臺灣博碩士論文加值系統

　　日本對於企業社會責任（CSR）的推動已行之多年，且係亞洲地區唯一簽署京都議定書的國家，許多公司將承擔社會責任視為企業永續發展的基礎及信念，在社會與環境議題上的關注與實踐更具有指標性作用。然而，日本大企業因弊案所導致的誠信危機仍時有所聞，故企業積極從事CSR活動的背後，是否為了掩飾盈餘管理意圖而投射出對社會友善的表象，在建立良好的合理性形象後可轉移利害關係人之嚴格監督並達成自利的目的？本研究以日經500指數成分股的企業為研究樣本，使用二階段最小平方法(2SLS)進行聯立方程模式的分析。
　　研究結果顯示，不論產業環境敏感與否，當公司前期財務績效欠佳時，將利用CSR的運作來降低利害關係人對企業財務狀況、資金成本壓力的關注，故企業會積極提升次期CSR總體評價、環境績效評價及社會績效評價。然而，企業因前期財務情況困頓而欲透過提高次期CSR評價之行為，將使企業在短期內增加額外CSR支出，此時財務問題將持續惡化，此一結果印證了抵換假說和焦點轉移假說。此外，實證結果亦發現日本企業的確有藉由CSR伴隨盈餘管理改善財務績效的問題存在，且CSR總體評價及社會績效評價相對環境績效評價更具有財務操作的空間，只是未達顯著水準。
　　具環境敏感性產業的企業不論係從CSR總體評價、環境績效評價及社會績效評價任一方面著手，暨伴隨盈餘管理等非財務面的兩手策略以干擾財務面之公司績效，均無法達到振衰啟弊的效果；但對不具環境敏感性產業來說，利用這種操作方式或許仍可達到一定成效。據此推測，產業環境敏感與否是影響盈餘管理手段能否修正財務績效的一項重要因素。

　Since Japan had already promoted CSR for several years, and it is the only country in Asia, which singed for Kyoto Protocol. However, it is known that a few Japanese large businesses suffered crises due to the corruption and honest issues. Therefore, the meaning in the reverse side that enterprises deal with CSR is if only projecting a socially-friendly image in order to disguise earnings management, and then they can benefit themselves with shifting the strict supervision of the earnings management after building up the good legitimacy. The sample comprises Japan Nikkei stock index 500 firms. We use the two-stage least squares (2SLS) simultaneous equations model for the analysis.
　The results obtained show that when the company faces financial crisis in the last period, the enterprise would utilize CSR operation to have stakeholders to reduce to the financial condition whether the industrial environment is sensitive or not. Therefore, the enterprises will promote actively the overall evaluation of CSR, the environmental performance evaluation and societal performance evaluation. Nevertheless, the behavior that the enterprises increase CSR evaluation will enable the enterprises to raise additional CSR expenditure in short-term; at the same time, the financial situation will keep deteriorating, as a result it testifies the Trade-off hypothesis and Shift of Focus hypothesis. Furthermore, the empirical results also find that some Japanese companies are indeed using earnings management through the CSR to improve financial performance problems. The overall evaluation of CSR and societal evaluation as relatively compared to the environmental evaluation have more space for financial operations, but there is a positive and non-significant relationship.
　The enterprises with environmental sensitivity undertake from one of the overall evaluation of CSR, the environmental or societal performance evaluation; simultaneously, they accompanies the non-financial two-pronged strategy such as earnings management to interrupt the enterprises’ financial performance, and it is incapable to achieve better and improving performance effect. For the enterprises without environmental sensitivity, utilizing this operation mode may accomplish the certain and specific effect. Inferred that the industrial environmental sensitivity is an essential factor affecting if earnings management means can improve financial performance.

目錄
目錄............................................................................................................................... I
表目錄........................................................................................................................... II
圖目錄.......................................................................................................................... III
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 研究架構 .................................................................................................... 6
第貳章 文獻探討........................................................................................................ 8
第一節 企業社會責任探討 .................................................................................... 8
第二節 日本CSR發展歷程及趨勢 ..................................................................... 15
第三節 盈餘管理相關文獻 .................................................................................. 23
第四節 CSR與財務績效關聯性之相關文獻 ...................................................... 26
第參章 研究方法...................................................................................................... 29
第一節 觀念性架構與變數衡量 .......................................................................... 29
第二節 研究假說 .................................................................................................. 34
第三節 研究樣本與資料蒐集 .............................................................................. 36
第四節 實證模型 .................................................................................................. 38
第五節 研究方法 .................................................................................................. 38
第肆章 實證結果及分析.......................................................................................... 40
第一節 敍述統計分析 .......................................................................................... 42
第二節 相關分析 .................................................................................................. 42
第三節 迴歸分析結果 .......................................................................................... 44
第伍章 研究結果、限制及建議.............................................................................. 59
第一節 研究結果及貢獻 ...................................................................................... 59
第二節 研究限制 .................................................................................................. 61
第三節 研究建議 .................................................................................................. 62
參考文獻...................................................................................................................... 64
附錄1：TOYO KEIZAI JAPAN CSR構成項目之指標 .......................................... 70


表目錄
表2- 1 企業社會責任的37種定義分析(使用頻率較高) ................................................................. 8
表2- 2 CSR相關理論 ........................................................................................................................11
表2- 3 CSR主要國際準則及規範 ................................................................................................... 13
表2- 4 日本CSR活動的轉變歷程 .................................................................................................. 20
表3- 1 CSR四大構面評價與總體評價之比例 ............................................................................... 31
表3- 2 CSR四大構面評價與總體評價之比例(產業類別) ............................................................ 31
表3- 3 方程式與研究假說建立之關係 ........................................................................................... 36
表3- 4 本研究期間之會計年度對照表 ........................................................................................... 37
表4- 1 研究樣本的選擇 ................................................................................................................... 40
表4- 2 各產業別樣本數 ................................................................................................................... 41
表4- 3 敍述性統計量(N=142) .......................................................................................................... 42
表4- 4 PEARSON相關分析(N=142) .................................................................................................. 43
表4- 5 CSR總體評價與財務績效之2SLS分析結果(N=142) ...................................................... 46
表4- 6 CSR總體評價、盈餘管理與財務績效之2SLS分析結果(N=142) .................................. 47
表4- 7 CSR環境績效評價與財務績效之2SLS分析結果(N=142) .............................................. 48
表4- 8 CSR環境績效評價、盈餘管理與財務績效之2SLS分析結果(N=142) .......................... 49
表4- 9 CSR社會績效評價與財務績效之2SLS分析結果(N=142) .............................................. 50
表4- 10 CSR社會績效評價、盈餘管理與財務績效之2SLS分析結果(N=142) ........................ 51
表4- 11 CSR總體評價與財務績效之2SLS分析結果(N=100,敏感產業) ................................... 53
表4- 12 CSR總體評價、盈餘管理與財務績效之2SLS分析結果(N=100,敏感產業) ............... 54
表4- 13 CSR環境績效評價與財務績效之2SLS分析結果(N=100,敏感產業) ........................... 55
表4- 14 CSR環境績效評價、盈餘管理與財務績效之2SLS分析結果(N=100,敏感產業) ....... 56
表4- 15 CSR社會績效評價與財務績效之2SLS分析結果(N=100,敏感產業) ........................... 57
表4- 16 CSR社會績效評價、盈餘管理與財務績效之2SLS分析結果(N=100,敏感產業) ....... 58



圖目錄
圖1-1 研究流程圖 .............................................................................................. 7
圖2-1 CSR金字塔理論之四大面向 ............................................................... 10
圖3-1 觀念性架構圖 ........................................................................................ 30

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