先前之研究者大多以天下雜誌及遠見雜誌之得獎企業為主要之研究對象,探討企業社會責任與財務績效或股價異常報酬率之關係。本研究利用事件研究法探討2000年至2011年之台灣上市公司在發生環境污染罰款新聞時是否會造成股價顯著的負向異常報酬。此外,根據遭受罰款金額、公司規模、同時考慮罰款金額與公司規模,本研究將樣本區分成兩類,再度深入分析此議題。 實證結果如下:(1)在全體樣本方面,樣本公司在發生環境污染罰款之事件宣告之後,平均異常報酬率(AR)與累計異常報酬率(CAR)的t值統計量均未達到統計上顯著的水準。(2)在罰款金額之多寡方面,環境污染罰款金額之高低並不會影響企業的異常報酬率。(3)在公司規模大小方面,罰款金額之宣告並未對大規模與小規模企業的AR及CAR造成顯著的影響。(4)在罰款金額與公司規模方面,即使同時考慮罰款金額與公司規模亦不會對污染企業造成負向之異常報酬。
This research adopted event study method to discuss whether the news announcement of environmental pollution fine during 2000 to 2011 would cause significant negative abnormal return on listed companies. In addition, this research divided samples into two categories according to the amount of fine, scale of company and analyzed their interacting effect. The empirical results were as follows, (1) In all samples, after the news announcement of environmental pollution fine, t-values of sample companies failed to achieve significant level regardless of AR (Average Abnormal Return) and CAR (Cumulative Abnormal Return). (2) In view of amount of fine, it would not make an influence on the abnormal return of enterprises. (3) As for the scale of companies, the announcement of fine amount failed to make an significant influence on both AR and CAR of large and small companies. (4) In viewing the interacting effect of fine amount and scale of companies, it still has no negative abnormal return on the companies.