臺灣博碩士論文加值系統

本研究藉由企業社會責任(Corporate Social Responsibility, CSR)，探討其與財務資訊品質以及公司價值間的互動關係，並且進一步探究在量化寬鬆貨幣政策期間，面對未來前景的不確定性和充斥大量資金的市場環境，企業社會責任對財務資訊品質以及公司價值的影響。研究期間為2005年至2015年，研究樣本範圍為美國有接受CSR評鑑之上市公司。利用一些財務績效指標作為衡量變數，觀察CSR表現對公司財務資訊品質以及公司價值的影響。藉由分組差異性檢定及迴歸分析，締結三者的關聯性。

利用KLD資料庫建構出CSR分數，並根據CSR分數分組，界定出具有強烈企業社會責任性質的公司。實證結果發現，CSR表現較好的公司分析師預測誤較小，換而言之，CSR表現越佳的公司，分析師能夠較正確預測公司未來獲利狀況。另外，也獲致CSR表現較好的公司進行應計盈餘管理操弄可能性較低的結果。作者認為注重CSR的公司，財務資訊品質較高，除了致力於社會及環境的議題，亦規範地遵守會計原則及法規，公司財報忠實表達。不僅如此，本研究還發現CSR表現越好的公司，擁有較多的自由現金流量，公司的自主性較高，並且較傾向于做一些資本支出用以提升公司的價值。實證結果亦顯示，在量化寬鬆貨幣政策期間，注重CSR的公司仍能穩健地保持其良好的財務品質以及較高的公司價值。

This paper studied the relationship among corporate social responsi-bility(CSR), the quality of financial information and corporate value. For further study, this paper studied the impact of corporate social responsibil-ity on the quality of financial information and corporate value during the period of quantitative easing. Research samples are the United States com-panies with CSR evaluation data during 2005 to2015. Using financial key performance index as proxy variable. By difference tests and regression analysis, we conclude the association relationship among the three varia-bles.

Using KLD database to construct the CSR scores, and define the com-pany whether a strong corporate social responsibility or not according to CSR scores in KLD. The empirical results showed that analyst forecast error of high CSR-score companies is less than the low CSR-score counterpart group. In other words, companies do CSR well so that analysts can more correctly predict the company's future profit status. In addition, high CSR-score company, its accrual earning management is smaller than the low group. Authors believe that the financial statements of the companies dedicated to CSR disclose more responsibly. They put effort on social and environmental issues, and also comply with the accounting principles and related regulations. So the companies express financial statements faithful-ly and have the good quality of financial information. The empirical results also showed that high CSR-score companies have more free cash flow and would rather do some capital expenditure to improve corporate value. At the same time, we also find that companies do CSR well still maintain the good quality of financial information and high corporate value during the period of quantitative easing.

第一章 緒論 1
第一節 研究背景 1
第二節 研究目的 2
第二章 文獻回顧 3
第一節 CSR相關文獻回顧 3
第二節 公司財務績效相關文獻 3
第三節 分析師盈餘預測相關文獻 4
第四節 應計盈餘管理相關文獻 6
第五節 自由現金流量、資本支出與公司價值相關文獻 7
第三章 研究設計與方法 9
第一節 資料來源與樣本選取 9
第二節 企業社會責任衡量指標 10
第三節 變數定義 13
第四節 定義量化寬鬆貨幣政策期間 16
第五節 研究設計 18
第四章 實證結果與分析 21
第一節 敘述統計量與相關係數 21
第二節 差異性檢定 30
第三節 迴歸分析 40
第五章 結論與建議 50
第一節 研究結論 50
第二節 研究限制 51
參考文獻 52
中文文獻 52
英文文獻 52

池祥麟、陳庭萱，2007，盈餘操縱、盈餘資訊內涵與企業社會責任-銀行業全球實證研究，證券市場發展，19卷，1期，91-132頁。

溫智源，2004，從應計盈餘動機探討分析師對管理預測反應之研究，國立中正大學會計學研究所未出版碩士論文
Avramov, D., Chordia, T., Jostova, G. and Philipov, A. 2009. Dispersion in An-alysts' Earnings Forecasts and Credit Rating. Journal of Financial Economics (JFE), Vol. 91, 83-101

Chi and Lee,2010.The conditional nature of the value of corporate govern-ance，Journal of Banking & Finance，Volume 34, Issue 2, February 2010, Pages 350–361

Dittmar and Mahrt-Smith(2007)，Corporate governance and the value of cash holdings，Journal of Financial EconomicsVolume 83, Issue 3, Pages 599–634

Dhaliwal, D. S., O. Z, Li, A. Tsang, and Y. G. Yong. 2011. Voluntary nonfinan-cial disclosure and the cost of equity capital: The initiation of corporate so-cial responsibility reporting. The Accounting Review 86 (1): 59–100.

Dhaliwal, Suresh Radhakrishnan, Albert Tsang, and Yong George Yang ,2012.Nonfinancial Disclosure and Analyst Forecast Accuracy: Inter-national Evidence on Corporate Social Responsibility Disclosure. The Ac-counting Review: May 2012, Vol. 87, No. 3, pp. 723-759.

Hansen, G.A., and C.F. Noe., 1998, Do Managers’ Accrual Decision Speak Louder Than Words? Working paper. Harvard University.

Healy, P. M. 1985. The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics, volume 7, issue1-3, 85-107.

Kasznik, R.,1999.On the association between voluntary disclosure and earnings management. Journal of Accounting Research Vol. 337 No. 1, 57-81.

Luo and C.B. Bhattacharya,2006.Corporate Social Responsibility, Customer Satisfaction, and Market Value. Journal of Marketing: October 2006, Vol. 70, No. 4, pp. 1-18.

McConnell and Muscarella,1985.Corporate capital expenditure decisions and the market value of the firm，Journal of Financial Economics，Volume 14, Issue 3, Pages 399-422.

Ruf et al.,2001.An Empirical Investigation of the Relationship Between Change in Corporate Social Performance and Financial Performance: A Stakeholder Theory Perspective, Journal of Business Ethics, Volume 32, Is-sue 2, pp 143–156.

Verschoor,1998.A study of the link between a corporation's financial per-formance and its commitment to ethics, Journal of Business Eth-ics,Volume17,Issue13,pp1509–1516.

Waddock and Samuel B. Graves ,1997.The Corporate Social Perfor-mance-Financial Performance Link ，Strategic Management Journal Vol. 18, No. 4, pp. 303-319.

Wang, S. and J. D’Souza, 2006.Earnings Management: The Effect of Ac-counting Flexibility on R&D Investment Choices. Working Paper, Cornell Universit