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研究生:林怡瑄
研究生(外文):Yi-Hsuan Lin
論文名稱:企業社會責任與股價關聯性之研究─採用Ohlson模型
論文名稱(外文):A Study of the Relationship of Corporate Social Responsibility and Stock Price:Using the Ohlson Model
指導教授:蘇育玲蘇育玲引用關係
指導教授(外文):Yu-Ling Su
學位類別:碩士
校院名稱:國立臺灣海洋大學
系所名稱:航運管理學系
學門:運輸服務學門
學類:運輸管理學類
論文種類:學術論文
論文出版年:2012
畢業學年度:100
語文別:中文
論文頁數:79
中文關鍵詞:企業社會責任股價Ohlson模型
外文關鍵詞:corporate social responsibilitystock priceOhlson model
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近年來,企業社會責任意識抬頭,企業面臨了永續發展的經營考驗,企業為了提昇企業形象與競爭力,必須履行社會責任,本研究為瞭解企業履行企業社會責任的面向,並藉由Ohlson模型探討企業社會責任與其股價之間的關聯性。其中企業社會責任又分為經濟面、社會面、環境面等三大構面,除了以每股帳面價值、每股盈餘、舉債程度衡量外,亦加入產業敏感度、公司規模用來檢驗是否會影響企業社會責任的揭露。實證結果如下:
1.企業社會責任社會面與股價呈顯著正向影響,表示企業社會責任社會面揭露程度愈高,其企業股價愈高。
2.產業敏感度與企業社會責任呈顯著正向影響,表示產業敏感度愈高,其企業社會責任的揭露程度愈高。
3.公司規模與企業社會責任呈顯著正向影響,表示公司規模愈大,其企業社會責任的揭露程度愈高。

In recent years, the consciousness of corporate social responsibility (CSR) is rising. The enterprises face the operating trial about the sustainable development. The enterprises have to implement the social responsibility to promote their enterprise image and competitive power. This research is about the aspect that the enterprises implement the CSR, and confer the relatedness between the CSR and the stock price by using Ohlson model. And CSR can be subdivided to three aspect which are economical aspect, social aspect, and environment aspect. We used not only book value, earning per share (EPS), and debt ratio but also industrial sensitivity and company size to test whether it can infect the disclosure of CSR. The result of this research reveals:
1.The social aspect of CSR and stock price present positive correlation obviously, it indicates that if the disclosure of CSR is higher, the stock price is higher.
2.The industrial sensitivity and CSR present positive correlation obviously, it indicates that if the industrial sensitivity is higher, the disclosure of CSR is higher.
3.The company size and CSR present positive correlation obviously, it indicates that if the company size is bigger, the disclosure of CSR is higher.

目 錄
謝辭 i
摘要 ii
Abstract iii
目錄 iv
表目錄 vi
圖目錄 vii
第一章、緒論 1
1.1 研究背景與動機 1
1.2 研究目的與限制 3
1.3 研究流程 4
第二章、文獻探討 6
2.1 企業社會責任 6
2.1.1 企業社會責任之發展過程 6
2.2 企業社會責任之定義與範疇 10
2.2.1 企業社會責任之定義 10
2.2.2 企業社會責任的範疇 12
2.3 企業社會責任之國際間相關準則與規範 16
2.4 企業社會責任之理論 25
2.5 企業社會責任與財務績效之關聯性 26
第三章、研究設計與方法 33
3.1 研究架構 33
3.2 研究範圍與資料來源 34
3.3 研究假說 36
3.4 Ohlson模型與研究方法 38
3.4.1我Ohlson模型 38
3.4.2 內容分析法 42
3.4.3相關分析 43
3.4.4單因子變異數分析 43
3.4.5迴歸分析 43
3.5 研究變數衡量與實證模型 44
3.5.1 應變數定義 44
3.5.2 變數衡量(CSR) 44
3.5.3 控制變數衡量 46
3.5.4 實證模型 47
第四章、實證研究與分析 50
4.1 敘述性統計 50
4.2我Pearson相關分析 52
4.3 產業屬性對企業社會責任之變異數分析 54
4.4 複迴歸分析 56
4.4.1 財務因素、舉債程度與股價的關係驗證 56
4.4.2 企業社會責任與股價的關係驗證 56
4.4.3 企業社會責任各構面與股價的關係驗證 57
4.4.4 產業敏感度與公司規模對企業社會責任的影響 58
第五章、結論與建議 62
5.1 研究結論 62
5.2 研究建議 64
參考文獻 66
附錄一 上市上櫃公司企業社會責任實務守則 74


























表 目 錄
表2.1 企業社會責任主要架構的分類表 8
表2.2 企業社會責任定義表 11
表2.3 聯合國全球盟約十項原則 17
表2.4我OECD多國企業指導綱領 19
表2.5 全球永續性報告 20
表2.6 企業社會責任衡量方法與結論彙整表 32
表3.1 產業與樣本分類表 35
表3.2 衡量CSR績效評等表 45
表4.1 敘述性統計分析表 50
表4.2 企業社會責任揭露之百分比分析表 50
表4.3我Pearson相關分析表 52
表4.4 產業屬性與企業社會責任之單因子變異量分析表 54
表4.5 企業社會責任對股價之迴歸分析結果 57
表4.6 企業社會責任與產業敏感度、公司規模之迴歸分析結果 59
表4.7我研究結果彙整表 60


圖 目 錄
圖1.1 研究流程圖 5
圖2.1 企業社會責任分類圖 14
圖2.2 經濟部企業社會責任績效評等架構圖 25
圖3.1 研究架構圖 33

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三、 網站
1. http://csr.moea.gov.tw/main.aspx 台灣企業社會責任網站
2. http://www.gvm.com.tw/ 遠見雜誌
3. http://www.cw.com.tw/ 天下雜誌

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