Using the examples of publicly listed manufacturing companies in Taiwan during 2015 to 2017, this paper investigates the relationships between effective ecological management and enterprise value. The efficacy of enterprise implementation of ecological management is evaluated in this work by the rating scales of environmental certification, environmental management, and environmental performance. The information of environmental certification, environmental management and environmental performance all are obtained from social responsibility report by content analytical method, and other financial data are acquired from TEJ database. The Ohlson model is used to analyze data and empirical results shows that the relationship between environmental certification, environmental performance, and enterprise value appears a significant negative effect. While it has divided the environmental management into two parts–substantial management and educational training by factor analysis. With enterprise value, the substantial management is a significant negative correlate and the educational training lack significant. According to the results in the work, upon implementing effective ecological management with positive action, enterprise will face the negative impressions from investors. Therefore, if companies are planning related to environmental maintenance, it should to consider the investors' perception, evaluate the benefits for enterprise and pay attention to the balance between environmental maintenance and cost of expenditures.