企業社會責任對機構投資人持股之影響

The Impact of Corporate Social Responsibility on Shareholding of Institutional Investors

陳竑達(Hung-Ta Chen)

指導教授 ： 陳薇如

淡江大學/商管學院/會計學系碩士班/碩士(2021年)

https://doi.org/10.6846/TKU.2021.00808

摘要

現今文獻已發現許多與機構投資人持股相關之因素，仍很少有文獻探討到企業社會責任與機構投資人持股之關聯性。本研究探討台灣初次上市（櫃）公司企業社會責任績效對機構投資人持股之影響。根據企業社會責任環境、社會、公司治理（ESG）三個面向著手，以瞭解企業參與社會責任之表現是否為機構投資人持股之重要考量因素。本研究以2015年至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）公司之公開說明書中有關企業社會責任之相關揭露內容作為衡量指標，分別由公開說明書中企業環境、社會及公司治理之揭露內容，以內容分析法衡量企業社會責任的績效，以此來檢測企業社會責任績效是否會影響機構投資人對初次上市（櫃）公司之持股比率。研究結果顯示，企業社會責任績效對外資持股比率並無顯著影響，然而企業環境保護績效越高的公司投信持股比率顯著較高且企業社會績效越高的公司自營商持股比率顯著較低。

關鍵字

企業社會責任 ； 機構投資人持股 ； 初次上市上櫃

並列摘要

Thus far, there are great deals of research and documents discovering factors that affect the shareholding of institutional investors, but few research and documents have discussed the relationship between the Corporate Social Responsibility (CSR) and the shareholding of institutional investors. This study is conducted to discover the impact of CSR of new listed companies in Taiwan market on the shareholding of institutional investors. Based on three aspects of CSR, that is, Environmental, Social and Corporate Governance (ESG), the study aims to understand if the CSR participation performance of companies is the crucial factor and consideration for institutional investors. New listed companies from 2015 to 2019 in Taiwan market are the subject of this study, and the disclosures relevant to CSR stated in the prospectus of new listed companies in Taiwan market are manually collected as the indicator. 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. Based on the finding, we are able to discover if the performance of CSR affects the shareholding ratio of institutional investors on new listed companies. According to the result of study, the performance of CSR has no significant impact on foreign investments. Nevertheless, companies with higher CSR performance on the aspect of Environmental tend to have higher ratio of investment trust. Furthermore, companies with higher CSR performance on the spaces of Social show a lower ratio of dealers.

並列關鍵字

Corporate Social Responsibility ； Shareholding of Institutional Investors ； IPO

參考文獻

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.

中文部分

丁秀儀 & 黃勇達，2010，資訊揭露程度與內涵對機構投資人持股的影響，證券市場發展季刊，22(3)，39-74。

丁秀儀，2009，公司治理是否受到機構投資人的青睞，管理學報，26(3)，233-253。

王嘉穎，2000，「我國上市公司財務危機與監理因素之關聯性研究—實質所有權之探討」，台灣大學會計研究所未出版碩士論文。