加密貨幣已成為重要的金融工具，然而挖礦活動伴隨而來的環境問題，引起公眾的擔憂和關注，甚至影響投資人的投資決策。公司透過揭露環境資訊，不僅能傳遞積極正向的環保態度，管理公眾形象，還能提升公司價值。本研究以有從事加密貨幣挖礦的美國上市櫃公司為樣本，研究其加密貨幣挖礦之相關環境資訊揭露與公司價值的關聯性。本研究以內容分析法量化報告中所揭露之環境資訊，實證結果發現，若公司有揭露與加密貨幣挖礦有關之環境資訊，其公司價值較其他未揭露的公司高。然進一步分析不同揭露方式對公司價值的影響時，發現不論公司揭露的詳細程度、內容多寡、是否提及時間規劃、是否含有視覺圖像及是否提及額外環境資訊，皆與公司價值無顯著相關。;Cryptocurrencies have become important financial instruments. However, the environmental issues associated with mining have raised public concerns and attention, even impacts investors’ investment decisions. By disclosing environmental information, companies can not only convey a positive environmental attitude but also manage their public image and enhance their firm value. By using publicly listed US companies engaged in cryptocurrency mining as a sample, this study examines the value relevance of environmental disclosures in 10-K filings of firms that involve in cryptocurrency mining business. Content analysis is used to quantify mining-related environmental disclosures. The empirical results show that companies disclosing environmental information related to cryptocurrency mining have higher firm value compared to those that do not disclose such information. However, additional analysis of the impact of different disclosure methods indicates no significant association between firm value and the level of detail, amount of content, inclusion of time planning, presence of visual images, and existence of additional environmental information.
