本研究以2007年1月2日至2010年12月31日的上市公司為研究樣本,首先探討執行企業社會責任(Corporate Social Responsibility , CSR)的公司與未執行企業社會責任的公司其流動性差異為何?其次探討,公司執行企業社會責任其報酬是否會使個股的流動性下降?更進一步了解,公司在財務限制下,有CSR的公司與非CSR的公司其報酬是否有助於增加個股的流動性?近年來,企業社會責任在學術界與實務上已經是相當重視的議題之一,許多企業家都已經將企業社會責任視為必須履行的責任而非義務。實證結果顯示,執行企業社會責任的公司其流動性較佳,且其報酬使個股流動性下降的幅度也較小;另一方面,在財務限制下,執行CSR的公司其報酬對個股流動性的表現仍然優於未執行CSR的公司,所以企業執行企業社會責任釋出正面的訊息並與社會保持良性的互動,也影響了投資人對企業的評價,使企業更俱備長期生存下去的優勢與保有永續經營的競爭力。
In this study, listed companies in 2007 January 2 to December 31, 2010 as the research sample.First discusses differences between the liquidity which the implementation of CSR (Corporate Social Responsibility, CSR) of the companies and not the implementation of CSR of the companies ?Secondly , discussed the implementation of CSR of the companies whether the remuneration will decreased mobility or not ?Further understood that the companies under financial constraints, the companies with CSR and non-CSR their remuneration whether helps companies increase their stocks liquidity or not?In recent years, one of CSR in academia and practice is quite important issues, many entrepreneurs have CSR as the responsibility but not the obligation must be fulfilled.The empirical results that the implementation of CSR of companies whose liquidity is better, so that their remuneration made the decrease more smaller in liquidity of stocks.In the other hand, in the financial constraints, the implementation of CSR companies their remuneration for its stocks liquidity performance is still better than non-implementation of CSR companies.Therefore, the implementation of CSR released positive message and maintain positive interaction with the community, but also affected investor evaluation of enterprises so that enterprises are more ready to go on long-term survival advantage and to maintain sustainable competitiveness.