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研究生:蕭羲澤
研究生(外文):HSIAO, HSI-TSE
論文名稱:企業社會責任績效與風險對企業現金持有之影響
論文名稱(外文):The Impact of the Corporate Social Responsibility and Risk on Corporate Cash Holdings
指導教授:林楚雄林楚雄引用關係
指導教授(外文):Lin,Chu-Hsiung
口試委員:周建新王立勳林楚雄馮鴻璣
口試委員(外文):Chou,Jian-HsinWang,Li-HsunLin,Chu-HsiungFung,Hung-Gay
口試日期:2020-05-05
學位類別:碩士
校院名稱:國立高雄科技大學
系所名稱:財務管理系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2020
畢業學年度:108
語文別:中文
論文頁數:33
中文關鍵詞:企業社會責任系統性風險現金持有
外文關鍵詞:Corporate Social ResponsibilitySystematic RiskCash Holdings
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本研究以台灣2010年至2016年排除金融業之上市企業為樣本,探討企業社會責任與現金持有之影響。因為台灣目前沒有公認的企業社會責任指標,因此本研究採用企業是否發放企業社會責任報告書作為衡量的指標。本研究發現企業社會責任並不是直接影響現金持有,而是透過系統性風險的管道,進而增加企業的現金持有。實證結果顯示,從事企業社會責任的企業會傾向長期穩健發展,且內部又可能存在代理問題,現金存量因此上升。但企業社會責任表現佳的公司,能有效降低系統性風險。低系統性風險會使企業的現金持有降低,但也會誘使企業持有到期日較短的債務結構,而再融資風險會提高,因此現金持有比率會上升。此外,本研究也使用兩階段最小平方法使實證結果降低因內生性問題所造成的影響,其結果亦顯示企業社會責任績效佳的企業會保留較多的現金。
This paper uses the data of non-financial corporations listed in Taiwan to examine the impact of corporate social responsibility (CSR) on corporate cash holding. There isn’t generally recognized index for corporate social responsibility. Therefore, in this paper we use dummy variable whether firms issue CSR reports as a proxy indicator. We find out the positive effect of CSR on cash holding through systematic risk channel. The empirical result indicates that cash holding may increase because firms engaged in CSR tend to develop sustainably, but it may arise agency problems. Firms with good CSR performance are able to reduce systematic risk. Low systematic risk will lead to firm hold less cash. Firms with lower systematic risk are expected to have a longer debt-maturity and lager refinancing risk with lager cash holding. Besides, in this paper we also adopt two-stage lease squares model to reduce the endogeneity problems. The result from two-stage lease squares also shows that firm with good CSR performance tend to hold more cash.
目錄 (Contents)
摘要 i
Abstract ii
目錄(Contents) iv
表目錄 v
圖目錄 vi
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的與貢獻 3
第三節 研究流程 4
第二章 文獻探討與假說建立6
第一節 現金持有文獻回顧 6
第二節 企業社會責任和系統性風險與現金持有的關係 7
第三章 研究方法 10
第一節 研究資料與樣本選擇 10
第二節 變數定義與衡量方法 11
第三節 研究方法與實證模型 14
第四章 實證分析 18
第一節 研究資料與敘述統計 18
第二節 實證結果 22
第三節 穩健性測試 24
第五章 結論與建議 27
第一節 結論 27
第二節 建議 28
參考文獻 29
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