近年來,企業社會責任因逐漸受投資大眾所重視進而成為企業資訊揭露的衡量指標之一,並認為當公司外部使用者所獲取的資訊量不足而使利益不一致時,此時,便會產生經理人和股東的傳統代理問題,或是大股東和小股東的核心代理問題,而經理人不願透露公司資訊,或是大股東為圖利自己而刻意隱滿資訊時,股東所承擔的風險就會提高,且代理成本亦有所增加。因此,本文想探討代理問題對資訊揭露(CSR分數)的程度有何影響、塑化劑事件發生時,對於資訊揭露(CSR分數)的程度有何影響,以及當塑化劑事件發生之後,存有代理問題的企業對資訊揭露的程度有何影響。從實證結果得知,塑化劑事件與CSR Score呈顯著正相關,也就表示2011年的塑化劑事件對企業是個很大的衝擊,企業為挽回投資大眾的信心,在往後年度通常會揭露較多資訊,而其餘則是無顯著相關。
In recent years, the issue of Corporation Social Responsibility has been gradually emphasized by investors, and becomes one measurement index of information disclosure. Inconsistencies between the interests of managers ( or controlling shareholders ) and shareholders (or non-controlling shareholders due to lack of information, this situation may lead to traditional agency problem or central agency problem. When manager (or controlling shareholders) conceals information, thus increasing the risk borne by stockholders (or non-controlling shareholders), and agency cost will increase. In this paper, the three things we want to explore:1. The impact of agency problems on the extent of information disclosure. 2. When the plasticizer incident occurred, the impact on the extent of information disclosure. 3. When the plasticizer incident occurred, the impact of agency problems on the extent of disclosure there agency problems extent of information disclosure. Finding of research, D and CSR Score was positively correlation, means the plasticizer events to enterprise is a big shock, and enterprise will disclose more information in subsequent years to restore investors’ confidence. Other variables are no significant correlation.
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