臺灣博碩士論文加值系統

本研究利用2005至2017年臺灣上市櫃非金融產業共1535家公司的資料，檢驗企業社會責任與投資效率之關聯。既有研究大多探討社會責任與公司營運成果與其他經濟後果指標的關係，但是對於公司的社會責任是否會影響公司投資效率則相對較少，投資效率是一個資本支出是否具有效率性，是否浪費股東資本的一個重要關切變數。本研究企業社會責任是根據第三方評鑑，透過天下、遠見雜誌之評比名單以及中國上海證券交易所建構的量化指標公司社會貢獻值。實證結果顯示，連續獲獎的社會責任公司，在降低投資不足或過度投資上面，其效用最為明顯。本研究更進一步探討企業社會責任對於投資效率一些非線性的影響，發現社會責任有助於改善過度投資和投資不足，反之，當社會責任投入太多，則又使得投資減少。

This study used data from 1,535 companies in the non-financial industry listed in Taiwan from 2005 to 2017 to examine the relationship between corporate social responsibility and investment efficiency. Previous literature primarily focus on the relationship between the company's operating results and other economic outcome indicators, but the effect of corporate social responsibility on the company's investment efficiency is seldom examined. This research is investigating on company’s capital expenditure whether it is efficient and becoming company’s worthy investment. This study is based on the third-party assessment of the World and Vision Magazine and the social contribution of the Shanghai Stock Exchange of China. The empirical result shows that the consecutive award winner has the most obvious effect in reducing underinvestment or overinvestment. Further this study explore the nonlinear effects of CSR on investment efficiency. The result shows that social responsibility has contribution on improving overinvestment and underinvestment. On the contrary, excessive social responsibility will reduce investment efficiency.

目錄
摘要...................................................................................................................I
Abstract...........................................................................................................II
謝誌................................................................................................................III
目錄................................................................................................................IV
圖目錄..............................................................................................................V
表目錄............................................................................................................VI
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.......................................................................7
第貳章 文獻探討...........................................................................................10
第一節 企業社會責任的相關規範與發展.........................................10
第二節 企業社會責任的利益與成本.................................................13
第三節 投資效率的決定性因素.........................................................15
第四節 企業社會責任與投資效率.....................................................17
第參章 變數、實證模型與樣本資料...........................................................21
第一節 變數.........................................................................................21
第二節 實證模型.…............................................................................36
第三節 樣本與資料來源.....................................................................37
第肆章 實證結果與分析...............................................................................38
第一節 敘述統計量與相關係數矩陣.................................................38
第二節 迴歸分析結果.........................................................................42
第三節 敏感性分析…….....................................................................50
第伍章 結論與建議.......................................................................................56
第一節 研究結論與政策意涵.............................................................56
第二節 研究限制與後續研究建議.....................................................57
參考文獻.........................................................................................................59

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