臺灣博碩士論文加值系統

本文根據2008至2015年間臺灣地區公開發行銀行的資料，檢驗銀行的社會責任表現與其經營風險的關聯性。社會責任對公司經營成果或經營風險的既有研究已相當豐富，但由金融業的角度探討從事社會責任與經營風險之關聯性的研究則相對較少，畢竟銀行業在一國金融體系的發展與穩定性中扮演重要角色，因負債比率較高而導致其經營風險較大，銀行業的績效表現與風險對股東、廣大存款戶及其他債權人甚至整個金融穩定的影響相對顯著，因此有必要從銀行業的角度來探究銀行的經營若能更有道德、更能將其經營成果與所有利害關係人分享，這樣究竟會如何影響銀行的經營風險。另外，金融業的會計法規與政府管制與一般產業不同，衡量銀行風險的指標與一般企業也有所差異，故本論文嘗試填補此研究缺口，以台灣公開發行銀行為對象，分析銀行業社會責任的投入對銀行經營風險的影響。
根據銀行是否被遠見雜誌與天下雜誌分別頒發企業社會責任獎與企業公民，本論文設立虛擬變數以衡量銀行在社會責任上的投入。在銀行風險指標上，本論文以銀行的資本適足率、逾期放款比率、流動比率、一年內利率敏感性資產負債比率以及Z-score作為代理變數。本文採用變數的敘述統計量分析與檢定、社會責任變數與銀行風險變數間之相關係數分析以及多重迴歸分析以檢驗銀行的風險指標是否受其社會責任表現所影響。預期實證結果發現，銀行若有相對較佳的社會責任表現，平均來說，銀行有較高的資本適足率、較低的逾期放款比率、較高的流動準備比率、一年內利率敏感性資產負債比率較高以及較高的Z-score，表示社會責任投入程度較高的銀行普遍有較高的資本適足性、資產品質較佳、流動性風險較低而且亦有較高的破產風險。支持既有研究中關於公司在社會責任上表現良好將使公司在股票市場上有風險緩解效果(Risk-Reducing Effect)的觀點以及公司股價下跌時，社會責任表現良好的公司其股價下跌的幅度相對較小的保險效果(Insurance Effect)的觀點。
本論文的管理意涵為，投資人若選擇銀行業公司為投資標的時，那些社會責任表現較佳的銀行將是投資風險較低的標的；就銀行管理者而言，銀行投入資源在社會責任上並不會減損公司的經營成果，反而有助於經營風險的降低；就主管機關來說，銀行業這種高度政府管制以及影響百姓生活層面非常廣的產業來說，更應該要求其善盡社會責任或編制社會責任以降低其經營風險。

This master thesis examines the linkage between bank’s Corporate Social Responsibility (CSR) engagement and operating risk, based on data of 27 public banks of Taiwan through 2008~2015. Existing literature has argued firm taking CSR tends to have benefits as well as on wide range of economic consequence, yet the number of existing studies examining CSR on the operating risk based on banking firm is rare. Banking industry plays a significant role in the development and stability of the financial system. While a bank typically has higher debt ratio and greater risk, the performance and risk of the banking sector have wide influences on shareholders, depositors, other stakeholders and even stability of the entire financial markets and economic system. It is necessary to explore the impact of bank’s CSR engagement on operating risk from the perspective of the banking industry. In addition, the accounting standard and government regulation for financial sector is divergent from non-financial sector, the performance versus risk measurement are also distinguished between financial versus non-financial industry. Above two reasons form the research motivation of the research.
This research employs the annual name-list of the Global Views Monthly’s “CSR-Award” and the Common Wealth’s “Corporate Citizens” to construct a dichotomous indicator as proxy variable for bank’s CSR engagement. Once a bank sample is conferred by the Global Views Monthly’s “CSR-Award” and the Common Wealth’s “Corporate Citizens”, CSR variable is equal to one, and zero otherwise. On the bank's operating risk indicator, this research uses Bank International Settlement (BIS) capital adequacy ratio, nonperforming loan ratio, liquidity reserve ratio, market sensitivity measure and Z-score as five proxy variables. Based on summary statistics test, correlation analysis and multiple regression estimation, the empirical result shows that bank with superior performance on CSR tends to have higher capital adequacy ratio, lower nonperforming loan ratio, higher liquidity reserve ratio but lower, means that bank with CSR tends to have greater capital adequacy, higher asset quality, lower liquidity risk but higher bankruptcy risk.
The implication of this research is threefold. First, the investor may choose bank with superior performance on CSR as their target. Second, bank manager may learn that bank’s engaging drives twin benefit, namely, for the society and for the bank itself. Third, the government authority may encourage banking firm to be more social responsible to have a stable banking system.

謝誌 I
摘要 II
ABSTRACT V
目錄 VIII
圖目錄 X
表目錄 XI
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 7
第三節 研究架構與流程 8
第貳章 文獻探討 11
第一節 企業社會責任的定義與發展 11
第二節 銀行業從事社會責任的利益與成本 17
第参章 變數、資料與實證方法 23
第一節 變數定義與衡量 23
第二節 實證模型－多重迴歸分析 35
第三節 銀行樣本與資料來源 37
第肆章 實證結果 38
第一節 敘述統計量與相關分析 38
第二節 迴歸分析結果 44
第伍章 結論與建議 53
第一節 結論與政策意涵 53
第二節 研究限制與後續研究建議 54
參考文獻 56
【中文文獻】 56
【英文文獻】 57

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