近年來，台灣國內財務詐欺、違背社會責任的案件頻傳，如台灣的博達案、訊碟案、毒奶事件等，都是由於企業的高階管理者或控制股東以自身利益出發，棄投資人與社會大眾利益不顧的醜聞案件，對整體社會與企業皆造成非常龐大的損失，即使在台灣證券交易所頒布「上市上櫃公司治理實務守則」，並針對公司法進行修正，期增加對企業的監督機制的美意下，依舊難以完全杜絕不倫理的行為，此時，如何對企業行為進行規範，特別是高階管理者的行為，將是重要的討論議題。
本研究從高階管理者的角度出發，旨在探討其個人倫理態度對企業在價值成長上的影響力量，並利用高階管理者在企業社會責任上的行為表現作為倫理態度的替代變數，以台灣上市櫃企業為研究標的，採用盈餘管理行為、資訊透明度、董事長兼任總經理、與總經理自肥的可能做為倫理態度的衡量變數，與對企業價值之影響。本研究結果發現，以當期企業價值計算下，資訊透明度與董事長兼任總經理兩項行為有顯著反應，顯示社會大眾會以該兩項目做為評斷企業倫理表現的因素，進而對企業價值產生影響；本研究並發現，若以中長期的角度觀察，僅董事長兼任總經理變數對企業價值有顯著影響，並且總經理與董事會間無顯著的自肥行為產生。

In recent years, there are several serious financial fraud and social responsibility invalidation cases in Taiwan, such as PROCOMP、INFODISC、and prison-milk cases. These deception cases are origin from the top management or control stockholders which take their own interest on the prior consideration, rather than all stockholder's benefit. These cases make large damage both on society and business, even though Taiwan Stock Exchange decree “Corporate Governance Best-Practice Principles for TSEC/GTSM Listed Companies”and the amend provisions of Company Act to raise the monitoring power on business, but it is still impossible to eliminating all unethical behaviors. Meanwhile, how to make a relugation mechanism on business behaviors, especially the top managements, become an important issue.
This research start from the Upper Echelons perspective, and try to discuss the effect of personally ethical attitude on business value's growth. I use top management's behavior on social responsibility to measure the ethical attitude, using earning management, information transparency, whether chairman serve as general manager concurrently, and cronyism or mutual back scratching from CEO and directors for proxy variables. This research find that, when taking current period value, information transparency and chairman serve as general manager concurrently show significant effect on business value. This influence tells that the society will consider these variable when they judge the ethical performance of business, however, the judgement will effect business value. If using next period value, only chairman serve as general manager have a significat effect on business value, and the result shows that there are no significant cronyism or mutual back scratching between CEO and directors

第一章 緒論.....................................................................................1
1.1研究動機與背景..............................................................................1
1.2研究目標........................................................................................5
1.3研究範圍........................................................................................5
第二章 文獻探討...............................................................................6
2.1高階管理者倫理態度與高階管理者觀點...............................................6
2.1.1高階管理者的倫理態度…..........................................................6
2.1.2 高階管理者理論......................................................................8
2.2企業社會責任理論..........................................................................10
2.2.1企業社會責任..........................................................................10
2.2.2公司治理理論..........................................................................14
2.3企業社會責任與企業價值.....................................................................................17第三章 研究設計...............................................................................19
3.1研究假設.......................................................................................19
3.1.1投機性盈餘管理與企業價值........................................................19
3.1.2資訊透明度與企業價值..............................................................20
3.1.3董事長兼任總經理、總經理自肥可能與企業價值............................21
第四章 研究方法...............................................................................24
4.1研究樣本與資料來源.......................................................................24
4.2變數衡量.......................................................................................26
4.3研究方法.......................................................................................40
第五章 實證結果...............................................................................41
5.1敘述性統計分析..............................................................................41
5.2相關性分析....................................................................................43
5.3複迴歸實證模型......................................................................................................44第六章 結論與建議............................................................................46
6.1研究結論與討論..............................................................................46
6.2研究限制與後續研究建議.................................................................48
參考文獻................................................................................................50
附錄......................................................................................................................................62

一. 中文部分

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謝佩芬，2004，「財務指標與非會計資訊對股價之影響-Ohlson模型之延伸應用」，中原大學國際貿易學系碩士論文。






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