臺灣博碩士論文加值系統

本論文利用台灣證券交易所以及中華民國證券櫃檯買賣中心之上市上櫃非金融產業普通股於2005~2017 年的資料，檢驗善盡社會責任的公司是否有較低的融資限制。既有關於社會責任的研究大多在探討公司承擔社會責任對公司績效、價值、風險以及其他經濟後果指標的影響，較少探討公司透過社會責任作為將可降低公司在金融市場上的資訊不對稱與代理成本而降低公司在融資上的限制，本文因而補足這個研究缺口。關於社會責任的量化方式，本論文根據天下與遠見雜誌之歷年社會責任公司得獎名單來建構四個量化指標，也根據上海證券交易所的方法來計算公司的社會貢獻值。關於融資限制，本論文則根據既有研究而採用四個融資限制的量化指標。透過敘述統計、相關分析與多重迴歸估計的結果發現，較佳的企業社會責任表現對應著較低的融資限制，而在金融海嘯期間，社會責任表現降低融資限制的能力較低，在非金融海嘯期間，企業社會責任降低融資限制的程度則較為顯著。本論文的實證結果有助於那些有融資需求的公司，除了強化自身的財務條件之外亦應該善盡社會責任，以降低公司在成長過程中在融資上的限制性。

This master thesis employs the data of listed nonfinancial companies on the Taiwan Stock Exchange (TWSE) and Over the Counter (OTC) market covering the period of 2005 to 2017 to test whether companies with superior social responsibility have lower financing constraints. Most of the existing studies on social responsibility focus on the impact of corporate social responsibility on corporate performance, firm value and risk and other indicators of economic consequences, and less on corporate financing restrictions through social responsibility as a way to reduce information asymmetry and agency costs in financial markets. Regarding the quantitative measuring of social responsibility, this master thesis constructs four quantitative indicators according to annual list of winners of social liability companies in the past years of the Common Wealth and the Global Views Monthly magazine, and calculates the social contribution value of the company according to the method of Shanghai Stock Exchange (SSE). With regard to financing restrictions, based on existing research, this master thesis employs four quantitative indicators of financing restrictions. The results of descriptive statistics, correlation analysis and multiple regression estimation show that better corporate social responsibility performance corresponds to lower financing constraints, while in the financial tsunami period (2008-2009), the magnitude of social responsibility performance on reducing financing constraints is lower, while in the non-financial tsunami period, the degree of corporate social responsibility to reduce financing constraints is much more effective and significant. The empirical results are helpful to those companies with financing needs. Besides strengthening their own financial conditions, they should also improve social responsibility to reduce the restrictions on financing for the process of growth.

中文摘要 .......................................................................................................... I
Abstract ........................................................................................................... II
目 錄 ............................................................................................................ III
圖 次 ............................................................................................................. V
表 次 ............................................................................................................VI
第壹章 緒論 .................................................................................................. 1
第一節 研究背景 ................................................................................... 1
第二節 研究動機 ................................................................................. 5
第三節 研究目的 ................................................................................. 8
第四節 研究架構與流程 ..................................................................... 8
第貳章 文獻回顧........................................................................................ 11
第一節 企業社會責任的發展與相關規範 ....................................... 11
第二節 企業社會責任的利益與成本 ............................................... 12
第三節 融資限制的相關研究 ........................................................... 15
第四節 企業社會責任與融資限制的關聯性 ................................... 16
第三章 變數、實證方法與樣本資料 ....................................................... 19
第一節 研究變數 ............................................................................... 19
第二節 實證模型 ............................................................................... 29
第三節 資料來源與樣本選取 ........................................................... 30
第肆章 實證結果分析 ................................................................................ 31
第一節 敘述統計與相關分析 ............................................................. 31
第二節 全樣本迴歸估計結果 ............................................................. 36
第伍章 結論與建議 .................................................................................... 70
第一節 結論與政策建議 .................................................................... 70
第二節 研究限制與後續研究建議 ................................................... 73
參考文獻 ........................................................................................................ 75

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