臺灣博碩士論文加值系統

本研究檢視公司參與企業社會責任程度的高低能否降低下方風險。研究期間為2010年至2013年，資料來源取自國泰安系列研究數據庫(CSMAR)及台灣經濟新報資料庫(TEJ)，並考量國營企業與非國營企業之公司結構差異及時間效果可能帶來之影響。
本研究實證結果顯示中國國營企業從事企業社會責任和下方風險有正向關係，即公司參與企業社會責任程度越高反而風險增加，非國營企業從事企業社會責任則對於下方風險並無顯著影響。其次，實證結果顯示近期從事企業社會責任活動程度愈高，下方風險有增加的趨勢。本研究推論由於中國企業從事企業社會責任活動並非出自於志願性的活動，因而無法降低代理問題以及下方風險，傾向支持窗飾效果假說。

We set out in this study to examine whether the level of corporate social responsibility (CSR) engagement can reduce downside risk, using data from the China Securities Market and Accounting Research (CSMAR) and Taiwan Economic Journal (TEJ) databases covering the years from 2010 to 2013. We consider the firm structures are different from SOEs(State-Owned Enterprises) and non-SOEs(non-State-Owned Enterprises) and shed light on the relation between CSR and downside risk might change over time horizons.
The result shows that CSR engagement of SOEs in China has a significant positive effect on downside risks which indicated that the high level of CSR engagement will enhance the degree of downside risk. However, CSR engagements of non-SOEs do not have significant effect upon to downside risk. For horizontal displacement at time given initial, CSR engagement raise downside risk in recent years. In this study inference the Chinese enterprises engaged in CSR involuntarily, therefore, CSR neither reduces agency problem nor downside risk but tends to supporting the window-dressing hypothesis.

中文摘要--------------------------------------------------------------------------------------------------i
英文摘要------------------------------------------------------------------------------------------------ii
誌謝------------------------------------------------------------------------------------------------------iii
目錄------------------------------------------------------------------------------------------------------iv
表目錄----------------------------------------------------------------------------------------------------v
圖目錄----------------------------------------------------------------------------------------------------v
壹、緒論--------------------------------------------------------------------------------------------------1
貳、文獻回顧及假設-----------------------------------------------------------------------------------3
第一節 企業社會責任在中國的發展--------------------------------------------------------4
第二節 企業社會責任與風險的關係--------------------------------------------------------5
第三節 企業社會責任足以降低風險的觀點-----------------------------------------------5
第四節 企業社會責任淪為窗飾效果的觀點-----------------------------------------------7
第五節 企業社會責任在不同股權結構下對風險的影響--------------------------------8
參、資料與研究方法----------------------------------------------------------------------------------9
第一節 研究數據與資料來源-----------------------------------------------------------------9
第二節 公司風險變數-------------------------------------------------------------------------9
第三節 模型設立-------------------------------------------------------------------------------11
第四節 研究方法-------------------------------------------------------------------------------12
肆、實證結果-------------------------------------------------------------------------------------------13
第一節 敘述統計及Pearson相關係數分析-----------------------------------------------13
第二節 Panel data模型估計結果分析------------------------------------------------------14
伍、結論 ----------------------------------------------------------------------------------------------16
參考文獻 ----------------------------------------------------------------------------------------------18

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