企業社會責任與公司股價之關聯性：以超額現金觀點探討之

台灣資本市場受企業社會責任(Corporate Social Responsibility，簡稱CSR)浪潮之影響下，公司紛紛調整其企業社會責任政策以迎合投資者之青睞，但保護股東權益亦屬公司之基本責任，如何在兩者之間取得平衡即為本文探討之主軸。有別以往單純探討企業社會責任及其股價之關聯性，本文以超額現金持有為切入點，將公司區分為超額現金持有及現金持有不足兩組，探討公司履行企業社會責任後，對股東權益之影響。結果顯示，市場認為持有超額現金的公司不應將其心力投入於企業社會責任，而應投入其他可使股東權益增加之項目；而現金持有不足公司，則應透過履行企業社會責任，以增加股東財富。本研究期望透過不同的企業社會責任指標及超額現金持有概念，來瞭解企業社會責任對於股東財富影響之脈絡，並進而補足過去文獻缺口。

關鍵字

企業社會責任；超額現金持有；異常報酬率

並列摘要

Under the influence of the wave of Corporate Social Responsibility (CSR) in Taiwan's capital market, companies have adjusted their CSR policies to cater for investment. However, it is also the Corporate Responsibility to protect shareholders' rights and interests. How to strike a balance is the theme of this paper. Different from previous studies on the relationship between corporate social responsibility and stock price, this paper classifies companies into two groups: excess cash holding and insufficient cash holding, and discusses how companies should formulate their corporate social responsibility policies. The results show that the market believes that companies with excess cash holdings should not invest their efforts in corporate social responsibility, but should invest in other projects that can increase shareholders' equity. Companies with insufficient cash holdings should implement the project of “Magazine Comparison” and “Corporate Social Responsibility Comprehensive Index” both of which can increase the wealth of the shareholders of the company. Besides, CommonWealth Magazine and Global Views Magazine both have high attention, so they have the greatest impact on the rate of return.