近年來由於環保意識的抬頭與企業社會責任的落實，許多國家與企業認為環境揭露應為企業社會責任報告的主要內容。另一方面，企業公司治?核心在董事會，董事會的獨立董監事有責任對公司的經營與運作上提出建議與方針，而獨立董監事教育程度的高低，被視為是否有足夠的能力擔任此角色。因此，本研究欲探討獨立董監事之教育程度、環境揭露與公司價值間的關係，並驗證獨立董監事教育程度與環境揭露之交互效果是否會對公司價值造成影響。本研究使用2005~2009年台灣上市櫃電子業作為研究樣本，並以內容分析法分析年報的環境揭露資料，其研究結果顯示：(1)獨立董監事教育程度對環境揭露呈現正相關；(2)環境揭露對公司價值呈現正相關；(3)獨立董監事教育程度與環境揭露之交互效果對公司價值呈現正相關。本研究建議公司應揭露環境相關資訊，並由獨立董監事加以監督與控管，藉此提高公司的價值。 In recent years, with the rising of awareness in environmental protection and emphasis a strict implementation on corporate social responsibility, many countries and companies believe that the mainly content of corporate social responsibility report is environmental disclosure. On the other hand, corporate governance’s key point is the board of directors and the board of independent directors has to suggest and improve policy in company’s operating. Independent directors’ educational background is considered whether it is enough ability to play this role. This study examines the relationship among independent directors’ educational background, environmental disclosure and firm value and the interactive effect of independent directors’ educational background and environmental disclosure on firm value.The samples of this study are Taiwan’s electrical information industry in 2005-2009, and the information of environmental disclosure uses content-analysis in annual reports. The results show that (1) Independent directors’ educational background is positively related to environmental disclosure. (2) Environmental disclosure is positively related to firm value. (3) The interactive effect of independent directors’ educational background and environmental disclosure is positively related to firm value. Finally, to increase the firm value, this study suggested that independent directors should supervise and control company to disclose the information of the environmental.
