臺灣博碩士論文加值系統

近年來企業社會責任儼然成為趨勢，過去的文獻對於CSR有正反兩面的立場，一方認為企業社會責任能夠提高公司的財務績效對公司帶來正面效益，而另一方則認為公司長期投入企業社會責任是成本的增加。與過去文獻不同之處在於，本研究探討公司長期實施企業社會責任，對於公司發生重大事件時是否會產生類保險效果。本研究之研究期間為2010年1月1日至2020年12月31日，以航運業上市櫃公司在公開資訊觀測站上的重大訊息作為樣本，使用特徵詞篩選出重大事件，接著再將重大事件依照事件起因之不同進行分類。首先，依事件起因不同進行分類，結果發現事件起因是因媒體報導之澄清對股價影響較小，空難事件對於報酬有急遽下降之情況，相對於罷工事件發生時，累積異常報酬是呈現緩步下跌的狀態且影響較深遠。其次，針對事件公司的市場價值大小對於事件日前後的累積異常報酬影響進行分析，結果顯示事件日前後30日的事件期間，其市場價值越大的公司對於事件日前後的累積異常報酬有顯著的差異。公司長期透過各種管道建立企業形象，其中在事件日前新聞媒體報導越樂觀，對於公司在發生重大事件後的累積異常報酬及股價報酬有負面影響，推論此原因是因投資人對於公司股價過度樂觀及重大事件中有一半屬於影響時間較長的罷工事件。此外，透過長期經營企業社會責任之公司，對於公司面對事件日後的累積異常報酬及股價報酬皆有正向影響，表示公司投入企業社會責任有助於在面對事件時能減少股價的損失。短期內，企業社會責任對於股價波動度影響程度較大，但隨著時間流逝股價波動度逐漸趨緩。綜合上述結果，本研究發現企業形象及實施企業社會責任對事件公司應具有類保險效果，因此公司應更積極投入企業社會責任的經營，以利公司面對重大事件時能降低事件所帶來之衝擊。

In recent years, corporate social responsibility has become a trend. From the past literature, there are pros and cons of CSR. One side believes that corporate social responsibility can improve the company’s financial performance and bring positive benefits to the company, while the other believes that the company’s long-term investment in CSR is the increase of the company's cost. The difference from the previous literature is that this study explores whether the long-term engagement of corporate social responsibility by companies will have insurance-like effects when major events occur in the company. The research period takes from 2010 to 2020. From the material information on the Market Observation Post System, major events were selected using the major event of characteristics terms, and then the major events were classified according to the cause of the event. First, after categorizing the events according to different causes, it turns out that the cause of the event is that the clarification of media reports has less impact on the stock price. The air crash event has a sharp decline in cumulative abnormal returns. Compared with the strike event, the cumulative abnormal returns are in a state of slow decline and have a longer impact. Secondly, analyze the impact of the event company’s market value on the cumulative abnormal returns around the event day, and the results show that during the 30 days before and after the event day, the company with the larger market size has a significant difference on the cumulative abnormal returns. The company has established its corporate reputation through various channels for a long time. The more optimistic the news media reports before the event, the negative impact on the company’s accumulated abnormal returns and stock returns after the major events have occurred. It is inferred that the reason is that investors are overly optimistic about the company’s stock price and half of the major events are strikes that have a longer impact. In addition, companies that engage in corporate social responsibility long-term have a positive impact on the company’s cumulative abnormal returns and stock returns after the major events. It means that the company’s engagement in corporate social responsibility can help reduce the loss of stock price in the face of major events. In the short term, corporate social responsibility has a greater impact on volatility, but it diminishes with time. The above results indicate that corporate reputation and CSR engagement have insurance-like effects on event companies. Therefore, the companies should be more active in engaging corporate social responsibility, so that the company can reduce the risk of major events.

摘要 i
Abstract ii
誌謝 iii
目錄 iv
圖目錄 vi
表目錄 vii
壹、 緒論 1
一、 研究背景 1
二、 研究流程圖 3
三、 研究問題 4
貳、 文獻探討 5
一、 重大事件對事件公司之影響 5
二、 投資人情緒對於股票市場影響 7
三、 新聞媒體對於股票市場之影響 8
四、 企業社會責任對公司財務績效之影響 9
五、 企業社會責任對於公司的類保險效果 10
參、 研究資料與變數描述 12
一、 重大訊息之說明 12
二、 應變數與控制變數說明 17
三、 情緒指標之建立 19
四、 企業社會責任參與程度建立 22
肆、 研究方法 24
一、 事件研究法之應用 24
二、 平均數差異性檢定 26
三、 累積異常報酬之迴歸分析 27
四、 股價報酬之迴歸分析 28
五、 波動度之迴歸分析 29
伍、 實證研究 32
一、 敘述性統計 32
二、 相關係數分析 38
三、 事件研究法 43
四、 平均數差異性檢定 47
五、 累積異常報酬之迴歸分析結果 51
六、 股價報酬之迴歸分析結果 56
七、 波動度之迴歸分析結果 61
陸、 結論與建議 68
一、 結論 68
二、 建議 70
參考文獻 71
一、 中文文獻 71
二、 英文文獻 72
附件一 75

一、 中文文獻
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