臺灣博碩士論文加值系統

21世紀企業面臨永續發展的經濟型態，重視之社會責任，是企業提升自身競爭力必要途徑之一。本研究以台灣2006年至2013年上市(櫃)公司為研究對象，主要動機與目的之一在驗證『是否獲得企業社會責任獎』、『每股盈餘』、『每股帳面價值』、『年報資訊揭露總分』、『環境資訊揭露總分』對『權益價值』的影響分別為何?主要動機與目的之二在驗證『是否獲得企業社會責任獎』對『每股盈餘、每股帳面價值、年報資訊揭露及環境資訊揭露與權益市價』間關係是否具有顯著的調節效果?

實證結果發現，『是否獲得企業社會責任獎』、『每股盈餘』、『年報資訊揭露』、『環境資訊揭露』對『權益價值』均為顯著正向影響，『每股帳面價值』對『權益價值』則為顯著負向影響，在調節效果方面，『是否獲得企業社會責任獎』減弱『每股盈餘對權益價值』與『每股帳面價值對權益價值』的攸關性，『是否獲得企業社會責任獎』顯著增強『年報資訊揭露對權益價值』、『環境資訊揭露對權益價值』的正向攸關性。

本研究的管理意涵是，『是否獲得企業社會責任獎』、『年報資訊揭露』及『環境資訊揭露』的提升均有助於『權益價值』的提高，而『獲得企業社會責任獎』更可顯著提升資訊揭露與權益價值間的正向連結關係。

Confronting to the pattern of sustainable economic development, the emphasis of social responsibility is an indispensable condition for corporates to improve self-competitiveness in the 21st century. The objects of this study are the listed companies and over-the-counter companies from 2006 to 2013 in Taiwan. The first motivation and the target of this study is to examine how the values of equity would be affected by the variables of “whether the corporate was awarded by corporate social responsibility,” “earnings per share,” “book values per share,” “the total score of annual report information disclosure,” and “the total score of environmental information disclosure” respectively. The second motivation and the target of this study is to examine if the variable “whether the corporate was awarded by corporate social responsibility” is an significant mediator between the variables of “earnings per share,” “book values per share,” “annual report information disclosure,” “environmental information disclosure,” and “the values of equity.”
The results reveal that, the values of equity is positive affected by the variables of “whether the corporate was awarded by corporate social responsibility,” “earnings per share,” and “environmental information disclosure;” the values of equity is negative affected by “book values per share.” Reviewing the mediator, the variable “whether the corporate was awarded by corporate social responsibility” would cripple the relevance between “earnings per share” to the values of equity, and between “book values per share” to the values of equity. On the contrary, the variable of “whether the corporate was awarded by corporate social responsibility” would significant increase a positive relevance between “annual report information disclosures” to the values of equity, and between “environmental information disclosures” to the values of equity.
The connotation of management in this study is that, the values of equity would be upgraded by the variables of “whether the corporate was awarded by corporate social responsibility,” “annual report information disclosures,” and “environmental information disclosures;” furthermore, “awarded by corporate social responsibility” would significant enhance the positive connection between information disclosure and the values of equity.

目錄
中文摘要 I
英文摘要 II
誌 謝 IV
目錄 V
表目錄 VI
壹、緒論 1
1.1研究背景 1
1.2資訊揭露與企業社會責任的效益 2
貳、文獻回顧與假說建立 5
2.1盈餘與權益帳面價值之相對財務績效攸關性 5
2.2企業社會責任報告書的內容 6
2.3企業社會責任、資訊揭露與財務績效之關係 7
2.4年報資訊揭露與公司績效之關聯 11
2.5環境資訊揭露與公司績效之關聯 12
2.6企業社會責任對『每股盈餘』與『每股帳面價值』之相對權益價值攸關性 16
2.7企業社會責任對年報資訊揭露之相對權益價值攸關性 18
2.8企業社會責任對環境資訊揭露之相對權益價值攸關性 20
參、研究方法 23
3.1研究對象、研究期間及資料來源 23
3.2研究變數衡量與實證模型 28
3.2.1變數衡量 28
3.2.2實證模型 30
肆、實證結果與分析 31
4.1敘述統計 31
4.2相關分析 31
4.3迴歸分析 32
伍、結論與建議 35
5-1結論 35
5-2建議 37
5-3管理意涵 37
參考文獻 38
1.中文部分 38
2.英文部分 41

表目錄
表 1研究背景相關文獻 2
表 2資訊揭露與企業社會責任的效益相關文獻 4
表 3盈餘與權益帳面價值之相對財務績效攸關性相關文獻 5
表 4企業社會責任報告書的內容相關文獻 7
表 5企業社會責任、資訊揭露與財務績效之關係相關文獻 10
表 6年報資訊揭露與公司績效之關聯相關文獻 12
表 7環境資訊揭露與公司績效之相關文獻 15
表 8企業社會責任對『每股盈餘』與『每股帳面價值』之相對權益價值相關文獻 17
表 9企業社會責任對年報資訊揭露之相對權益價值攸關性之相關文獻 19
表 10企業社會責任對環境資訊揭露之相對權益價值攸關性之相關文獻 22
表 11企業社會責任獲獎產業分布表 24
表 12為本研究整理之年度、產業與四大企業社會責任獎彙總表 25
表 13環境資訊揭露四大構面與組成細項彙總表 29
表 14研究變數敘述統計彙總表 31
表 15相關分析表 32
表 16企業社會責任獎、年報資訊揭露及環境資訊揭露對權益價值之迴歸分析彙總表 34
表 17本研究假說實證結果彙總表 36

1.中文部分
1.向啟誠與王怡心，2013，企業社會責任與公司治理之關聯性研究，臺北大學會計學系學位論文。
2.朱竹元，2009，對資本市場推動企業社會責任的想法，永續產業發展雙月刊，44，69-73。
3.吳韻儀，2008，CSR執行力的新競爭，天下雜誌，393期，94-164。
4.李秀英、劉俊儒與楊筱翎，2011，企業社會責任與公司績效之關聯性，東海管理評論，13(1)，77-112。
5.李宜樺，2014，企業社會責任報告新趨勢-G4時代的來臨，會計研究月刊，339期，22-30。
6.李紀珠，2014，內部稽核，86 期，4-10。
7.沈中華與張元，2008，企業的社會責任行為可以改善財務績效嗎？－以英國FTSE社會責任指數為例，經濟論文，36(3)，339-385。
8.林文玲與傅鐘仁，2011，企業社會責任之揭露對會計資訊價值攸關姓-以台灣資訊電子業上市公司為例，商管科技季刊，第12卷第2期，209-229。
9.林金賢、黃瓊瑤與張瑞元，2012，環境揭露與財務績效關聯性–盈餘管理之調節效果，輔仁管理評論中華民國 101 年11 月，第19卷第3期，27-54。
10.林春華、徐瑋與陳美華，2006，探討台灣企業社會責任表現與財務績效表現兩者的變動之關係，致遠管理學院學報，第1期，295-310。
11.林筱鳳、劉清標與吳家惠，2014，資訊透明度對公司營運影響之分析，商業現代化學刊，第7卷第3期，267-281。
12.俞海琴和陳慧娟，1999，我國上市公司成長、槓桿與托賓Q 關聯之研究，風險管理學報，五月，81-101。
13.洪雪卿、陳薇如與傅雁鈴，2013，影響企業社會責任績效之重要因素為何？，商管科技季刊，第14卷第4期，405-441。
14.凌雅慧，2015，智慧資本對組織績效影響之研究：以企業社會責任為調節變數，中原企管評論中華民國104年4月，第13卷第1期，43-70。
15.祝道松、盧正宗、洪晨桓與楊秀萍，2008，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2期，237-270。
16.翁霓與蕭運炎 2008，財務報表環境資訊揭露品質影響因素之探討－以國內上市公司為例，東吳經濟商學學報，第61期，1-30。
17.張瑞當與方俊儒，2006，資訊揭露評鑑系統對企業盈餘管理行為之影響，會計評論，第42期，1-22。
18.常凱，2015，環境信息披露對財務績效的影響－基於中國重污染行業截面數據的實證分析，杭州財金大學金融學院財經論叢，第1期，71-77。
19.陳文魁與曹耀鈞，2008，有社會責任會有較好的股價嗎？財務與股價連結研究。
20.陳育成、許峰睿與黃聖雯，2013，企業社會責任與經營績效之關聯性研究，中華民國102年10月，評價學報第6期，53-72。
21.陳建成，2009，建構中小企業綠色會計制度績效評選指標之研究，中小企業展季刊，第12期，27-54。
22.陳慶隆、周儀芳與王翰屏，2014，實質盈餘管理與會計資訊價值攸關性之關係－機構投資者中介角色之檢測，商管科技季刊，第15卷第3期，279-317。
23.黃劭彥、吳東憲與紀怡如，2009，企業網站環境會計資訊揭露影響因素之研究，會計與公司治理，6(1)，1-30。
24.黃曉雯，2014，企業社會責任為永續發展之本，會計研究月刊，340期， 60-63。
25.黃瓊瑤、趙翊廷與賴靜惠，2010，環境資訊透明度與融資指標關聯性之研究，評價學報，3期，41-51。
26.廖益興，2010，「董事會組成、股權結構與年報資訊揭露水準」，台大管理論叢，20卷2期，209-250。
27.劉美纓、丁碧慧與朱奐聿，2014，企業社會責任與公司治理、公司績效之關連性研究，第17 屆科際整合管理研討會，17-30，台北。
28.歐陽豪與方維慶，2013，公司特性、董事會組成與環境資訊揭露間關聯研究， 2013中部財金學術聯盟暨第十屆兩岸金融市場發展研討會，逢甲大學，台中。
29.歐陽豪與林保全，2013，企業社會責任、資訊揭露與公司價值關聯之研究，2013財金會計暨商管決策研討會，南台科技大學，台南。
30.歐陽豪與許宗盈，2013，企業社會責任、環境資訊揭露與財務績效關聯之研究，2013台灣財務金融學會年會暨國際學術研討會，雲林科技大學，雲林。
31.歐陽豪與許鑫峰，2013，企業社會責任、資訊揭露與公司價值關聯之研究，2013金融創新與企業發展學術研討會，崑山科技大學，台南。
32.歐陽豪與陳威戎，2013，企業社會責任公司治理機制與環境資訊揭露間關聯之研究，2013 第四屆會計與資訊科技研討會，，崑山科技大學，台南。
33.歐陽豪與陳建丞，2012，「影響環境資訊揭露品質關鍵因素之探討」，2012 第四屆南區管理碩士論文研討會，長榮大學，台南。
34.歐陽豪與黃美惠，2009，「多角化策略與年報資訊揭露對金融產業公司績效影響之實證分析」，2009 第五屆企業國際化理論與實務研討會，長榮大學，台南縣。
35.歐陽豪蔣聲雄，2012，多角化策略與年報資訊揭露對金融產業公司績效影響─金融控股公司組織型態調節效果之實證研究，台灣金融財務季刊，第十三輯第三期，1-42。
36.蔡柳卿與楊朝旭，2004，強制揭露之環保支出資訊是否具有價值攸關性？，當代會計，第5卷第1期，87-120。
37.薛明玲與蔡朝安，2003，「從資訊揭露看公司治理」，月旦法學雜誌，96期，335-343。
38.籃元宏，2012，企業社會責任與公司營運績效影響之研究，中興大學科技管理研究所學位論文。
 
2.英文部分
1.Al-Tuwaijri, S. A., Christensen, T. E., & Hughes, K. E. (2004). The relations among environmental disclosure, environmental performance, and economic performance, a simultaneous equations approach. Accounting, organizations and society, 29(5-6),447- 471.
2.Mahmoud, A. & Muhammad, A.(2012). The value relevance of corporate voluntary disclosure in the middle-East: The case of Jordan , JOURNAL OF ACCOUNTING AND PUBLIC POLICY , 31(5), 533-549.
3.Ambec, S. & P. Lanoie(2008). Does It Pay to Be Green? A Systematic Overview, Academy of Management Perspectives, Vol. 22(4),45-62.
4.Alex, Edmans(2010). Does the Stock Market Fully Value Intangibles? Employee Satisfaction and Equity Prices , Journal of Financial Economics,101(3), 621-640.
5.Serge, Agbodjo(2015). Does environmental management improve enterprise's value? - An empirical research based on Chinese listed companies , COMPTABILITE CONTROLE AUDIT , 21 (1), 71-103.
6.Barkemeyer, R. & Preuss, L. & Lee, L.(2014). On the effectiveness of private transnational governance regimes-Evaluating corporate sustainability reporting according to the Global Reporting Initiative, Journal of world bussiness,50(2),312-325.
7.Bai, C. & Sarkis, J. & Dou, Y. (2015). CSR disclosure: the more things change?, Accounting Auditing & Accountability Journal,28(1),14-35.
8.Bowen, H. A. (1953). Social Responsibility of The Businessman. New York, Harpers and Brothers.
9.Burgstahler, D C. and D. Dichev.(1997). Earnings, Adaptation and Equity Value. The Accounting Review, 72(2),187-215.
10.Byard, D., & Shaw, K. W. (2002). Corporate disclosure quality and properties of analyst’s information environment, Working paper, SSRN.
11.Brown, A. D.(1997). Narcissism, Identity, and Legitimacy, Academy of Management Review, Vol. 22(3),643-686.
12.Cheung, Y. L. & Jiang, K. & Mak, B. S. C. & Tan, W. Q. (2013). Corporate Social Performance, Firm Valuation, and Industrial Difference: Evidence from Hong Kong. Journal of Business Ethics, 114(4), 625-631.
13.Cho, C. H., Robin W. R. , & Dennis,M. P. (2010). The language of US corporate environmental disclosure. Accounting, Organizations and Society, 431–443.
14.Cochran, P. L. and R. A. Wood (1984), Corporate Social Responsibility and Financial Performance. Academy of Management Journal, 27(1), 42-56.
15.Collins, D., Maydew, E., & Weiss, I. (1997). Changes in the value-relevance of earnings and book values over the past forty years. Journal of Accounting and Economics, 24(1), 39-67.
16.Cormier, D., & Magnan, M. (2003). Environmental reporting management: a European perspective. Journal of Accounting and Public Policy, 22, 43–62.
17.Cho, C. H. (2009). Legitimation Strategies Used in Response to Environmental Disaster: A French CaseStudy of Total SA's Erika and AZF Incidents, European Accounting Review, Vol. 18(1),33-62.
18.Chatman, J. A., & K. A. Jehn(1994), Assessing the Relationship between Industry Characteristics and Organizational Culture: How Different Can You Be?, Academy of Management Journal, Vol.37(3),522-553.
19.Cheng, J. H. & Lee,C. M. & Chen,H. P. (2014). Assessing Inter-Organizational Performance in Supply Chain:Corporate Social Responsibility as a Mediator , Asia Pacific Management Review, 19(1),61-79.
20.Diamond, D. W., & Verrecchia, R. E. (1991). Disclosure, liquidity and the cost of capital. Journal of finance, 46(4), 1325-1359.
21.Deegan, C., Rankin, M., & P. Voght(2000), Firms’ Disclosure Reactions to Major Social Incidents:Australian Evidence, Accounting Forum, Vol. 24(1), 101-130.
22.Drobetz, W. & Merikas, A. & Merika, A. & Tsionas, M. G.(2014). Corporate social responsibility disclosure: The case of international shipping, Transportation research part e-logistics and transportation Review,71, 18-44.
23.Francis, J., & Schipper, K. (1999). Have financial statements lost their relevance ? Journal of Accounting Research, 37(2), 319-352.
24.Fu, Y. J. & Shen , J. Q.(2015). Correlation Analysis between Corporate Social Responsibility and Financial Performance of Chinese Food-processing Enterprises. Advance Journal of Food Science and Technology,7(11), 850-856.
25.Gray, R., R. Kouhy, & S. Lavers(1995), Corporate Social and Environmental Reporting : A review of theLiterature and a Longitudinal Study of UK Disclosure, Accounting, Auditing and Accountability Journal , Vol.8(2), 1995,47-77.
26.Hail, L. (2002). The impact of voluntary corporate disclosure on the ex-ante cost of capital for Swiss firms. The European accounting review, 11(4), 741-773.
27.Healy, P. M. & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital market: a review of the empirical disclosure literature. Journal of accounting and economics, 31(3), 405-440.
28.Healy, P. M., Hutton, A. P., & Palepu, K. G. (1999). Stock performance and intermediation changes surrounding sustained increases in disclosure. Contemporary accounting research, 16(3), 485-520.
29.Hughes,S.B., Anderson,A., & Golden S.(2001). Corporate environmental disclosures: are they useful in determining environmental performance? Journal of Accounting and Public Policy ,3(20),217–40.
30.Hooghiemstra, R.(2000). Corporate Communication and Impression Management: New Perspectives Why Companies Engage in Corporate Social Reporting, Journal of Business Ethics, Vol. 27(1-2), 55-68.
31.Jesen, Michael C. (2001). Value maximization, stakeholder theory, and the corporate objective function. Journal of applied corporate finance, 14(3), 8-21.
32.Jose A. & Lee S.M. (2007). Environmental Reporting of Global Corporations: Content Analysis Based on Website Disclosures. Journal of Business Ethics, 72, 307-21.
33.Jo H., and Y.Kim (2007).Disclosure frequency and earnings management. Journal of Financial Economics, 84, 561-590.
34.Konar, S., & Cohen, M. A. (2001). Does the market value environmental performance. The Review of economics and statistics, 83(2), 281-289.
35.Liu, X. & Anbumozhi, V. (2009). Determinant factors of corporate environmental information disclosure: an empirical study of Chinese listed companies, Journal of Cleaner Production, 17(6), 593-600.
36.Lu, Y. & Abeysekera, I.(2014). Stakeholders' power, corporate characteristics, and social and environmental disclosure: evidence from China ,Journal of cleaner production ,64 ,426-436.
37.McGuire, J. B. (1988). Corporate social responsibility and firm financial performance, Academy of Management Journal, 31(4), 854-872.
38.Molina-Azorín, J. F., E. Claver-Cortés, M. D. López-Gamero & J. J. Tarí(2009). Green Management and Financial Performance: A Literature Review, Management Decision, Vol. 47(7), 1080-1100.
39.Maignan, I. & O. C. Ferrell(2001). Corporate Citizenship as a Marketing Instrument, European Journal ofMarketing, Vol. 35(3-4), 457-484.
40.Ohlson, J. A. (1995). Earnings, book value and dividends in equity valuation. Contemporary accounting research, 11(2), 661-667.
41.Ou-Yang, Hou(2010).The Impact of a Diversified Strategy and Annual Report Information Disclosure on Market Performance: Evidence from Taiwan’s Financial Industry Firms, The Business Review, Cambridge, Vol. 16, Num. 2,236-247.
42.Patten, D. M. (2002). The Relation Between Environmental Performance and Environmental Disclosure: A Research Note. Journal of Accounting, ganization and Society, 27(8), 763-73.
43.Peters, R., & M. R. Mullen. (2009). Some evidence of the cumulative effects of corporate social responsibility on financial performance, The Journal of Global Business Issue, 3, 1-14.
44.Porter, M. E., & van der Linde, C. (1995). Green and competitive: Ending the stalemate. Harvard business review, 73(5), 120-134.
45.Preston, L. E., & O’Bannon, P. (1997). The Corporate social-financial performance relationship. Business and society, 36(4), 419-429.
46.Richardson, A. J., & Welker, M. (2001). Social disclosure, financial disclosure and the cost of equity capital. Accounting, organization and society, 26(5), 597-616.
47.Russo, M. V., & Fouts, P. A. (1997). A resource- based perspective on corporate environmental performance and profitability. Academy of management journal, 40(3), 534-559.
48.Simpson, W., & Kohers, T. (2002). The link between social and financial performance: evidence from the banking industry. Journal of business ethics, 35(2), 97-109.
49.Sloan, R. G. (2001). Financial accounting and corporate governance: a discussion. Journal of accounting and economics, 32(3), 335-347.
50.Smith, A. D. (2007). Making the case for the competitive advantage of corporate social responsibility, Business Strategy Series, 8, 186-195.
51.Shrivastava, P(1995). The Role of Corporations in Achieving Ecological Sustainability, Academy ofManagement Review, Vol. 20(40), 936-960.
52.Toms, J. S. (2002). Firm resources, quality signals and the determinants of corporate environmental reputation: Some UK evidence. British Accounting Review, 34, 257-282.
53.Wiseman, J. (1982). An Evaluation of Environmental Disclosures Made in Corporate Annual Reports. Journal of Accounting, Organization and Society, 7(1), 53-63.
54.Xu, S. & Liu, D. & Huang, J.(2015). Corporate social responsibility, the cost of equity capital and ownership structure: An analysis of Chinese listed firms , Australian Journal of management ,40(2) , 245-276.