近年來伴隨著大量使用石化燃料與過度開發土地，造成全球氣候異常、天然災害事件頻傳，加上自由化與全球化的來臨，國際間經貿往來與交互投資行為大幅提升，對於營運地區亦產生廣泛衝擊，包括人權、勞工權益、資源配置、貪腐賄賂等社會問題。因此，企業被賦予的期待已不再只是績效的提升與獲利能力的追求，更是對社會、環境同樣承擔履行責任的義務。接連著各地企業出現重大舞弊案，導致投資人對於公司財務資訊失去信心，因此投資人應考慮非財務資訊。企業社會責任的重要性日益增加。投資市場也出現以從事企業社會責任的企業為主，但學術上目前對於 CSR 是否能提升經營績效，在學術上研究結論並不一致。
本研究以2014至2016之上市上櫃公司且有發布企業社會責任報告書之企業為主要研究對象，針對企業社會責任報告書是否為公司企業自願揭露對企業價值的影響作探討。本研究分別以股價(P)及股價報酬率(RET)作為企業價值之代理變數，實證結果發現在短期看股價而言，自願性揭露CSR報告書對股價有增額的資訊效果。但在長期來看，自願性揭露CSR報告書對股價報酬率沒有明顯影響。

In recent years, with the extensive use of fossil fuels and over-exploitation of land, global climate anomalies and natural disasters have been reported. Along with the advent of liberalization and globalization, international economic and trade exchanges and cross-border investment have greatly increased, and have also produced a wide range of operating areas. Impacts include social issues such as human rights, labor rights, resource allocation, corruption and bribery. Therefore, the expectation that companies are given is no longer just a result of the improvement of performance and the pursuit of profitability, but also the obligation to fulfill the responsibility for society and the environment. After successive major companies have experienced major fraud cases, investors have lost confidence in the financial information of the company. Therefore, investors should consider non-financial information. The importance of corporate social responsibility is increasing. The investment market is also dominated by companies that are engaged in corporate social responsibility. However, academic research on whether CSR can improve business performance is inconsistent.
This study uses companies listed on the market from 2014 to 2016 and has published corporate social responsibility reports as the main research object, and discusses whether the corporate social responsibility report is for companies to voluntarily disclose the impact on corporate value. This study uses stock price (P) and stock price return (RET) as proxy variables for corporate value. The empirical results show that in the short-term view of stock prices, voluntary exposure of CSR reports has an information effect on stock prices. However, in the long run, the voluntary disclosure of the CSR report has no significant effect on the stock price return.

中文摘要 I
英文摘要 II
致謝 III
目錄 IV
表目錄 V
圖目錄 VI
第一章 緒論 1
第一節 研究動機與目的 2
第二節 研究架構 4
第二章 文獻回顧與假說發展 6
第一節 企業社會責任定義 6
第二節 企業社會責任緣起 8
第三節 臺灣企業社會責任發展 12
第四節 企業社會責任與股價 14
第三章 研究方法 17
第一節 實證模型 17
第二節 變數衡量與定義 18
第四章 實證結果 20
第一節 資料來源 20
第二節 敘述統計量 23
第三節 相關係數 25
第四節 迴歸分析 27
第五章 結論及建議 32
參考文獻 33

1.黃正忠，2009，突破CSR在台灣的罩門，證券櫃檯月刊第141期，第22-26頁
2.李建然，2002，管理當局信譽與自願性盈餘預測-資訊內涵關係之研究，會計評論第34 期， 第 77-99 頁
3.彭火樹，2005，股價與盈餘關係之研究：盈餘與權益帳面價值定式問題之再考量，會計評論第40 期，第 69-90 頁
4.張家銘，2003，探討CSR新聞對散戶比例較高之新興市場的股價是否具增額資訊效果，國立成功大學財務金融所碩士論文
5.廖益均，2016，企業社會責任報告書:資訊透明度觀點，貨幣觀測信用評等第120期，第61-69頁
6.劉美纓，2014，企業社會責任與公司治理、公司績效之關連性研究，第17 屆科際整合管理研討會，第17-30 頁
7.戚務君、謝昇樺，2015，探討企業社會責任的會計研究，貨幣觀測信用評等第111期，第4-20頁
8.李秀英，2001，企業社會責任與公司績效之關聯性，東海管理評論第十三卷第一期，第77-112頁
9.陳振遠，2008，會計資訊、公司治理特性與企業評價之攸關性，會計與公司治理第五卷第二期，第79-108 頁
10.黃瓊瑤，2013，企業社會責任事件宣告與股價異常報酬之研究，當代會計第十四卷第二期，第175-204頁
11.張元，2001，社會責任公司有較高的股票報酬嗎？，輔仁管理評論（社會企業專刊），第十八卷第一期，第79-118頁
12.陳文魁，2008，有社會責任會有較好的股價嗎? 財務與股價連結研究，證券櫃檯8月號，第106-121頁
13.曹耀鈞，2012，股價對環境、社會與治理負面訊息反應之研究，會計與公司治理第八卷第二期，第51-75頁
14.葛俊佑，2015，企業社會責任表現變動與股價報酬關聯之實證研究，國立臺灣大學管理學院會計學研究所博士論文
15.Ajinkya, B. B., and J. M. Gift. (1984). Corporate managers’ earnings forecasts and symmetrical adjustments of market expectations. Journal of Accounting Research 22(February): 425-444.
16.Alexander, G. J. and R, A. Buchholz. (1978). "Corporate Social Performance and Stock Market Performance", Academy of Management Journal, 21, 479-486.
17.Balakrishnan, R., G. B. Sprinkle, and M. G. Williamson. (2011). Contracting benefits of corporate giving: An experimental investigation. The Accounting Review 86 (6): 1887-1907.
18.Ball, R. and P. Brown, (1968), "An Empirical Evaluation of Accounting Income Numbers.",Journal of Accounting Research, Vol. 6, 159-178.
19.Ballou, B., R. J. Casey, J. H. Grenier, and D. L. Heitger. (2012) Exploring the strategic integration of sustainability initiatives: Opportunities for accounting research, Accounting Horizons 26 (2): 265-288
20.Barth, M., W. Beaver, and W. Landsman. (1993). A structural analysis of pension disclosures under SFAS 87 and their relation to share prices. Financial Analysts Journal,49(January/February): 18-26.
21.Beaver, W. H. 1968. The information content of annual earnings announcements. Journal of Accounting Research 6(3): 67-92.
22.Bowman, E. H. and M, Haire, (1975), "A Strategic Posture toward Corporate Social Responsibility",California Management Review, 18, 49-58.
23.Brammer, S., C. Brooks, and S. Pavelin. (2009). The stock performance of America's 100 Best Corporate Citizens. The Quarterly Review of Economics and Finance 49 (3): 1065-1080.
24.Cahan, S. F., C. Chen, L. Chen, and N. H. Nguyen. (2015). Corporate social responsibility and media coverage. Journal of Banking and Finance 59: 409-422
25.C. S. Agnes Cheng, Joseph K. Cheung & V. Gopalakrishnan,(1993), On the Usefulness of Operating Income, Net Income and Comprehensive Income in Explaining Security Returns, Accounting and Business Research Pages 195-203
26.Clarkson, P. M., Y. Li, and G. D. Richardson. (2004). The market valuation of environmental capital expenditures by pulp and paper companies. The Accounting Review 79 (2): 329-353
27.Cohen, J., Holder-Webb Lori, L. Nath, and D.Wood,(2011), Retail investors' perceptions of the decision-usefulness of economic performance, governance, and corporate social responsibility disclosures. Behavioral Research in Accounting 23 (1):109-129
28.Collins, D. W., E. L. Maydew, and I. S Weiss (1997), “Changes in the Value-Relevance of Earnings and Book-Values over the Past Forty Years.” Journal of Accounting and Economics, 24, No. 1, 39-67.
29.Di Giuli, A., and L. Kostovetsky. (2014). Are red or blue companies more likely to go green? Politics and corporate social responsibility. Journal of Financial Economics111 (1): 158-180.
30.Dhaliwal, D. S., S. Radhakrishnan, A. Tsang, and Y. G. Yang. (2012.) Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure. The Accounting Review 87 (3): 723-759.
31.Easton, P., and T. Harris. (1991). Earnings as an explanatory variable for returns. Journal of Accounting Research, 29 (Spring): 19-36.
32.Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics 101 (3): 621-640
33.Flammer, C. (2015). Does corporate social responsibility lead to superior financial performance? A regression discontinuity approach. Forthcoming, Management Science.
34.Friedman, M. (1970). The Social Responsibility of Business is to Increase its Profits. New York Times Magazine, 13,122-26.
35.Herremans, I. M., P. Akathaporn, and M. McInnes. (1993). An investigation of corporate social responsibilityreputation andeconomicperformance.Accounting,Organizations and Society 18 (7/8): 587-604.
36.Bowen, H. R. (1953). Social Responsibilities of the businessman. New York, Harper & Brothers.
37.Lev, B., C. Petrovits, and S. Radhakrishnan. (2010). Is doing good good for you? How corporate charitable contributions enhance revenue growth. Strategic Management Journal 31 (2): 182-200.
38.Matsumura, E. M., R. Prakash, and S. C. Vera-Muñoz. (2013). Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review 89 (2): 695-724.
39.Milton Friedman (1970)，The Social Responsibility of Business is to Increase its Profits，The New York Times Magazine
40.Moskowitz, M. (1972), “Choosing Socially Responsible Stocks,” Business and Society Review, 1, 71-75.
41.Mohin, T. (2012) The top 10 trends in CSR for 2012, Forbes. com,(January 18)
42.Ohlson, J. A. (1995). Earnings, book values, and dividends in equity valuation.Contemporary Accounting Research 11: 662-687.
43.Orlitzky M., & Benjamin, J.D., (2001)," Corporate Social Performance and Firm Risk: A Meta-Analytic Review", Business and Society, 40, 369-396.
44.Parket, I. R. and. H, Eilbirt., (1975), "Social Responsibility: The Underlying Factors", Business Horizons, 18, 5-10.
45.Peloza, J., (2006), "Using Corporate Social Responsibility as Insurance for Financial Performance",California Management Review, 48, 52-72.
46.Penman, H. S. (1980). An empirical investigation of the voluntary disclosure of corporate earnings forecasts. Journal of Accounting Research 18 (January): 132-160.
47.Ramchander, S., R. G. Schwebach, and K. Staking. (2012). The informational relevance of corporate social responsibility: Evidence from DS400 index reconstitutions. Strategic Management Journal 33 (3): 303-314.
48.Ruland, W., S. Tung, and N. George. (1990). Factors associated with the disclosure of managers’ forecasts. The Accounting Review 65(3): 710-721.
49.Servaes, H., and A. Tamayo. ( 2013). The impact of corporate social responsibility on firm value: The role of customer awareness. Management Science 59 (5): 1045-1061.
50.Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics 87 (3):355-374.
51.Soloman, R. and K, Hansen., (1985). "It’s Good Business", Atheneum, New York,
52.Trueman, B., and s. Titman. (1988). An explanation for accounting income smoothing.Journal of Accounting Research 26(supplement):127-139.
53.Tsao, W. and W.K. Chen, (2006),"Socially Responsible Investment for Asian Sustainability," AFBE 2006 Annual Meeting,Hanoi, Vietnam.
54.Tsoutsourz, M., (2004), "Corporate Social Responsibility and Financial Performance", Applied Financial Project, Berkeley, California.
55.Turban, D. B. and D, W. Greening., (1997), "Corporate Social Performance and Organizational Attractiveness to Prospective Employees", Academy of Management Journal, 40, 658-672.
56.Vance, S., (1975), "Are Socially Responsible Firms Good Investment Risks?", Management Review, 64, 18-24.
57.Verrecchia, R. (1983). Discretionary disclosure. Journal of Accounting and Economics 5: 179-194.