臺灣博碩士論文加值系統

企業從事社會責任以提高公司聲譽，塑造正面的社會企業形象，已然成為企業經營必要的營運策略之一，取之於社會回饋於社會，會建立消費者及投資者對企業的好感與信任度，企業提供之商品或服務更能在市場上受消費者認識與接受，進而提高營收與獲利，而穩定的經營績效與良好的企業形象，能消除市場上對投資該公司的風險疑慮、更進一步獲得信評機構較高的信用評等，降低企業的資金成本，得以順利募資擴大規模，提升企業競爭力，創造正向的循環。企業參與企業社會責任的活動，所導致短期成本的支出雖會降低企業的現金流量，但長期而言，可創造企業、社會、投資人三贏的局面。此外，因近年來國際間財報操作的醜聞陸續被揭露，例如：安隆 (Enron)、世界通訊 (Worldcom)、我國的博達、訊碟、皇統等弊案，造成投資人血本無歸，因此，投資人對公司的盈餘管理、審計品質更加重視。企業財報重編會嚴重傷害公司形象、打擊投資人對於公司財報品質的信任，並造成信評下降、提高資金成本等不利因素。本研究以信用評等為因變數，企業社會責任、財報重編及相關控制變數為自變數，進行迴歸分析，証實企業社會責任會對信用評等造成正向影響，而財報重編會對信用評等造成負向影響。

It has become one of the most important strategies for companies engaging in social responsibilities to improve their reputation and build up a more positive corporate image. Giving back to society will establish the goodwill and trust of consumers and investors, so that goods and service provided by the companies can be more accepted by consumers to increase their profits. On the other hand, stable performance and a better corporate image can eliminate doubts on the investment risks from the market and gain a better credit rating to decrease the financing cost so that the company can raise more funds and enhance its competitiveness to create a positive cycle. Although in a short term, companies engaging in corporate social responsibility activities would decrease their cash flow, in a long run, it could create a win-win situation for the corporate, the society and the investors. In addition, scandals of window dressing from international companies have been exposed in recent years. Frauds like Enron, Worldcom, and Taiwan’s Procomp, Infodisc, Summit Computer Technology Co., have caused investors huge loss. Therefore, invertors pay more attention to the company’s earnings management and the quality of accounting audit. Restatement will sabotage corporate image and investors’ trust on financial statement quality. At the same time, it will degrade the credit rating of the company and increase financing costs. In this study we take credit rating as the dependent variable, and put corporate social responsibility, financial report restatement and control variables as independent variables into regression analysis to verify that corporate social responsibility will have a positive effect, and financial report restatement will have a negative effect on credit rating.

目錄
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究流程 4
第貳章 文獻回顧與假說發展 5
第一節 企業社會責任 5
第二節 企業信用評等 7
第三節 企業社會責任與企業信用風險評等 9
第四節 財報重編與企業信用風險評等 11
第叁章 研究方法 13
第一節 研究架構 13
第二節 資料及樣本來源 13
第三節 研究設計與變數衡量 14
第肆章 實證結果與分析 18
第一節 敘述性統計 18
第二節 相關性分析 23
第三節 迴歸分析 25
第伍章 結論與建議 34
第一節 研究貢獻與管理意涵 34
第二節 研究限制 35
第三節 研究建議 35
參考文獻 36

王琬茹，2015，公司治理、企業社會責任對信用評等之影響－以台灣上市櫃公司為例，靜宜大學財務金融學系碩士論文。
林宛瑩、許崇源、戚務君與陳宜伶，2009，公司治理與信用風險評量，台大管理論叢，第19卷第S2 期：71-98。
許永聲、陳俊合與曾奕菱，2013，企業社會責任與信用風險評等，會計學報，5(1)，1-26。
黃瓊瑤、張瑞元與林金賢，2014，企業社會責任揭露對權益資金成本之影響，臺灣企業績效學刊，7(2)，103-124。
陳天志與蔡孟易，2015，信用評等對股票發行影響之研究。桃園創新學報，(35)，213-222。
陳瑞斌、翁慈青與朱全斌，2009，揭露水準對於信用評等與負債資金成本之影響，財務金融學刊，17(2)，71-110。
陳獻儀與楊淑玲，2010，信用評等之資訊價值，證券市場發展季刊，22(2)，1-26。
陳明輝，2009，企業社會責任與財務報表品質之關聯性分析-以財報重編為例，國立成功大學會計學系碩士論文。
邱琬婷，2011，企業社會責任、審計品質對信用評等之關聯性，國立國防大學管理學院財務管理學系碩士論文。
高蘭芬與邱正仁，2002，董監事股權質押對會計盈餘與股票報酬率相關性之影響，台大管理論叢，第13卷第1 期：127-162。
劉又銓，2010，企業社會責任、企業形象與購買意願之研究-以包裝水業為例，德明財經科技大學服務業經營管理研究所碩士學位論文。
薛立言與張志向，2004，信用評等：期間與產業差異分析，中山管理評論，第12卷第12期：307-336。
Attig, N., El Ghoul, S., Guedhami, O., and Suh, J. 2013. Corporate social responsibility and credit ratings. Journal of Business Ethics 117(4) :679-694.
Boutin-Dufresne, F., and Savaria, P. 2004. Corporate social responsibility and financial risk. The Journal of Investing13(1) :57-66.
Brammer, S., and A. Millington. 2005. Corporate reputation and philanthropy: An empirical analysis. Journal of Business Ethics 61: 29-44.
Brown, T. J., and Dacin, P. A. 1997. The company and the product: Corporate associations and consumer product responses. The Journal of Marketing : 68-84.
Blowfield, M., and Frynas, J. G. 2005. Editorial Setting new agendas: critical perspectives on Corporate Social Responsibility in the developing world. International affairs 81(3):499-513.
Boot, A. W., Gopalan, R., and Thakor, A. V. 2006.The entrepreneur's choice between private and public ownership. The Journal of Finance 61(2):803-836.
Cao, Y., Myers, L. A., & Omer, T. C. (2012). Does company reputation matter for financial reporting quality? Evidence from estatements. Contemporary Accounting Research, 29(3), 956-990.
Chibuike, R. 2010. Does corporate social responsibility (CSR) impact on firm performance? a literature evidence. Working Paper.
Chen, K. Y., R. J. Elder, and Y. M. Hsieh. 2007. Corporate governance and earnings management: The implications of corporate governance best-practice principles for Taiwanese listed companies. Journal of Contemporary Accounting and Economics 3(2): 73-105.
Chaganti, R., and F. Damanpour. 1991. Institutional ownership, capital structure, and firm performance. Strategic Management Journal 12(7): 479-491.
Comincioli, N., Poddi, L., and Vergalli, S. (2012). Does corporate social responsibility affect the performance of firms?.
Davidson, W. N., T. Pilger, and A. Szakmary. 1998. Golden parachutes, board and committee composition, and shareholder wealth. Financial Review 33(1): 17-32.
El Ghoul, S., Guedhami, O., Kwok, C. C., and Mishra, D. R. 2011. Does corporate social responsibility affect the cost of capital?. Journal of Banking and Finance 35(9) :2388-2406.
Fombrun, C. J., and M. Shanley. 1990. What’s in a name? reputation building and corporate strategy. Academy of Management Journal 33:233-258.
Frederick, W. C. 1995. Values, nature, and culture in the American corporation.Oxford University Press on Demand.
Godfrey, P. C. 2005. The relationship between corporate philanthropy and shareholder wealth: A risk management perspective. Academy of Management Review 30(4):777-798.
Grinstein, Y., and P. Hribar. 2004. CEO compensation and incentives: evidence from MandA bonuses. Journal of Financial Economics 73(1): 119-143.
Gelb, D. S., and Strawser, J. A. 2001. Corporate social responsibility and financial disclosures: An alternative explanation for increased disclosure. Journal of Business Ethics33(1) : 1-13.
Hart, S. 1997. Beyond greening: strategies for a sustainable world.Harvard Business Review 75: 66-76.
He, H., and Li, Y. 2011. CSR and service brand: The mediating effect of brandidentification and moderating effect of service quality. Journal of Business Ethics 100(4) :673-688.
Hull, C., and S. Rothenberg. 2008. Firm performance: the interactions of corporate social performance with innovation and industry differentiation. Strategic Management Journal 29: 781-789.
Hsiang, L. C., Chung, H.S. and Feng, C. K. 2008 . “Corporate Social Responsibility, Investor Protection, and Earnings Management: Some International Evidence.”Journal of Business Ethics : 179-198
Hribar, P., and Jenkins, N. T. 2004.The effect of accounting restatements on earnings revisions and the estimated cost of capital.Review of accounting studies9(2-3) :337-356.
Konar, S., and M. A. Cohen. 2001. Does the market value environmental performance. The Review of Economics and Statistics 83(2): 281-289.
Kotler, P., and Lee, N. 2005. Best of breed: When it comes to gaining a market edge while supporting a social cause,“corporate social marketing” leads the pack. Social marketing quarterly11(3-4) :91-103.
Luo, X., and C. B. Bhattacharya. 2006. Corporate social responsibility, customer satisfaction, and market value. Journal of Marketing 70: 1-18.
Luce, R. A., A. E. Barber, and A. J. Hillman. 2001. Good deeds and misdeeds: amediated model of the effect of corporate social performance on organization attractiveness. Business and Society 40(4): 397-415.
Lee, D. D., and Faff, R. W. 2009. Corporate sustainability performance and idiosyncratic risk: A global perspective. Financial Review 44(2) : 213-237.
Morf, D. A., Schumacher, M. G., and Vitell, S. J. 1999.A survey of ethics officers in largeorganizations.Journal of Business Ethics20(3) :265-271.
Mackey, A., T. B. Mackey, and J. B. Barney. 2007. Corporate social responsibilityand firm performance: investor preferences and corporate strategies. Academyof Management Review 32: 817-835.
McWilliams, A., and D. Siegel. 2000. Corporate social responsibility and financial performance: correlation or misspecification? Strategic Management Journal 21: 603-609.
McWilliams, A., and D. Siegel. 2001. Corporate social responsibility: a theory of the firm perspective. Academy of Management Review.
Moussavi, F., and D. Evans. 1986. An attributional approach to measuring corporate social performance. Paper presented at the academy of Management meetings, San Diedo.
Porter, M. E., and M. R. Kramer. 2002. The competitive advantage of corporate Philanthropy. Harvard Business Review 80:56-68.
Peters, R., and M. Mullen. 2009. Some evidence of the cumulative effects of corporate social responsibility on financial performance. The Journal of Global Business 3:1-14.
Palmrose, Z. V., Richardson, V. J., and Scholz, S. 2004. Determinants of market reactions to restatement announcements. Journal of accounting and economics 37(1) :59-89.
Rupp, D., J. Ganapathi, R. Aguilera, and C. Williams. 2006. Employee reactions to corporate social responsibility: an organizational justice framework. Journal of Organizational Behavior 27: 537-543.
Roberts, P. W., and G. R. Dowling. 2002. Corporate reputation and sustained financial performance. Strategic Management Journal 23: 1077-1093.
Robertson, T. S., and H. Gatignon. 1986. Competitive effects on technology diffusion. Journal of Marketing 50:1-12.
Shen C. H., and Y. Chang. 2009. Ambition versus conscience, does corporate social responsibility pay off? the application of matching methods. Journal of Business Ethics 88: 133-153.
Stuart, T., H. Hoang, and R. Hybels. 1999. Interorganizational endorsements and the performance of entrepreneurial ventures. Administrative Science Quarterly 44(2): 315-349.
Sengupta, P. 1998. Corporate disclosure quality and the cost of debt.The Accounting Review 73: 459-474.
Starks, L. T. 2009. EFA keynote speech:“Corporate governance and corporate social responsibility: What do investors care about? What should investors care about?”. Financial Review44(4) :461-468.
Sufi, A. (2007). Bank lines of credit in corporate finance: An empirical analysis. The Review of Financial Studies22(3) : 1057-1088.
Weisbach, M. S. 1988. Outside directors and CEO turnover.Journal of Financial and Economics 20(1/2): 431-460.
Zaima, J., and 1.McCarthy, 1998, “The impact of bond rating changes on common stocks and bonds," The Financial Review 23:483-499.
Zairi, M., and J. Peters. 2002. The impact of social responsibility on business performance. Managerial Auditing Journal 17(4): 174-178.
Zahra, S. A., and Pearce, J. A. 1989. Boards of directors and corporate financial performance: A review and integrative model. Journal of management15(2) : 291-334.