企業社會責任揭露之資訊價值研究

A Study on the Value of Information Disclosure in Corporate Social Responsibility

陳世彬(Shi-Bin Chen)

指導教授 ： 呂珮珊

朝陽科技大學/管理學院/會計系/碩士(2014年)

摘要

本研究探討企業社會責任投入資訊揭露對於財務績效與股價報酬率之影響，企業社會責任投入反應出過去因企業追求成長及產品製作過程出現負面報導後，企業開始對環境保護或社區回饋重視及履行，使利害關係人與社會大眾開始重視政府及非政府組織公開之企業社會責任評比資訊。
企業社會責任之投入對於企業財務績效影響並無定論，對於企業之社會責任投入情形是否可透過資訊傳遞，促使社會大眾對於企業行為更深了解進而產生影響，本研究以廻歸分析模式探討企業社會責任之投入及資訊揭露是否會影響企業經營績效，以天下雜誌、遠見雜誌以及台灣永續能源基金會所公佈之得獎企業為研究對象。
研究結果顯示企業的財務績效會因企業有所揭露社會責任而產生正向影響，顯示企業社會責任越佳的公司，其財務績效也越佳，並發現其財務透明度的提升，對股價報酬呈正向影響，顯示現今投資人也關注著企業是否揭露社會責任，而給予支持及鼓勵，產生企業正向異常報酬之情形。因此本實證結果支持企業社會責任履行程度較高之企業，其財務績效、股價異常報酬率較企業社會責任履行程度較低之企業者佳。

關鍵字

股價報酬率 ； 企業社會責任 ； 財務績效 ； 資訊價值

並列摘要

This study investigate how corporate social responsibility information disclosure affect to financial performance and stock returns. Corporate social responsibility are received more concern in the reaction to native events in product production therefore, companies begin to pay attention to environmental protection or community feedback and follow the line, as well as stakeholders and the public begin to pay attention to CSR rating information by government and non-profit organization.
How corporate social responsibility affects financial performance is without conclusion. The study attempts to investigate why companies devote their resources to CSR. Regression analysis model is used to explore how financial inputs and corporate social responsibility information disclosure will affect business performance by focusing on the winning companies from Common Wealth Magazine, magazines and vision of Taiwan’s Sustainable Energy Foundation announced.
The results show that the financial performance of companies is positive impact by of corporate social responsibility. In addition, the companies have the better disclosure of corporate social responsibility, the better financial performance have. The reasons is that enhance financial transparency. Will delivery positive information in CSR to investors who concerned about might buy stocks to push stock prices investing in the situation. Therefore, the empirical results support a higher level of corporate social responsibility to fulfill the business. On the other hand, the lower level in CSR, the companies’ financial performance, stock price abnormal returns will be lower the corporate good.

並列關鍵字

stock returns ； corporate social responsibility ； financial performance ； Value of information

參考文獻

田文彬 (2011)。綠色使命與競爭優勢的探討-以永豐餘造紙公司為例。商管科技季刊。12(1)，1-22。

林有志與曾乾豪 (2007)。財務透明度對盈餘資訊性之影響。當代會計。 2(2)，155-180。

李秀英、劉俊儒與楊筱翎 (2011)。企業社會責任與公司績效之關聯性。東海管理評論。13(1)，77-112。

曹耀鈉、薛舜仁與白憶萱 (2012)。股價對環境、社會與治理負面訊息反應之研究。會計與公司治理，8(2)，51-75。

張元 (2011)。社會責任公司有較高的股價報酬嗎？。輔仁管理評論(社會企業專刊)，18(1)，79-118。