| Summary: | 碩士 === 中興大學 === 會計學研究所 === 94 === This paper investigates the value relevance of human expenditures and environmental expenditures. Tries to examine whether enterprises investing in human expenditures and environmental expenditures will enhance their market value or not. The results indicate that employee profit-sharing expenditures, employee salary expenditures and anti-pollution equipment expenditures have significantly positive influence on market value. Besides, the study found that the value relevance of employee profit-sharing expenditures are bigger than that of employee salary expenditures. Environmental penalty losses have significantly negative influence on market value. Bring altogether the above empirical results show that, when enterprises invest in human expenditures and environmental expenditures to enhance their market value, enterprises should invest more in employee-profit sharing expenditures and avoid environmental penalty losses which usually cause significantly negative influence on market value, especially in high- polluted firms.
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