臺灣博碩士論文加值系統

本研究之目的在探討企業社會責任、公司治理機制與機構投資人持股的關連性，以2007至2014 年獲天下雜誌「企業公民TOP50」獎的台灣上市櫃公司為研究樣本，並且利用台灣經濟新報（TEJ）資料庫，搜集公司治理指標變數及企業財務績效等資訊，採1：5配對未獲得企業公民獎樣本進行迴歸分析。
實證結果發現：機構投資人總持股比例與實踐企業社會責任及公司治理指數較佳的公司呈顯著正相關；並進一步將機構投資人區分成外資、投信、自營商時，發現外資的持股比例與實踐企業社會責任及公司治理較佳的公司顯著正向影響。投信持股比例與實踐企業社會責任呈現負相關，但未達5%顯著水準；與公司治理指數無顯著關係。而自營商持股比例則與企業社會責任及公司治理指數兩變數皆無顯著關係，本研究的結果意味著三大法人間所重視的資訊存在差異性。

This research focuses on the relationship among the corporate social responsibility (CSR), corporate governance mechanism and shareholdings of institutional investors. Based on a sample of firms listed on Taiwan Securities Exchange, elected the “ Excellence in Corporate Social Responsibility top 50 ” of Common Wealth Magazine over the period from 2007 to 2014. A one-to-five pairwise approach is used to selected (i.e.,the control group) for the linear regression analysis.
The empirical study indicates that CSR and corporate governance index there is a significant positive relationship on shareholdings of institutional investors. Further divides institutional investors into foreign investment, investment trust, and dealers. The results indicate that CSR and corporate governance index there is a significant positive relationship on shareholdings of foreign investment. CSR has a negative effect on shareholdings of investment trust；corporate governance index there is non-correlation on shareholdings of investment trust. While CSR and corporate governance index there is non-correlation on shareholdings of dealers. It reveals that institutional investors favor different characteristics of stock holdings.

目錄
中文摘要 i
英文摘要 ii
誌謝 iii
目錄 iv
表目錄 vi
圖目錄 vii
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 3
第三節 研究架構與流程 4
第二章 文獻探討 6
第一節 企業社會責任 6
第二節 公司治理 9
第三節 機構投資人 14
第三章 研究設計與方法 18
第一節 研究假說 18
第二節 研究樣本與資料來源 20
第三節 變數定義與實證模型 21
第四章 實證結果與分析 28
第一節 敘述性統計 28
第二節 相關係數分析 32
第三節 迴歸模型實證分析 34
第五章 結論與建議 42
第一節 研究結論 42
第二節 研究限制與建議 43
參考文獻 45

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