Title

企業環境保護程度與財務績效、違約風險的關聯性

Translated Titles

How does extent of environmental protection contribute to firm financial performance and default risk?

DOI

10.6846/TKU.2015.00992

Authors

梁容愷

Key Words

企業社會責任 ; 環境保護 ; 財務績效 ; 違約風險 ; Corporate social responsibility ; Protection of the environment ; financial performance ; default of risk

PublicationName

淡江大學財務金融學系碩士班學位論文

Volume or Term/Year and Month of Publication

2015年

Academic Degree Category

碩士

Advisor

邱建良;李彥賢

Content Language

繁體中文

Chinese Abstract

因應全球綠色經濟的發展趨勢,本研究探討企業環境保護程度對於財務績效、違約風險的關聯性。企業環境保護程度利用CSRhub資料庫中對於台灣165家企業的企業社會責任評比分數中的環境分數作為依據。其他財務資料皆取自TEJ資料庫。資料選取期間為2008年12至2014年7月。 實證分析結果證實,台灣165家企業中,企業社會責任與財務績效未呈顯著正相關,但與違約風險呈顯著負相關。企業環境保護程度與財務績效未呈顯著正相關,但與違約風險呈顯著負相關。實證結果證實,企業可更加落實環境保護與企業社會責任,降低違約風險。

English Abstract

In response to the new trends in the global green economy, this research examines the relationship between extent of environmental protection and corporate financial performance, the risk of default. CSRhub database rating 165 companies in Taiwan the scores of corporate social responsibility.In this pater , the degree of environmental protection in accordance with the environmental scores of corporate social responsibility.Other financial information are derived from TEJ database.Select the data for the period from December 2008 to July 2014. This research confirm that corporate social responsibility and financial performance was non-significant positively correlated, and significant negatively correlated with the risk of default. The degree of environmental protection was non-significant positively correlated with financial performance, and significant negatively correlated with the risk of default. The company can strengthen environmental protection and corporate social responsibility to lower the risk of default.

Topic Category 商管學院 > 財務金融學系碩士班
社會科學 > 財金及會計學
Reference
  1. 1.Altman, E. I. (1968), “Financial ratios, discriminant analysis and the prediction of corporate bankruptcy,” Journal of Finance, Vol. 23(4), pp.589-609.
    連結:
  2. 2.Allen, L., Delong, G., and Saunders, A. (2004), “Issues in the credit risk modeling of retail markets,” Journal of Banking and Finance, Vol. 28(4), pp.727-752.
    連結:
  3. 3.Anderson, E. W., and Mansi, S. A. (2008). “Does customer satisfaction matter to investors ? Findings from the Bond Market, ” Journal of Marketing Research, Vol. 45(5), pp.703-714.
    連結:
  4. 4.Carter, C. R. (2005). “Purchasing social responsibility and firm performance:the key mediating roles of organizational learning and supplier performance,” International Journal of Physical Distribution and Logistics Management, Vol. 25(3), pp.177-194.
    連結:
  5. 5.Chave, S., and Purnanandam, A. (2010). “Is default risk negatively related to stock returns? ,” Review of Financial Studies, Vol. 26(6), pp.2523-2559.
    連結:
  6. 6.Godfrey, P. C., Merrill, C. B., and Hansen, J. M. (2009). “The relationship between corporate social responsibility and shareholder value:an empirical test of the risk management hypothesis,” Strategic Management Journal, Vol. 30(4), pp.425-445.
    連結:
  7. 7.Keats, B. W.,and Hitt, M. A. (1988). “A causal model of linkages among environmental dimensions, macro-organizational characteristics and performance,” Academy of Management Journal, Vol. 31(3), pp.570-598.
    連結:
  8. 8.Luo, X., and Bhattacharya, C. B. (2006). “Corporate social responsibility,customer satisfaction,and market value,” Journal of Marketing, Vol. 70(4), pp.1-18.
    連結:
  9. 9.McGuire, J. B., Sundgren, A., and Schneeweis, T. (1988), “Corporate social responsibility and firm financial performance”, Academy of Management Journal, Vol. 31, pp.584-872.
    連結:
  10. 10.Narasimhan, O., Rajiv, S., and Dutta, S. (2006). “Absorptive capacity in high-technology markets:the competive advantage of the haves,” Marketing Science, Vol. 25(5), pp.510-524.
    連結:
  11. 11.Saeidi, S. P., Sorian, S., Saeidi, P., Saeidi, S. P., and Saaeidi, S. A. (2015). “How does corporate social responsibility contribute to firm financial performance ?the mediating role of competitive advantage,reputation,and customer satisfaction,” Journal of Business Research, Vol. 68(2), pp.341-350.
    連結:
  12. 12.Sun, W., and Cui, K. (2014). “Linking corporate social responsibility to firm default risk,” European Management Journal, Vol. 32(2), pp.275-287.
    連結:
  13. 13.Chang, T. C., Yan, Y. C., and Chou, L. C. (2013). “Is default probability associated with corporate social responsibility?” Asia-Pacific Journal of Accounting and Economics, Vol. 20(4), pp457-472.
    連結:
  14. 14.江振興、李堅明,(2011),建立綠色信用風險評等機制與融資決策之研究,國立臺北大學自然資源與環境管理研究所碩士學位論文。
    連結:
  15. 15.祝道松、盧正宗、洪晨桓、楊秀萍,(2007),「環境績效對環境揭露與經濟績效的影響」,當代會計,第9卷第3期,頁237~270。
    連結:
  16. 16.曾奕菱、許永聲,(2011),企業社會責任與信用風險之關聯性,國立中興大學會計研究所碩士學位論文。
    連結:
  17. 一、國外文獻:
  18. 二、國內文獻
  19. 17.葉彩蓮、施余貞,(2007),探討永續發展與財務績效之關聯性-以Global 100企業永續排名為例,私立銘傳大學國際企業研究所碩士學位論文。
  20. 18.蘇育玲、丁雪芬,(2009),環境會計與環境保護對企業財務績效影響之研究,國立臺灣海洋大學碩士學位論文。
Times Cited
  1. 黃瀞儀(2017)。盈餘管理對企業社會責任與風險關聯性之影響。淡江大學財務金融學系碩士在職專班學位論文。2017。1-86。