臺灣博碩士論文加值系統

本研究意在分析企業當年度參與的企業社會責任活動( CSR )，是否會影響下一年度企業自身資訊不對稱的狀況。研究期間為2015年至2017年共3年，研究對象為臺灣證券交易所上市和證券櫃檯買賣中心上櫃，且有發布CSR報告書之企業。本研究於CSR報告書之內容與企業負面新聞中獲取CSR活動之正面和負面資訊並將之轉換成數值評分，最後將正面和負面CSR分數的合計值作為CSR綜合評估指標，並以買賣價差、流動性不足指標、分析師意見分歧作為衡量資訊不對稱之代理變數。根據實證結果表明，當年度企業參與CSR活動的程度對下一年度公司股票之買賣價差與流動性不足指標有顯著負向的影響，但並未發現與下年度分析師預測的分歧程度有相關性。並更深入考量企業風險是否具有調節效果，發現對於高企業風險之公司而言，參與CSR活動對分析師預測公司每股盈餘之分歧程度的負向影響效果比低企業風險之公司還要強，證實企業風險會擴大CSR活動與分析師預測企業每股盈餘的分歧程度之間的負相關，由此可知企業參與CSR活動對資訊不對稱具有一定的影響力。

The main purpose of this study is to explore whether the corporate social responsibility activities in which the company participates in the year will affect the information asymmetry between the enterprise itself and the outside people in the next year. This study takes positive and negative information about CSR activities and converts them into numerical scores from the content of CSR reports and negative corporate news. Then, the aggregate values of positive and negative CSR scores are used as a comprehensive measure of corporate social responsibility. dispersion of analysts’ forecasts (DISP), the price impact measure (AMIHUD) and the bid–ask spread (SPREAD) are used as proxy variables for information asymmetry. The samples of this study come from Taiwan Stock Exchange with the issue of CSR reports during the period from 2015 to 2017, in which consists of 3 years of listed companies. According to the empirical results of this study, the degree to which the company participates in corporate social activities in the year has a significant negative impact on the SPREAD and AMIHUD of the company's shares in the next year, but it isn’t found to be relevant to the dispersion of analysts’ forecasts next year. This study further discusses whether enterprise risk is the moderator, we find that for companies with high corporate risk, participation in CSR activities had a stronger negative impact on dispersion of analysts’ forecasts than for companies with low corporate risk, it confirms that corporate risk will expand the negative correlation between CSR activity and analysts predicting the degree of divergence in corporate EPS. Therefore, the participation of enterprises in CSR activities has a certain influence on information asymmetry.

目 錄
圖 目 錄 iv
表 目 錄 iv
第一章 緒論 1
1.1 研究背景與動機 1
1.2 研究目的 3
1.3 預期研究貢獻 3
1.4 研究流程及架構 4
第二章 文獻探討 6
2.1 企業社會責任 6
2.1.1 企業社會責任的衡量方式 7
2.1.2 落實企業社會責任的影響 12
2.2 資訊不對稱 13
2.3 企業社會責任對資訊不對稱的影響 15
2.3.1 資訊不對稱的衡量 17
2.3.2 企業風險的調節效果 19
第三章 研究方法 20
3.1 樣本選取、研究期間與資料來源 20
3.2 實證模型 21
3.3 變數衡量 23
第四章 實證結果分析 28
4.1 敘述性統計 28
4.2 相關係數 31
4.3 多元迴歸分析 34
4.3.1 企業社會責任活動對資訊不對稱的影響 34
4.3.2 企業風險之調節效果 37
4.4 額外測試 39
4.5 實證結果彙總 42
第五章 結論與建議 43
5.1 研究結論 43
5.2 研究限制與建議 44
5.3 研究貢獻 45
參考文獻 46

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