企業社會責任事件宣告與股價報酬之研究-以臺灣金融控股公司為例

本文以證券市場投資人觀點的角度切入，探討金控公司正負面企業社會責任（Corporate Social Responsibility，簡稱 CSR）事件宣告對投資人評價決策之影響，投資人是否具有訊息反應不足或產生其他影響，進而反映至股價異常報酬。本研究樣本採用 2007 至 2019年天下雜誌「企業公民 Top 50」之金控公司為主要研究對象，並利用台灣經濟新報（TEJ）資料庫，彙整公司正負面企業社會責任事件、股價報酬等資訊，進一步探討企業社會責任與股價報酬之關聯性。過去已有許多研究探討CSR對公司財務績效的影響，然兩者間的關係主要係以利他的負債觀點（altruistic liability view）及可創造附加價值的資產觀點（value-adding asset view）來論述，相關實證結果涵蓋正向關係、負向關係或無關的結論，尚未獲得一致性結論。本研究主要奠基於資源基礎理論、合法性理論與展望理論來建構假說，並採用事件研究法加以檢測。本文發現金控公司進行正面企業社會責任事件宣告，產生顯著為正的股價異常報酬，然投資人對於負面企業社會責任事件宣告的反應不顯著，推測是因為金控公司已投入的正面企業社會責任實踐為公司帶來良好的企業形象，間接為公司產生名譽效果（Fombrun,2005; Argenti & Druckenmiller,2004; Brammer & Pavelin,2006），同時能抵禦負面事件對公司股價的影響，產生類保險的效果（Shiu and Yang，2017)，為金控公司股價產生保障的功能，也因此金融股成為許多存股族的首選。本研究結果除可瞭解金控公司的企業社會責任資訊對市場投資人投資決策之影響外，並可提供金控公司管理者制訂企業社會責任策略與政策之參考。

關鍵字

企業社會責任；股價報酬；事件研究法

並列摘要

This study performed an investment perspective be adopted in dealing with the relationship between positive (negative) announcements regarding CSR event and abnormal stock returns. It is important to explore the influence of the announcements regarding CSR events on the investment decision for investors, whether they have insufficient response to positive information or overreaction to negative news. A sample classified as received Top 50 in "Excellence in Corporate Social Responsibility Award" in "CommonWealth" Magazine over the period from 2007 to 2019. The study collects research data from Taiwan Economic Journal (TEJ) database of the Financial Holding Company in Taiwan. The framework in a study was based on resource-based theory, legitimacy theory, and prospect theory. The empirical results revealed a significantly positive relationship between positive announcements regarding CSR event and abnormal stock returns. However, there is an insignificant effect of negative events on abnormal stock returns. I guess that firms engaging in CSR engenders a positive brand image and generate reputation-effects（Fombrun, 2005; Argenti & Druckenmiller, 2004; Brammer & Pavelin, 2006）. It is possible to diminish the effect of negative events in stock returns. This study also finds that firms engaging in CSR can benefit from ‘insurance-like’ effects during occurrences of negative events （Shiu and Yang, 2017). Thus, the financial stocks are popular in Taiwan for long-term investors. These findings provide a reference for investors as well as for managers in the development of a CSR strategy.