臺灣博碩士論文加值系統

企業社會責任（CSR）近年來成為全球焦點議題，相關數據和資料的完備性逐漸提升。然而，新型冠狀肺炎（COVID-19）疫情近年來對全球股市造成巨大崩盤，引起學術界對其影響因素的密切關注。本研究旨在探討企業社會責任的重要性提升是否影響公司資本結構的調整速度，並進一步探究在發生新型冠狀肺炎疫情時，企業社會責任是否對資本結構調整產生相同影響。研究使用台灣經濟新報TEJ資料庫，針對2015年至2021年期間所有台灣上市及上櫃公司進行相關研究，並排除金融業及數據缺失的公司。本論文進行實證研究後發現，企業社會責任對資本結構調整產生正面影響。

In recent years, Corporate Social Responsibility (CSR) has gained increasing global attention, accompanied by improved availability of related data and information. However, the outbreak of the COVID-19 pandemic triggered a significant worldwide stock market crash, which has spurred scholarly interest in understanding its influencing factors. This study aims to investigate whether the growing significance of CSR impacts the pace of firms' capital structure adjustments and further examines whether CSR exhibits a similar influence during a COVID-19 pandemic. Utilizing the Taiwan Economic Journal (TEJ) database, this research encompasses all companies in Taiwan from 2015 to 2021, excluding financial industries and companies with incomplete data. The empirical findings in this paper establish a positive correlation between CSR and the speed of capital structure adjustments.

目錄

第一章 介紹及研究動機 ………………………………………10

第二章 文獻和假設
第一節 資本結構調整速度 ……………………………………13
第二節 企業社會責任 …………………………………………14
第三節 企業社會責任和調整速度 ……………………………16
第四節 危機時期與企業社會責任 ……………………………17
第五節 資本結構調整速度在危機時期 ………………………18

第三章 研究方法
第一節 樣本和數據 ……………………………………………19
第二節 資本結構調整模型 ……………………………………20
第三節 企業社會責任對調整速度的影響 ……………………21

第四章 實證結果
第一節 描述性統計 ……………………………………………23
第二節 相關性比較 ……………………………………………24
第三節 一般時期的實證結果 …………………………………25
第四節 疫情時期的實證結果 …………………………………27
第五節 內生性檢驗 ……………………………………………29

第五章 結論 ……………………………………………………31

參考資料 ………………………………………………………33



圖目錄

圖1 研究流程圖 ………………………………………………19



表目錄

表1 各個變數的定義 …………………………………………22
表2 各變數之統計值 …………………………………………23
表3 變數相關性 ………………………………………………24
表4 ESG score一般時期的檢測結果 ………………………26
表5 疫情時期的檢測結果 ……………………………………28
表6 內生性檢驗結果 …………………………………………30

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