. 1
1999 8 1999 9 1 IT 2 1980 3 4 5 2000 8 2001 7 6 2
1. 2. WBCSDWorld Business Council for Sustainable Development WBCSD World Business Council for Sustainable Development Environmental Performance and Shareholder Value 7 WBCSD WBCSD 40 1 1997 9 functionality 9 a. b. ISO14001 )c. )d. 3 8 3
3 9 E 21 10 11 12 13 ISO14001 2001 5 14 11 15 269 4
1980 1990 1. 2 3. 1980 1990 1980 1950 1970 1950 1964 1967 1970 1970 1980 1972 UNEPUnited Nations Environment Programme: 5
UNEP 1987 1990 CERES(Coalition for Environmentally Responsible Economies ) 1989 1992 1990 2002 16 1990 1991 1991 4 1993 1996 1991 1993 1995 1998 1970 1996 ISO(International Organization for Standardization: ) ISO14000 ISO14001 6
7 150 ISO14001 1992 1997 17 ISO EU(European Union: ) ISO ISO14001 ISO14001 ISO14001 2001 10
5 5 18 NEC 19 20 2000 2001 8
10% 21 22 2 1 2 ISO14001 LCA ISO14001 ISO ISO14001 LCALife Cycle Assessment LCA 1995 LCA 1999 2000 5 2000 3 9
ISO14001 1996 9 1990 ISO14001 10 2 23 ISO14001 2002 2 ISO14001 8444 24 3 ISO14001 25 ISO14001 ISO14001 10
90% 3000 5 2001 3 ISO14001 26 ISO14001 (1) (2) PRTR 11
27 2000 12 28 29 (1) 2001 3 12 4 21 64.2% 30 21 21 12
31 12 28 2 5 1 5 2 5 13
2 (1) (2) (3) (4) 32 14
15 3 33 PER PBR
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
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
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
EVA 2 1 Werner F. M. DeBondt DeBondt 1 DeBondt DeBondt (2) M&A A A A 19
1 1 1 2 10 10 1 0.02) 10 12,190 3 10 1 0.03) 10 7,440 67 CF1 k CF2 k 2 CF3 k 3 CFt k t t=1 CFt t k 23 4 20
WACCWeighted Average Cost of Capital 36 35 5 a. b. c. d. e. 8 10 11 500 20 5 9.2 5 21
1. 2 1 (1) 1 (2) 37 (1) (2) 1 BCSD(Business Council for 22
Sustainable Development WBCSD)1991 doing more with less over the full life cycle Eco-efficiency 3. 2 9 E 21 23
38 9 4 1 39 BP 2000 1 1 3 22.7% 1 3 11.6% 24
2001 3 40 41 1 42 43 44 1. 3 3 25
3 45 5 10 46 47 48 49 50 Design For Environment(DFE) 26
2000 10 Green Management 2005 2000 2005 1.5 2010 2 51 2010 2000 52 10 2 5 10 2 53 3 54 1998 1999 2001 3 267 DVD 1,200 2001 4 7 IT 27
55 56 1 28
2000 57 1998 1 1 10 58 1999 2000 52 29
59 1 1020 1 16 ir3300 40 60 2 CO2 6.6 8000 CO2 1/4 300 6 565mm 61 62 63 64 65 66 2001 6 MEDIO ir3300 9 image Runner( ) ir3300 5W 6 2001 4 125wh/h 31wh/h 1/4 100% 50% CO2 30
40% 20% 67 68 Canon 1. 21 69 2002 4 2004 3 2002 31
3 28 70 71 3 72 73 3 QCDQualityCostDelivery 74 75 QCD 1993 5 76 FT5500 60% spirio5000rm 32
40%35% 12 5% 77 1999 530.0 2000 759.2 EE ( 2000 356.6 ) ( )2 11 EE ( ) 11 CO2 EE 22.00 1 CO2 22 ( ) 1 11 CO2 0.01 CO2 1 100 1999 (EEI; ) ( ) 16 10 (EEI) 78 ( ) ( ) 1997 2 2000 9 12 1997 336.2 1998 376.7 1998 152.7 1999 243.3 1 2001 3 1998 4 1999 3 33
---4.9917.1 a 59.1 b 11.0 16.9 ---2.57 ---9.3614.8 c 15.7 a 0.5 33.0 (17.6) s 1.5 31.4 1.7 b 0.2 a 0.6 15.5 21.0 b R&D (3.9) s 0.0 4.7 2.0 b 1.8 1.6 - - 0.0 0.3 15.4 103.4 131.6 321.3 (21.5) a: b: c: s: t (t) E.E. / CO 2 ---2,275.0 0.9% 22.00 2,275 CO 2 246,065 0.01 246,065 1.00 NOx ---5.1 SOx---3.6 BOD--- -16.0 6.7% 14.7% -43.8% 0.05 0.03-0.16 101 NOx 72 109 SOx 21-0 BOD 53 47.59 164.22 64.70 1,411 629 1 19.70 30.30 0.02 ---2,689.8 36.4% 26.01 279,739 4,699 0.73 488,654 104.00 PRTR ( 178 CO 2---6,026.0(t) NOx 4.9( ) S Ox 3.9(t) 42,413 PRTR 218,943 ( 178 22,033( ) 324,637 0.0314 955,704 356.6 16 2000412001331 EE EE t/ / /t) / EEI; / / 2001 34
1 1 200 200 2001 CO2 IEAInternational Energy Agency DSM(Demand-Side Management) 2000 79 2006 2001 80 DSM 2000 2001 2 imagioneo350/450 IEA DSM 81 2001 2006 2001 35
2002 3 5060% 90100% 82 2 83 PRTR 84 MSDS 85 86 1. 3 1. 3 36
37 3 13 3 3. 3 3 87 3 88
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12 1998 2001 3 1998 7 20012001 OECD 1998 7 ( 2001 ) 21 182 6 (2000 12 ) 1996 8-9 2000 E 2000 9 1995 3 166 E 1 2000 7 1985 12 11 2000 3 1 1999 11 67 2000 2 E 2 NEC 200116 3 1999 11 2 2000 No99-175 1999 5 4 Michael V. Russo, et source al., A Re - Based Perspective on Corporate Environmental 1999 3 Performance and Profitability, Academy of J Management Journal 1997, Vol.40, No.3, 1997. 5 Jerald Blumberg, et a 1999 3 Environmental Performan ce and Shareholde r Valu e, World Business Council for 1999 3 Sustainable Development,1997. EVA 6 1999 2 E 3 1999 E 1999 11 1999 40
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.43. 17 20018 18 7 Jerald Blumberg,et al., Environmental CO2 Performance and Shareholder Value, World 88.8% Business Council for Sustainable Development, 2000 19 19 1997. NEC 20016 8 20 20017 21 2001 18 2001 22 2002 2 12 15 9 23 No99-1751999 5 10 E 21 24 1996 8-9 11 25 12 2001 9 )3 13 106-109 166 1 2000 7 14 26 200129 2001 5 27 2002 15 3 15 28 2002 3 1,223 8 11 41
15 3,100 1% 29 30 1998 42 12 38 2000 8 2001 3 28 9 31 20013 39 32 33 2002 3 13 3 40 12 2001 3 42 47 41 4 34 CAPMCapital Asset Ppricing Model42 NEC CAPM 35 8 IT 2 43 44 2001 36 5 37 3MMinnesota Minig & Manufacturing PR 42
2002 3 8 45 59 4 ( 2001 10 ) 2001 12 46 60 2002 4 15 61 56 62 1/4 47 5 2001 2 23 48 47 1/4 49 200145 E 63 1985 12 232 50 47 1/1000 51 200116 45 64 52 20018 9 53 47 54 200139 46 55 47 56 2002 3 8 57 56 200116 65 58 200116 66 56 67 200120 68 56 69 200111 70 CO2 2004 43
6 77 71 CO2 78 2002 4 11 CO2 79 3 2001 2010 62 http://emf.nikkeibp. 13 co.jp/emf/seminar/seminar/011024_ny3.html 80 71 CO2 2004 81 4.5 2000 82 56 83 84 PRTR(Pollutant Release and Transfer 2004 Register) PRTR 2000 20 71 2002 4 11 72 73 BP 85 PRTR 2000 4 11 74 Total Quality Management Material Safety TQM Data SheetMSDS 86 71 87 1998 )138 88 75 71 76 1999 6 80 44