以市場價值觀點評估公司治理評鑑與企業社會責任報告書關聯性之研究

近年來企業社會責任越來越受到重視，公司治理學說也不斷演進，公司應考量利害關係人權益極大化為基礎。公司治理評鑑與企業社會責任報告書雖需投入相當社會成本，惟企業投資相關社會責任活動，除可降低營運成本與風險外，或許能有助於提升公司市場價值，創造企業與社會雙贏的局面。本研究採用事件研究法探討2014年到2016年公司治理評鑑優良企業宣告企業社會責任報告書資訊效果；並以多元迴歸分析法探討公司治理治理評鑑優良企業及其企業社會責任報告書揭露品質與股價關聯性。本研究發現公司治理評鑑資訊並不會產生顯著股價反應，惟若評鑑優良企業有申報CSR報告書時才會產生正向顯著股價反應，且報告書之揭露品質愈高則股價反應愈好，實證結果驗證公司治理評鑑及CSR報告書的效應與功能性應兼顧股東及利害關係人利益之觀點相呼應。

關鍵字

公司治理評鑑；企業社會責任；企業社會責任報告書；市場反應

並列摘要

In recent years, corporate social responsibility has received more and more attention, and the corporate governance theory has evolved continuously. Companies should consider the maximization of stakeholders' rights and interests as the basis. Although corporate governance assessment and corporate social responsibility report need to invest considerable social costs, apart from reducing operating costs and risks, corporate investment related social responsibility activities may help increase the market value of the company and create a win-win situation for the enterprise and society. situation. This study uses the event research method to discuss the information effects of the corporate social responsibility report published by excellent corporate governance appraisals from 2014 to 2016; and to explore the quality of corporate governance governance and corporate social responsibility report by multiple regression analysis method. Associated with the stock price. This study finds that corporate governance rating firms information does not produce a significant stock price reaction. However, if a good company anounces a CSR report, it will produce a positive and significant market reaction. The higher the disclosure quality of the report is, the better the information effect is. The empirical results verify that the effects and functionality of corporate governance evaluations and CSR reports should balance the views of shareholders and stakeholders.

並列關鍵字

Corporate Governance Assessment ； Corporate Social Responsibility Report ； Market Reaction

國際替代計量

以市場價值觀點評估公司治理評鑑與企業社會責任報告書關聯性之研究

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