企業社會責任對股價報酬之關聯性研究-以台灣電子科技業為例

Research on the Correlation of Corporate Social Responsibility to Stock Price Return-Taking Taiwan's Electronic Technology Industry as an Example

陳鼎文(Ding-Wen Chen)

指導教授 ： 劉晉吉

嶺東科技大學/商管學院/財務金融系碩士班/碩士(2022年)

摘要

近年來企業社會責任愈來愈受到關注，政府也開始推動企業社會責任報告揭露，許多企業也於官方網站揭露企業社會責任報告，提供給利害關係人及投資人作為參考，落實企業社會責任，可增加企業形象，對於公司形象有加分作用，可以提升客戶對於公司的品牌認知，激發對消費者對於企業認同度，進而提升企業的經營績效。
本文主要為探討企業社會責任其宣告對於股價報酬之關聯性研究。研究採用天下雜誌所頒布的天下永續公民獎研究區間自2011年至2021年，共11年期間內獲獎之大型公司為樣本，其電子科技業總樣本數為 237 個、新增股數量為 90 個、刪減股數量為 56 個。透過事件研究法觀察其事件宣告日前後，獲獎消息對於股價及累計報酬率所產生的影響、變化。實證結果顯示，在宣告日前後一周內產生了顯著的異常報酬及累積異常報酬，而新增股及刪除股宣告日前後一周內也有發現顯著的異常報酬及累積異常報酬，即說明投資人、利害關係人針對企業是否獲頒獎項具有其一定的參考性，以及現在的投資人除了參考其公司本身或例外也重視其是否有善盡社會責任。

關鍵字

企業社會責任 ； 事件研究法 ； 股價報酬

並列摘要

In recent years, Corporate Social Responsibility （CSR） has attracted more and more attention. The government has also begun to promote the disclosure of corporate social responsibility reports. Many companies have also released corporate social responsibility reports on their official websites, providing them with stakeholders and investors as a reference. Increasing the corporate image has a bonus effect on the company's image, which can enhance the customer's brand awareness of the company, stimulate the consumer's recognition of the company, and then improve the business performance of the company.
This paper mainly discusses the correlation between corporate social responsibility declaration and stock returns. The research adopts the research period of the World Sustainable Citizenship Award issued by CommonWealth Magazine from 2011 to 2021. The large companies that have won awards in a total of 11 years are the samples. The total number of samples in the electronic technology industry is 237, and the number of new companies is 90. The number of companies to be deleted is 56. Through the event research method, observe the impact and changes of the award news on the stock price and the cumulative rate of return before and after the event announcement day. The empirical results show that significant abnormal returns and accumulated abnormal returns occurred within a week before and after the announcement day, and significant abnormal returns and accumulated abnormal returns were also found within a week before and after the announcement day for new shares and deleted shares, which means that investors, interests and interests Related parties have certain reference for whether the company has won awards, and current investors not only refer to the company itself or exceptions, but also pay attention to whether it has fulfilled its social responsibilities.

並列關鍵字

Corporate Social Responsibility （CSR） ； Event Study ； Stock returns

參考文獻

參考文獻

中文文獻

呂芝倚、張阜民、王言、柯俊禎（2016）。探討企業社會責任執行與公司營運績效之相關研究 -以資訊通訊產業（ICT）為例。財金論文叢刊第二十五期，頁 62-80。

呂晏諭（2014）。企業社會責任獲獎宣告對下游顧客股價異常報酬之影響。亞洲大學財務金融學系未出版碩士論文。

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