企業社會責任與穩健報酬率關聯性之探討

A Study of the Correlation Between Corporate Social Responsibility and Stable Stock Return

莊雨璇(Yu-Hsuan Chuang)

指導教授 ： 林慧葉

國立虎尾科技大學/管理學院/經營管理研究所在職專班/碩士(2011年)

摘要

經濟的高度發展，隨之而來產生的環境污染、綠色消費觀念與人權議題，受到世界各國政府的重視，除了制定相關法規來規範企業遵守外，企業是否已從以往以獲利為主的經營模式，修改朝向具有企業社會責任的經營形態，以順應世界新趨勢。此外承擔社會責任的企業是否被投資大眾所認可，投資人願意購買且長期持有企業社會公司的股票。換言之，投資具有企業社會責任公司的股票，是否能享有穩健的股票投資報酬率，以降低投資風險，對投資人而言是相當重要的議題。
2008年發生全球金融風暴，世界各國股市受到嚴重的衝擊，各國政府、企業也愈來愈重視企業社會責任的重要性，獲利將不再是企業營運的唯一目標，同時兼具企業社會責任，將有助於企業追求永續發展的能力。本研究以天下雜誌2008年所公布入選「天下企業公民獎」的公司為研究樣本，經由實證分析結果如下：(1)在系統性的金融風暴下，具有企業社會責任的公司，股價報酬率的波動度較小，投資風險較低(2)大規模公司的股價報酬率也相對小公司穩健(3)公司的交易量變動愈大，股價報酬率的波動也愈大。希望本研究結果能提供給投資人投資決策之參考，也有助於實務界瞭解企業承擔社會責任有助於股價在資本市場的穩定性。

關鍵字

企業社會責任 ； 股價波動度 ； 股票交易量

並列摘要

High level of economic development is followed by the environmental pollution, green consumption concepts and human rights issues, whose importance attached by governments around the world. Besides relevant laws and regulations established by governments to regulate enterprises to comply with, enterprises should change their out-of-date business model. To comply with the current tread in the world, enterprises should not only making profits but also possessing social responsibility in the future. Furthermore, whether inventors are willing to approve the companies which undertake corporate social responsibility and buy their stocks to hold for long-term is still an open discussion. In other words, a company which could have social responsibility and stable return of stock investment at the same time is a very critical and important issue for investors.

During the global financial crisis in 2008, stock markets around the world have been seriously impacted. After that, governments and enterprises pay more and more attentions to the importance of corporate social responsibility. That means making profits will no longer be the only objective of business operations, and corporate social responsibility will help businesses to pursue sustainable development. Companies nominated in “Corporate Citizenship Award” in 2008 by Common Wealth Magazine will be selected as the research samples in this study. Through empirical analysis, the research results are as follows: (1) In the systemic financial crisis, the company which has corporate social responsibility also has stable rate of return on stock price and low investment risk. (2) The rate of return on stock price of large companies is relatively more stable than small ones. (3) The greater the change in the trading volume of a company, the larger volatility of the rate of return on stock price. The research results can provide investors to make investment decisions, and also help practitioners understand that corporate social responsibility could has benefit for price stability in the capital markets.

並列關鍵字

Corporate social responsibility ； stock price return volatility ； stock volumn

參考文獻

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