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研究生:李元傑
研究生(外文):Yuan-Chieh Lee
論文名稱:企業社會責任揭露及企業未來績效、分析師預期、及資金成本之關聯
論文名稱(外文):The Relationships between CSR Disclosure and Future Performance, Analysts’ Forecast, and Cost of Capital
指導教授:陳國泰陳國泰引用關係
指導教授(外文):Kuo-Tay Chen
口試委員:林世銘黃美祝
口試委員(外文):Suming LinMei-Juh Huang
口試日期:2015-06-28
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:會計學研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2015
畢業學年度:103
語文別:中文
論文頁數:53
中文關鍵詞:企業社會責任揭露文字分析法分析師預期資金成本
外文關鍵詞:corporate social responsibility disclosuretextual analysisanalysts’ forecastcost of capital
相關次數:
  • 被引用被引用:5
  • 點閱點閱:430
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:3
本研究主要探討較多的企業社會責任揭露是否能降低公司未來績效表現的波動程度、提高分析師盈餘預測的準確率,及降低未來的資金成本。本文以西元2004年起至2013年為止共計十個年度之台灣上市櫃公司為研究樣本進行分析。研究結果顯示,公司若揭露越多企業社會責任相關資訊,能夠有效降低未來績效表現的波動程度、提高分析師盈餘預測的準確率,及降低未來的資金成本。此外,本研究亦透過內容分析法對企業社會責任報告書內容進行分析,發現報告書中若使用較多強烈性正面詞彙,則同樣能產生上述之影響。

This research investigates whether more corporate social responsibility (CSR) disclosure results in lower volatility of future earnings, higher analysts’ forecast accuracy, and lower future cost of capital. We use textual analysis on the content of the CSR reports. The sample includes Taiwanese listed companies from 2004 to 2013. The empirical results show that the more CSR information is disclosed, the lower volatility of future earnings, the higher analysts’ forecast accuracy, and the lower future cost of capital.

口試委員會審定書 .................................................... i
摘要................................................................. ii
Abstract .............................................................iii
目錄.................................................................iv
表目錄...............................................................v
第一章 緒論.........................................................1
第一節 研究背景...................................................1
第二節 研究動機與目的.............................................2
第二章 文獻回顧.....................................................5
第一節 企業社會責任揭露相關文獻...................................5
第二節 績效表現穩定相關文獻.......................................8
第三節 分析師盈餘預測相關文獻.....................................9
第四節 揭露與資金成本相關文獻....................................10
第三章 研究假說....................................................12
第四章 研究設計....................................................15
第一節 樣本與資料................................................15
第二節 變數衡量..................................................17
第三節 實證模型...................................................21
第五章 實證結果....................................................24
第一節 敘述性統計................................................24
第二節 相關係數量分析............................................28
第三節 迴歸結果..................................................33
第六章 研究結論、限制與建議.........................................41
第一節 研究結論..................................................41
第二節 研究限制與建議............................................42
附錄................................................................43
參考文獻............................................................44


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1. 吳肇展、劉娜婷、林瑞發(2012),企業社會責任、企業形象與購買意願關係之研究,非營利組織管理學刊,第13期,42-61。
2. 李秀英、劉俊儒、楊筱翎(2011)。企業社會責任與公司績效之關聯性。東海管理評論,13(1),77-111。
3. 汪進揚、鄧名堯(2012),資訊揭露對分析師盈餘預測品質影響之研究,證券市場發展季刊,第24卷第1期,頁111-138。
4. 林文玲、傅鍾仁(2011),企業社會責任之揭露對會計資訊價值攸關性-以台灣資訊電子業上市公司為例,商管科技季刊,第十二卷,第二期。
5. 許永聲、陳俊合、曾奕菱(2013),企業社會責任與信用風險評等,會計學報,第5卷第1期,1-26。
6. 陳育成、許峰睿、黃聖雯(2013),企業社會責任與經營績效之關聯性研究。評價學報,6,53-72。
7. 陳瑞斌、許崇源(2008),資訊揭露水準對於權益資金成本之影響。東吳經濟商學學報,61:67-108。
8. 黃劭彥、吳東憲、紀怡如(2009),企業網站環境會計資訊揭露影響因素之研究,會計與公司治理,6(1),1-31。
9. 黃家齊(2000),企業社會績效研究-社會責任表現、企業聲望與財務績效關聯性之實證分析,亞太管理評論,第五卷第三期,367-380。
10. 黃瓊瑤、王癸元、張鳳真(2013),企業社會責任事件宣告與股價異常報酬之研究,當代會計,第14卷第2期:175-204。