資訊呈現對投資人決策之影響：以CSR報告書為例

本研究以投資人的角度，首先，探討企業揭露各種資訊 (包括財務面資訊與非財務面資訊) 對投資人決策行為之重要性進行分析。其次，探討企業之CSR報告書的資訊呈現方式，以傳統書面和數位化兩種不同的資訊呈現方式對於投資人的投資決策評價(本益比評價)之影響。最後，探討企業之CSR報告書的資訊呈現方式，以傳統書面和數位化兩種不同的資訊呈現方式對於投資人的投資決策之影響。　　本研究方法採用實驗設計的方式設計調查之問卷，以投資人為受測對象，並且檢測傳統書面與數位化不同的方式呈現CSR報告書對於投資人在決策上之影響。本研究樣本以具有投資經驗和有修習過財務分析之相關課程的臺中中部MBA學生作為個人投資者的研究對象。　　經由實驗結果我們可以發現：(1)投資人認為在投資決策上財務與非財務之相關資訊之重要性皆相當重視，並且對投資決策上具有投資參考價值，當投資人進行投資決策時，並不會因使用不同的資訊呈現方式而改變其對投資指標參考的重要性價值。(2)投資人對於兩組不同的資訊呈現方式所給予本益比之評價存在顯著差異性，在投資該企業佔投資組合比例為25%時，傳統書面與數位化兩組的統計上達到顯著水準。投資人進行投資決策上，面對企業採用數位化CSR報告書方式呈現，投資人願意給予該公司比較高的本益比倍數。(3)投資人面對兩組不同的資訊呈現方式對於在「持有期間」、「投資意願」與「推薦他人購買公司的股票」的三項投資決策指標上，皆達到顯著差異性。企業透過數位化影片的方式來揭露企業之CSR報告書確實能提升投資人決策評價。

關鍵字

資訊呈現；企業社會責任； CSR報告書；投資人

並列摘要

This study is principally on the basis of the perspective of investors. First, to find out the importance of enterprises exposing various information (including financial information and non-financial information) to the investor's decision-making behavior. Second, the information presentation method of the company's CSR report, and its impact on investors' investment decision evaluation (price-to-ｅarnings ratio evaluation) in two different ways, including traditional written and digital methods. The last, discuss the information method of the company's CSR report, and the different impacts of investors' investment decisions in traditional written and digital methods. 　　The research method uses experimental design to design the questionnaire, which takes the investor as the object of the test and examines the impact of traditional written and digital methods of presenting CSR reports on investors' decision-making. The sample of this research uses Taichung Central MBA students with investment experience and relevant courses of financial analysis as the research object of individual investors. 　　Through the experimental results, we can find that: (1) Investors think that the importance of financial and non-financial information in investment decision-making is very important, and it has investment reference value in investment decision-making. When investors make investment decisions, they will not change their reference value to investment indicators because of the use of different information presentation methods. (2) There is a significant difference in the evaluation of the price-to-earnings ratio given by the two groups of different information presentation methods. When the proportion of investment in the company is 25%, the traditional written and digital two groups are statistically significant level. When investors make investment decisions, they will give the company a higher price-to-earnings ratio when the company presents the digital CSR report. (3) When investors face two groups of different information presentation methods, there are significant differences in the three investment decision indicators of “holding period”, “investment intention” and “recommending others to buy the company’s stocks. It is true that the disclosure of CSR reports through digital films can improve the evaluation of investors’ decision-making.