金融業企業社會責任揭露數與股價之關聯性-以媒體曝光度為調節變數

企業社會責任與公司治理、財務績效、股價之間的關係是大眾感興趣以及持續探討的問題。大眾不僅關心一般企業的企業社會責任，也越來越關注金融業的企業社會責任相關議題，銀行業雖然被稱為無煙囪產業卻也開始重視並且落實企業社會責任。在現代社會無論企業規模大小，都想要在社交媒體擁有曝光度，增加媒體曝光度不僅能提升品牌知名度、建立強勢品牌以加深品牌在使用者心中的印象、讓潛在客戶對公司形象內化、藉由數據的分析幫助企業更準確地鎖定消費者，減少廣告成本。本研究目的在探討金融業企業社會責任報告書揭露數與全年平均股價之間的關聯性，並加入媒體曝光度對此關聯性之調節效果。本文以2015至2019年之台灣金融業為研究樣本，並排除資料缺漏的金融機構。本文實證結果顯示，公司之企業社會責任報告書揭露數與全年平均股價呈現顯著負向相關，而媒體曝光度則對其具有負向調節效果。本研究進行額外測試，發現赤道原則與全年平均股價呈現正向顯著相關。截至2020年10月，台灣僅7家銀行簽署赤道原則，官股銀行則未完全加入，官股銀行代表國家的投資理念，政府應是成為使永續責任銀行的重要推手並與永續能源開發者共同維護整體環境及社會，期待官股銀行能更正視永續發展之議題以及政府能讓綠色金融法規及誘因機制更完善。

關鍵字

企業社會責任；媒體曝光度；股價；赤道原則

並列摘要

The relationship between corporate social responsibility and corporate governance, financial performance, and stock price is an issue of public interested and continuous discussion. The public not only cares about the corporate social responsibility of general enterprises, but also pay more and more attention to issues related to corporate social responsibility in the financial industry. In modern society, regardless of the size of the company, you want to have exposure on social media. Increasing media exposure can not only increase brand awareness, build a strong brand to deepen the brand’s impression in the minds of users, and allow potential customers to internalize the company’s image. Data analysis helps companies target consumers more accurately and reduce advertising costs. Uses Taiwan’s financial industry from 2015 to 2019 as a sample, and excludes financial institutions with missing data. According to the research results, the relationship between the CSR disclosure degree and the stock price is negatively, and the media exposure has a significant negatively moderating effect on it. This research conducted additional tests and found that the Equator Principle and the stock price showed a positive and significant correlation. As of October 2020, only 7 banks in Taiwan have signed the Equator Principles, while official-share banks have not fully joined. Official-share banks represent the country’s investment philosophy. The government should become an important driver for sustainable and responsible banks and cooperate with sustainable energy development. They work together to safeguard the overall environment and society, and expect government-owned banks to take a more serious look at the issue of sustainable development and that the government can improve green financial regulations and incentive mechanisms.