本研究探討企業環境表現對其財務績效之影響，以美國半導體產業數值為樣本，觀察1999年至2011年間兩者的相互關係，並深入分析何種財務績效指標之於產業環境污染具有顯著的衝擊影響。本研究採用兩種研究方法 ：一透過比較半導體產業兩種污染值的平均表現差異，觀察污染值較低的企業是否具有較佳的財務績效。二透過縱橫資料迴歸分析，試圖分析這十年間的環境表現對企業營運表現是溢價或是減損。主要研究實證發現美國半導體產業之環境表現與財務績效呈現正相關，亦即逐年改善污染問題、環境表現較佳的企業，相對於其他污染較高的企業，擁有較佳的財務績效。本研究結果亦顯示半導體公司的環境表現對其研發強度指標具有正向的顯著影響。 但對其他財務指標則呈現負向或無顯著的影響。 This study examines the effect of environmental performance on financial performance using the data of semiconductor manufacturing companies in the United States from 1999 to 2011. The study also analyzes which financial performance indicators have the most significant impact on companies’ pollution measure. The research applies two different approaches: comparison of mean difference between two populations of companies divided by their environmental performance to examine if less polluting companies have better financial performance and panel data regression analysis to test whether company’s environmental performance determine company’s operational performance. The findings of the research suggest that companies with better environmental performance generally have better financial performance which improves year by year comparing with more polluting counterparts. Findings also show that companies’ environmental performance has significant positive effect on companies’ financial indicator RDIN significant negative effect on GRTH, AGE and CAPIN, and no significant effect on TA, ROA, EV, CF and LEV.
