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研究生:李瑋哲
研究生(外文):LEE, WEI-CHE
論文名稱:企業社會責任漂綠行為與資訊不對稱之關聯性
論文名稱(外文):Association between CSR-Greenwashing and Information Asymmetry
指導教授:洪玉舜洪玉舜引用關係
指導教授(外文):HUNG, YU-SHUN
口試委員:洪玉舜陳宗岡江淑玲
口試委員(外文):HUNG, YU-SHUNCHEN, TSUNG-KANGCHIANG, SHU-LING
口試日期:2017-06-21
學位類別:碩士
校院名稱:輔仁大學
系所名稱:會計學系碩士班
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:2017
畢業學年度:105
語文別:中文
論文頁數:57
中文關鍵詞:企業社會責任漂綠資訊不對稱買賣價差
外文關鍵詞:Corporate Social ResponsibilityCSRGreenwashingInformation asymmetry
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近年來企業社會責任逐漸受到國人重視,但國內企業卻常常做出違背民意之情事,如食安問題、空氣汙染、水汙染等,然而當一家企業宣稱其善盡社會責任時,其中之真實性又有多少,台灣人民能夠辨別企業社會責任活動的虛假,還是企業成功將企業社會責任作為行銷之工具,因此,本研究以2015年台灣上市公司作為研究對象,藉由公開資訊觀測站所發布之年報、CSRone永續報告平台或公司網站所公布之企業社會責任報告書以及其他可蒐集到之公開資訊,設計各種企業漂綠行為,探討台灣上市公司之企業社會責任漂綠行為與資訊不對稱之關聯性。
實證結果顯示,具有企業社會責任漂綠行為之公司,會向投資人傳遞出優良訊號,並且投資人也確實相信其聲明或說詞,促使資訊不對稱程度降低,且當企業漂綠行為不只一項時,投資人並不會因為漂綠程度,而懷疑企業所釋放出的好訊號,反而會更相信這家企業,因此,企業社會責任漂綠程度愈高,其資訊不對稱程度愈低。本研究將漂綠行為區分為五個面向進行敏感性分析,分別為環境、社區、人權、員工關係及產品品質,分析結果指出,環境及社區面向與資訊不對稱為顯著負相關,員工關係、人權及產品品質則無顯著關聯,在台灣,新聞媒體為生活中常見獲取資訊的管道,時常見到媒體報導企業對環境保護以及弱勢關懷等貢獻,卻鮮少著墨於維護員工關係及倡議人權等議題,取而代之的是勞資糾紛及社會案件,而台灣人民對購買產品往往是價格取向,似乎對產品品質並非那麼的重視,因此企業宣稱其善盡企業社會責任,特別是在環境與社區面向,確實能帶給台灣投資人正面之效果,因此,本研究支持漂綠行為對企業有正面之影響。

In recent years, people in Taiwan have become aware of corporate social responsibility (CSR), yet domestic enterprises often act against the will of the people, such as food security, as well as air and water pollution issues, etc. However, when an enterprise claims that it fulfills the social responsibility, how do we evaluate its reliability? Can people in Taiwan identify a false corporate social responsibility activity? Do the enterprises successfully take advantage of the social responsibility as a marketing tool? Therefore, Taiwanese companies listed in 2015 were chosen as subjects in this study. Several variables of greenwashing behaviors were designed by analyzing the annual reports published by Market Observation Post System, the CSR reports released by CSRone or the CSR reports issued on the companies’ websites and other publicly-released information. The study further examined the relevance between CSR-greenwashing and information asymmetry of the Taiwanese listed companies.
The result indicates that CSR-greenwashing companies are able to reduce the information asymmetry since positive signal is transferred to investors. Furthermore, when the companies engage in more than one aspect of greenwashing behavior, the investors even raise higher confidence in the financial statements of the companies. Thus, the companies with more aspects of greenwashing behavior will have less information asymmetry. This study divided greenwashing behaviors into five dimensions: environment, community, human right, employment relationship, and product quality to conduct sensitivity analysis. The result suggests that environment and community had significant negative correlation with information asymmetry, while employment relationship, human right and product quality had no significant correlation with information asymmetry. In Taiwan, the media plays an important role in information acquisition. People often see the media reporting the contributions of enterprises on environmental protection and care for disadvantages groups. However, the reports on safeguarding employment relationship and promoting human rights are usually replaced by labor disputes and social events. When it comes to purchasing products, consumers in Taiwan focus more on the price, rather than the product quality. Therefore, the enterprises claiming to fulfill the corporation social responsibility, especially on environment and community, can create a positive effect on investors in Taiwan. In conclusion, the study suggests that CSR- greenwashing has a positive influence on the enterprises.

目錄
表目錄 viii
圖目錄及附錄目錄 ix
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 3
第三節 研究架構 3
第二章 文獻探討 5
第一節 企業社會責任 5
第二節 資訊不對稱 17
第三章 研究方法 23
第一節 研究假說 23
第二節 研究期間、資料來源及樣本選取 24
第三節 變數之定義與衡量 29
第四節 實證模型 33
第四章 實證結果 34
第一節 敘述性統計及相關係數分析 34
第二節 迴歸分析結果 38
第三節 敏感性分析 42
第五章 結論及建議 45
參考文獻 48


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1. 池祥萱、繆文娟與莊瀅臻,2014,企業社會責任對於公司財務績效之影響是雙面刃嗎?來自全球500大公司的證據,管理學報,31卷1期:頁 1-19。
2. 林靖傑、吳琮璠與莊素增,2015,強制以XBRL申報財務報告能否降低資訊不對稱?,會計評論,60期:頁 1-33。
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