企業社會責任對首次公開發行公司期初報酬之影響

現今文獻已發現許多影響首次公開發行(IPO)公司期初折價的因素，但少有文獻探討到IPO期初折價與企業社會責任之間的關聯性。本研究探討國內企業之企業社會責任對IPO短期報酬之影響，以瞭解企業參與社會責任之相關表現是否為投資人參與IPO發行時之重要考量，社會責任型投資是否也出現在台灣IPO市場之中。本研究以2015年到2019年台灣初次上市、上櫃公司為樣本，手動蒐集台灣初次上市櫃公司公開說明書中有關企業社會責任的相關揭露內容作為衡量指標。依據企業社會責任的企業環境保護、企業社會績效及公司治理(ESG)三個構面，分別由公開說明書在這三個構面的揭露內容，以內容分析法衡量公司企業社會責任的績效。實證結果發現IPO公司的企業社會績效(CSP)愈高，IPO折價愈低；另一方面，IPO公司的企業環境保護績效(CEP)愈高，IPO折價愈高；但是公司治理(CGI)與整體企業社會責任績效(CSR)對IPO折價並無顯著影響。

關鍵字

企業社會責任；公司治理；社會責任；環境責任； IPO 折價

並列摘要

This study examines the impact of corporate social responsibility (CSR) activities on the IPOs' short-term returns. This study is conducted to discover the impact of CSR of domestic companies on the short-term return of IPOs, to understand if companies’ participation performance of CSR is the crucial consideration when investors engage themselves in IPO issuance, and if Socially Responsible Investment (SRI) exists in Taiwan’s IPO market. I manually collect the CSR-relevant information reported on the prospectus of newly listed companies in Taiwan stock market from 2015 through 2019. Based on three aspects of CSR; that is, Environmental, Social and Corporate Governance (ESG), the content analysis method is adopted to evaluate companies’ CSR performance by taking reference of the disclosures shown in the prospectus. The results showed that the higher the Corporate Social Performance (CSP) of the IPO company, the lower the IPO underpricing; on the other hand, the higher the Corporate Environmental Performance (CEP) of the IPO company, the higher the IPO underpricing. Nevertheless, the Corporate Governance Index (CGI) and the overall performance of CSR have no significant impact on IPO underpricing.