-創立10周年記念号-

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1 . 1

2 IT

3 1. 2. WBCSDWorld Business Council for Sustainable Development WBCSD World Business Council for Sustainable Development Environmental Performance and Shareholder Value 7 WBCSD WBCSD functionality 9 a. b. ISO14001 )c. )d

4 3 9 E ISO

5 UNEPUnited Nations Environment Programme: 5

6 UNEP CERES(Coalition for Environmentally Responsible Economies ) ISO(International Organization for Standardization: ) ISO14000 ISO

7 7 150 ISO ISO EU(European Union: ) ISO ISO14001 ISO14001 ISO

8 NEC

9 10% ISO14001 LCA ISO14001 ISO ISO14001 LCALife Cycle Assessment LCA 1995 LCA

10 ISO ISO ISO ISO ISO ISO14001 ISO

11 90% ISO ISO14001 (1) (2) PRTR 11

12 (1) %

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14 2 (1) (2) (3) (4) 32 14

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16 ROE PERPrice Earning Ratio PBR Price Book value Ratio q PBR PBR q PER PER ROE ROEReturn On Equity PER PBR ROE ROE ROE 16

17 PCFR EBITDA PCFR EBITDA PCFR Price Cash Flow Ratio EBITDA EVEBITDA Enterprise ValueEarnings Before Interest, Taxes and Depreciation and Amortization (3) PCFR PCFR PER EBITDA PCFR 1 EBITDA M&A PCFR EBITDA 17

18 APV EVA EVA EVA EVA EVA NOPATNet Operating Profit After Tax 34 EVA EVA EVA EVA EVA 1990 APV Adjusted Present Value method EVAEconomic Value Added ) EVA 18

19 EVA 2 1 Werner F. M. DeBondt DeBondt 1 DeBondt DeBondt (2) M&A A A A 19

20 ) 10 12, ) 10 7, CF1 k CF2 k 2 CF3 k 3 CFt k t t=1 CFt t k

21 WACCWeighted Average Cost of Capital a. b. c. d. e

22 (1) 1 (2) 37 (1) (2) 1 BCSD(Business Council for 22

23 Sustainable Development WBCSD)1991 doing more with less over the full life cycle Eco-efficiency E 21 23

24 BP % % 24

25

26 Design For Environment(DFE) 26

27 Green Management DVD 1, IT 27

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38 Don S. Doering,et al., Tomorrow s Market : Global Trends and Their Implications for Business, World Resources Institute, United Nations Environment Programme, World Business Council for Sustainable Development, Magali Delmas, Stakeholders and Competitive A dvantage: The Case of ISO14001,2001. Brian Nattrass,et al., The Natural St ep for Business,2001. Markus Lehni, eco-efficienc y, World Business Council for Sustainable Development,2000. Masao Nakamura, et al., Why Japanese Firms Choose to Certify: A Study of M anagerial Responses to Environmental issues, Journal of Environmental Economics and Management 42,23-52,

39 Robert Repetto, et al., Pure Profit: The Financial Implications of Environmental Performance, World Research Institute, Bruce W. Piasecki, et al., Environmental Management and Business Strategy,1999. John W. Graham, et al., Corporate Environmental Policies,1999. Anastasios Xepapadeas, Environmental Policy and Competitiveness: The Porter Hypothesis and the Composition of Capital, Journal of Environmental Economics and Management 37, , Sharon Beder, Global Spin: The Corporate Assault on Environmentalism,1998. Jerald Blumberg, et al., Environmental Performance and Shareholder Value, World Business Council for Sustainable Development, Michael V. Russo, et al., A Resource-Based Perspective on Corporate Environmental Performance and Profitability, Academy of Management Journal 1997,Vol.40,No.3,1997. Roger Adams, Linking Financial and Environmental Performance, Environmental Accounting and Auditing Reporter,Vol.2,Issue No.10,1997. Paul Ameer, et al., Dose Improving a Firm s Environmental Management System and Environmental Performance Result in a Higher Stock Price?, J.C.Bosch, et al., Environmental Regulations and Stockholders Wealth:An Empirical Examination, Harvard Business School Press, Harvard Business Review on Business and the Environment, DCF M&A ( ) ( ) Werner F. M. DeBondt Michael Brennan NEC 2001( )

40 OECD ( 2001 ) ( ) E E E 2 NEC No Michael V. Russo, et source al., A Re - Based Perspective on Corporate Environmental Performance and Profitability, Academy of J Management Journal 1997, Vol.40, No.3, Jerald Blumberg, et a Environmental Performan ce and Shareholde r Valu e, World Business Council for Sustainable Development,1997. EVA E E

41 16 NEC Masao Nakamura,et al., Why Japanese Firms Choose to Certif y: AStudy of Managerial Responses to Environmental issues, Journal of Environmental Economics and Management 42,23-52, 2001.p Jerald Blumberg,et al., Environmental CO2 Performance and Shareholder Value, World 88.8% Business Council for Sustainable Development, NEC No E ) ,

42 15 3,100 1% CAPMCapital Asset Ppricing Model42 NEC CAPM 35 8 IT MMinnesota Minig & Manufacturing PR 42

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