本文旨在以數理模型推導方式將商品價格做為決策變數下評估企業導入社會責任之投資策略選擇，試圖發展實質選擇權模型，評估導入企業社責任前後營運活動帶來的現金流量之間實際或潛在之策略價值；進一步探討外在環境不確定性與突發事件對導入企業社會責任所產生之影響。本文除以單一廠商角度檢視投資效益外，亦延伸至以賽局理論分析國際市場上兩競爭廠商考量不同國家之整體「社會責任認知」下之投資決策。本文研究結果發現，當轉換成本(不利投資之事件)受到商品價格(決策變數)之連動影響而躍升時，將導致決策門檻下降始提前投資；此結論與廠商面臨不利因素時，普遍選擇延遲投入之傳統觀點相左。本研究結果可提供決策者履行企業社會責任之決策準則與決策時點之參考依據，以創造符合財務經濟、環境經濟與社會責任三贏機會。

This thesis mainly uses a mathematical model to evaluate decision making regarding corporate social responsibility (CSR) investment under the assumption of a decision variable: fluctuating merchandise price. The thesis presents the real options model, and assesses the whole firm value, the latter of which is derived from the real operating income as well as the potential strategic value at two stages (i.e. at the traditional operating stage and at the corporate social responsibility entering stage). The thesis further takes into account external changing circumstances and the occasional contingent incidents working against corporate social responsibility strategies. Moreover, the extensible discussion of this thesis utilizes game theory to analyze the decision-making of two competing firms with dissimilar levels of national social consciousness in the international market. The results show that contrary to the traditional viewpoint, the extremely positive correlation between the incremental price (decision variable) and the switching cost (adverse event) will result in a lower entry threshold. This thesis can provide decision makers with a reference when adopting decision-making criteria, considering the optimal entry point for corporate social responsibility, and grasping the difference between before-CSR and after-CSR stages in order to attain consistency between financial economics, environmental economics, and social responsibility.

Acknowledgement II
Chinese Abstract II
Abstract III
Table of Contents IV
List of Tables VI
List of Figures VII
CHAPTER I INTRODUCTION 1
1.1 Research Background and Motivation 1
1.2 Research Purposes and Problems 2
1.3 Research Limitations 4
1.4 Research Structure and Outline 5
CHAPTER II LITERATURE REVIEW 9
2.1 Comprehensive Literature Review on Corporate Social Responsibility 9
2.2 The Appraisal of Corporate Social Responsibility 11
2.3 Reviews on the Real Options Approach 13
CHAPTER III THE MODEL CONSTRUCTION 17
3.1 Model 1 Descriptions and Construction 17
3.1.1 Model 1 Descriptions 17
3.1.2 Firm Value at Different Stages 19
3.1.3 Decision Threshold of Model 1 23
3.2 Model 2 Descriptions and Construction 24
3.2.1 Model 2 Descriptions 24
3.2.2 The Assumptions of Market Share and Market Size 26
3.2.3 Firm Value at Different Stages 29
3.2.4 Decision Threshold of Firm A 33
3.2.5 Decision Threshold of Firm B 34
CHAPTER IV NUMERICAL ANALYSIS AND SENSITIVITY ANALYSIS 37
4.1 Numerical Example Analysis of Model 1 37
4.2 The Sensitivity Analysis of Model 1 38
4.3 Numerical Example Analysis of Model 2 44
4.4 The Sensitivity Analysis of Model 2 46
CHAPTER V CONCLUSIONS AND RECOMMENDATIONS 51
5.1 Conclusions 51
5.2 Recommendations 53
References 55

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