企業社會責任與食品安全事件對股價報酬之影響

自西元1979年起，台灣食品安全衛生問題時有發生。大眾耳熟能詳的事件如：1985年餿水油事件、2005年毒鴨蛋事件、2011年塑化劑事件、2013年胖達人香精麵包事件、2014年食用油品連環爆及2017年芬普尼雞蛋汙染事件…等。然而在2019年國內芬普尼雞蛋事件又再次發生，此現象顯示出，除了不可避免的環境汙染問題而引起的食安事件，亦存在著人為因素的食安問題。 2014年食用油品連環爆已吸引大批民眾對食品安全放大檢視，再加上中國於2018年傳出非洲豬瘟，促使台灣對於食品安全問題的更加敏感。故當企業發生食安問題，不僅公司財務不佳、民眾對其的觀感也會下跌，對於其股價報酬率及形象必定大打折扣。因此本研究將企業社會責任納入，探討企業社會責任與食品安全事件對股價報酬率之影響。期望藉此研究能凸顯出企業社會責任在現今社會的重要性，並探討食品業投入大量資金營造良好企業形象，在食安等負面議題出現時，是否能有所幫助？且企業在問題發生之後的處理態度能否挽回大眾對企業的信任？本研究之實證結果顯示：企業社會責任對股價報酬率為正向之關係，且企業善盡社會責任在發生食安事件時能減緩股價報酬率下跌幅度。然而，一旦發生食安問題，無論企業事後如何力挽狂瀾，皆無法減緩股價的下跌幅度。另外，董監事的持股比例、環境保護的負面新聞，此2項變數均會使有發生食安事件之企業的累積異常報酬率呈負數。

關鍵字

企業社會責任；食品安全事件；負面事件；股價報酬率

並列摘要

Since 1979, the problems of Taiwan’s food safety and hygiene have kept happening. Following are some examples that people are familiar with. The incident of gutter oil event happened in 1985, the incident of eggs containing the chemical dioxin in 2005, the incident of plasticizer in 2011, the incident of the breads containing artificial ingredients in 2013, the issues of edible oil products that have problems in 2014 , and the pollution of eggs containing the chemical of fipronil …and so on. However, the incident of eggs containing the chemical of fipronil happened again in 2019.This phenomenon reveals that besides the incident of food safety caused by the unavoidably environmental pollutions, there are still some problems of food safety brought about by human attempts. The issues of edible oil products that have problems in 2014 have led to the food safety be enlarged view in public. Moreover, African swine fever, which happened in 2018 in China urged Taiwanese feel more sensitive about food safety. Consequently, when the enterprises have some problems of food safety, their stock returns and images are must reduced. Not only the finances of companies are not good, but also the public impressions may be declined. This study will include the corporate social responsibility as a factor to discuss and take the relationship among corporate social responsibility, food safety and stock return as base to analyze the concernments among these factors. Hope to emphasize the important of the corporate social responsibility in modern society. Whether it is helpful for enterprises to invest sums of money in building favorable impressions when the negative issues of food safety happen or not? And if it is possible for enterprises to retrieve public confidences by the attitude of companies deal with those problems of food safety? The conclusion that is confirmed by this study is: the positive relationship exists between corporate social responsibility and stock returns. If enterprises do their duties, it is possible to relieve the degree of stocks plummet when incidents of food safety happen. Nonetheless, no matter how hard enterprises try their best, they cannot relieve the degree of stocks plummet once the incidents of food safety happen. On the other hand, director and supervisor shareholding ratio and negative news of environmental protection, these variables all make cumulative abnormal return rate becomes minus.