臺灣博碩士論文加值系統

本研究蒐集了宣告期間介於1992年至2016年的已完成之美國企業合併案，並檢視企業的社會企業責任績效 (CSR) 是否能為股東創造價值。本文著重於探討被併方的CSR績效與其企業合併宣告報酬的關係，實證結果顯示，相較於低CSR績效的被併方，高CSR績效的被併方享有較高的企業合併宣告報酬。

本文亦透過將全樣本拆成2008前與2008年後等兩個子樣本的方法，嘗試探討2008年的金融危機對於上述的關係是否有影響。實證結果顯示，金融風暴對本研究的主要結果─被併方的CSR績效和其宣告報酬具有顯著的正向效果，並無明顯影響，提高了本研究的穩健性。

Using completed US mergers deal with announcement date from 1992 to 2016, we analyze if corporate social responsibility (CSR) increases value for shareholders. This study focuses on examining target’s CSR effect on its merger announcement return, and we find that high CSR targets realize higher merger announcement returns than low CSR targets.

We also check whether 2008 financial crisis impacts our results by conducting robustness test. We divide full sample into 2 sub-samples, one is before and the other is after 2008 financial crisis. Empirical result show that financial crisis does not have significant effect on our result.

謝辭 i
摘要 ii
Abstract iii
第一章 緒論 1
第二章 文獻探討與假說建立 5
第一節 假說建立 5
第二節 解釋變數與其他控制變數之建立 6
第三章 研究方法及樣本 10
第一節 樣本選取與資料來源 10
第二節 變數衡量 11
第三節 實證模型 11
第四節 樣本敘述統計 13
第四章 實證結果與分析 15
第一節 迴歸結果與分析 15
第二節 穩健性檢定 17
第五章 結論 18
參考文獻 19
表 一、樣本分布(按年與產業分) 22
表 二、變數定義表 24
表 三、變數敘述統計 25
表 四、CAR敘述統計 (將TARGET分成CSR分數高和低的子樣本) 26
表 五、變數敘述統計 (將TARGET分成CSR分數高和低的子樣本) 27
表 六、相關係數矩陣表 28
表 七、迴歸實證與穩健性檢定結果 29

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