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    ASIA unversity > 管理學院 > 財務金融學系 > 博碩士論文 >  Item 310904400/112234


    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/112234


    Title: 企業社會責任與資本市場評價之研究
    Corporate Social Responsibility and Evaluation on the Capital Market
    Authors: 黃慧瑜
    Huang, Hui-Yu
    Contributors: 財務金融學系
    Keywords: 企業社會責任;資本市場;股票報酬
    Corporate Social Responsibility;capital market;stock return
    Date: 2019
    Issue Date: 2019-10-28 09:14:13 (UTC+8)
    Publisher: 亞洲大學
    Abstract: 臺灣近年來因為金融海嘯、食安風暴、產品混充及知名企業汙染環境等問題,嚴重的影響資本市場的秩序,更引起了社會大眾的不安。
    企業社會責任(CSR)受到國內外的重視,也已成為國際企業的趨勢,現在全球也越來越重視企業對社會、經濟及環境的影響。因此,本研究採取樣本公司網站逐筆的蒐集臺灣上市(櫃)公司彚整CSR報告並發佈之CSR報告的認證資料。將2009年至2018年的臺灣上市(櫃)公司作為樣本,全面性探討資本市場特性與CSR報告之關聯性,而資本市場特性會用資訊不對稱、Tobin’s Q、股票報酬來做衡量。
    本論文研究結果顯示揭露CSR報告確實能緩解企業之間資訊不對稱的問題,且對於未揭露CSR報告之企業來說,揭露CSR報告的企業有著明顯較高的市場價值及股票報酬。
    整體而言,揭露CSR報告能在公司的市場價值及股票報酬上獲得正面的證據。因此,可推論出CSR報告對資本市場具有正面的影響力。
    Various problems in Taiwan, such as the global financial crisis, food safety crises, product fraud, and environmental pollution of well-known enterprises, have seriously affected order in the capital markets and caused social unrest in recent years. At the same time, corporation social responsibility (CSR) has gotten more and more attention at home and abroad and become a trend of international enterprises. The world is now placing more emphasis on the positive and negative effects that enterprises have on society, the economy, and the environment. Therefore, this study utilizes the sample companies’ websites to collect certificated data of listed (OTC) companies in Taiwan to integrate and analyze CSR reports. Listed (OTC) companies in the high-technology industry of Taiwan from 2009 to 2018 are taken as the samples to comprehensively explore the relevance between capital market characteristics and CSR reports, with capital market characteristics measured through information asymmetry, Tobin's Q, and stock returns.
    The study’s results herein show that disclosing CSR reports indeed eases information asymmetry between enterprises. Moreover, compared to enterprises whose CSR reports are not disclosed, enterprises that did disclose CSR reports have significantly higher market values and stock returns. Overall, disclosing CSR reports provides positive evidence for enterprises’ market values. Hence, it can be inferred that CSR reports positively affect capital markets.
    Appears in Collections:[財務金融學系] 博碩士論文

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