企業社會責任與資訊外漏-以台灣金融控股公司為例

企業社會責任與資訊外漏–以台灣金融控股公司為例 Corporate Social Responsibility and Information Leakage –Evidence on Financial Holding Corporations in Taiwan

李佩俐(PAI-LEE LE)

指導教授 ： 池祥麟

國立臺北大學/商學院/合作經濟學系/碩士(2007年)

摘要

企業除了追求股東 (shareholders) 利潤 (或財富) 極大化之外，必須同時兼顧到其他利害關係人(stakeholders) 的福利。譬如改善員工工作環境與福利、重視人權、注重產品與服務品質以增進消費者的權益、避免進行內線交易或會計操縱以保護外部人 (小股東與債權人等)、降低或避免環境污染、贊助社區公益活動、協助解決社會問題等等。由於過去文獻多著墨於內線交易的道德性議題，或是著重於企業社會責任與股東財富之間的關係，亦即內線交易與企業社會責任之間的關聯性研究較為缺乏。本篇研究即試圖站在過去研究的基石上，透過學者面、法律面、企業經理人三方對內線交易的看法，作為連結企業社會責任和內線交易的平台。亦即我們想探究：企業社會責任和內線交易之間真的呈現負向關聯嗎？

本文以台灣金融控股公司為研究對象，所研究期間為2002年至2007年，為了討論善盡企業社會任和內線交易的關係，本研究分為兩部份：首先利用事件研究法，來分析國內金融控股公司其併購和策略聯盟訊息宣告前後對標的股票價格影響；接著，進一步探討善盡企業社會責任之金融控股公司從事內線交易之可能性，利用迴歸模型分析和加入虛擬變數的方式，探討善盡企業社會責任之金融控股公司從事內線交易之可能性。其研究結果如下：
一、由事件研究法發現訊息有提早反應的現象
二、由事件研究法發現善盡CSR金控比非善盡CSR金控較可能引起股價異常報酬
三、由迴歸分析發現善盡CSR金控，越不會從事內線交易
四、由迴歸分析發現善盡CSR金控若所發生的事件為購併時，較有可能發生內線交易
五、由迴歸分析發現SIZE越小、DE越高和IOSR越高金控，越不會從事內線交易

關鍵字

企業社會責任；資訊外漏；異常報酬；事件研究法

並列摘要

Must of prior studies examine the morality of insider trading and corporate social responsibility and corporate financial performance, corporate social responsibility and insider trading relationship comparatively lacks. This research stand on the cornerstone how the scholar , the legal and the enterprise manager view about insider trading. Moreover, that is we want to inquire to realize between the enterprise society responsibility and the insider trading really presents the negative direction connection?
We employ a sample of 105 events from financial holding corporation in Taiwan during the 2002-2007 period to examine corporate social responsibility and insider trading relationship. First, we use event study to evaluate stock impact that financial holding corporation in Taiwan happens merger and acquisition or strategic alliance. Second, using the regression and dummy variable examine corporate social responsibility of financial holding corporation in Taiwan has a chance to be engaged in insider trading.
According to the empirically test, we can funding the news will early response in the stock price. Second, social responsibility of financial holding corporation happens different events will cause different abnormal retuns, but social irresponsibility of financial holding corporation has same result. Forth, society responsibility and the insider trading really presents the negative direction connection. Finally, DE, IOSR, Size and society responsibility are positively (is negatively) significant in the equations.

並列關鍵字

corporate social responsibility, information leakage event study, abnormal returnscorporate social responsibility ； information leakage ； event study ； abnormal returns.

參考文獻

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