臺灣博碩士論文加值系統

摘要
近年來，食安風暴與環境汙染問題日益嚴重，許多知名上市上櫃企業也爆發了許多相關的問題，使得投資大眾對企業社會責任越來越重視，也讓企業意識到永續發展是企業唯一的出路，企業在追求利潤最大化的同時，也必須對環境與社會負起責任，才能為企業繼續創造競爭的優勢，本研究旨在探討發行企業社會責任報告的企業其盈餘反應係數是否會較佳，進一步探討獲頒企業社會責任報告獎的企業其盈餘反應係數是否會比未得獎的企業來得高，並以台灣的高科技產業裡光電產業與半導體產業為原始研究樣本，採事件研究法衡量異常報酬及利用最小平方法(OLS)進行迴歸分析，樣本期間為2014年企業的盈餘宣告日至後1日。
實證結果顯示，有發行企業社會責任報告的企業其於盈餘宣告日的盈餘反應係數較佳，但其有獲頒企業社會責任報告獎的企業其盈餘反應係數並沒有比未得獎的高，其原本的假說2並未獲得支持。

In recent years, food safety and environmental concerns have become a major problem for many public-held companies; investors consider these problems to be increasingly critical. Moreover, companies recognize that the only solution to the problem is sustainable development; when pursuing profit maximization, companies are responsible for protecting the environment and society, which subsequently creates competitive advantages. Therefore, this paper examines whether the earnings response coefficient (ERC) of companies that have released their corporate social responsibility (CSR) reports is higher than that of those that have not released their CSR reports. Furthermore, this paper examines whether companies that have received the CSR award have a higher ERC than that of those that have not received the award. The research samples comprised electro-optical industries and semiconductor manufacturing companies in Taiwan, and the sample period began from the release date of the financial reports to the day after the release date. This paper adopted the event study and ordinary least squares approaches to analyze the outcomes.
The empirical results indicate that the ERC of companies that released their CSR reports was higher than their nonreleasing counterparts. However, the ERC of companies that had received the CSR award was lower than that of those who had not received the CSR award; these second empirical results do not support our hypothesis.

第一章 緒論1
第一節 研究背景與動機1
第二節 研究問題與目的3
第三節 研究架構與研究流程4
第二章 文獻探討6
第三章 研究方法10
第一節 事件研究法10
第二節 研究設計14
第三節 樣本選取16
第四章 實證結果與分析17
第五章 結論與建議 24
第一節 研究結論 24
第二節 研究限制 25
參考文獻 26

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