在環保意識高漲的現今，本研究意圖以我國上市公司為研究對象，蒐集民國91年至民國97年之樣本資料，並用Villalonga（2004）、中野勳（2007）之理論架構為基礎，建立本研究模型來探討依據『證券發行人財務報告編製準則』、『公開發行公司年報應行記載事項準則』及『產業環境會計指引』之規定而揭露的環境保護資訊與企業無形資產價值是否具有關聯性。實證結果如下：
1.公司依『證券發行人財務報告編製準則』、『公開發行公司年報應行記載事項準則』所規定揭露之「最近二年度及截至公開說明書刊印日止，公司因污染環境所受損失（包括賠償），及所處分之總額」、「未來因應對策」、「可能之支出」、「未來三年度預計之重大環保資本支出」、「設立環保專責單位人員，其申領、繳納或設立之情形」、「環境保護資訊揭露程度」、「預計未來重大環保資本支出之總金額」皆與公司無形資產價值呈顯著正相關。
2.在環境保護相關認證方面，「中華民國企業環保獎項」之取得與公司無形資產價值呈顯著正相關。
3.公司依『產業環境會計指引』所規定揭露之「營運成本」、「上下游關聯成本」、「管理成本」皆與公司無形資產價值呈顯著正相關。
整體而言，公司依據『證券發行人財務報告編製準則』、『公開發行公司年報應行記載事項準則』及『產業環境會計指引』之規定揭露的環境保護資訊，能有效提升其無形資產價值；但環境品質相關認證之取得（ISO 14001、OHSAS 18001）對公司無形資產價值較無正面影響。

Nowadays which surges upward in the environmental consciousness, the purpose of this study are to examine （1）the relation between environmental disclosures according to『Guidelines Governing the Preparation of Financial Reports by Securities Issuers』、『The public release company annual report ought to do to record the item criterion』and intangible assets.（2）the relation between environmental disclosures according to『Industrial environment accountant directs』and intangible assets.
The samples of the study are selected from fourteen potential pollution industries which have shares listed on the Taiwan Stock Exchange from 2002 to 2008. Using the Villalonga（2004）、Nakano（2007）valuation model to test the relation between environmental disclosures and intangible assets was explored by regression models.
As expected, we find that more environment information be exposed will cause the intangible asset value to be higher. The evidence shows that environmental disclosures according to『Guidelines Governing the Preparation of Financial Reports by Securities Issuers』、『The public release company annual report ought to do to record the item criterion』、『Industrial environment accountant directs』Can promote intangible asset effectively. This suggests that firms should provide adequate disclosures about pollution performance in the financial statements.

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