significant positive relationship between the investment of the pollution control equipment and the corporate performance.
3.Market value of firms has no significant impact on two environmental variables：（1）Do the firms Get the Certification of ISO 14001?（2）the investment of the pollution control equipment. But the pecuniary punishment and loss of violated environmental protection regulation is positively related to market value of firms.

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