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Title:	自願編製企業社會責任報告書與其認證對公司股價影響之事件研究 The Impact of Voluntary Preparation and Assurance of Corporate Social Responsibility(CSR) Report on Company`s Stock Price－Event Study
Authors:	章瑋傑 Zhang, Wei-Jie
Contributors:	郭弘卿 Kuo, Horng-Ching 章瑋傑 Zhang, Wei-Jie
Keywords:	企業社會責任報告書自願編製企業社會責任報告書認證事件研究法 CSR report Voluntarily prepare CSR reports Assurance Event study
Date:	2018
Issue Date:	2018-07-04 14:45:23 (UTC+8)
Abstract:	本研究以出具2014年度、2015年度或2016年度企業社會責任報告書的上市、上櫃公司為研究樣本，並站在投資者的角度，探討投資者對於企業社會責任報告書的編製原因、認證與否以及認證種類(如：AA1000AS：2008的Type1、Type2， ISAE 3000或確信準則公報第一號)的市場反應程度，以提供給產、官、學界作為實務運作、政策推動的參考。研究結果顯示，企業社會責任報告書經認證的企業相較於非經認證的企業產生顯著較高的股價異常報酬，代表經認證的企業社會責任報告書對投資者而言可以提供更可靠資訊以及提升資訊的內涵價值，使投資者在選擇投資標的時會傾向選擇企業社會責任報告書經認證之企業。另外，自願編製企業社會責任報告書之企業相較於強制編製者，未產生顯著較高的股價異常報酬，表示投資者未特別青睞此種企業。對於採用較可靠認證方法(如：Type2、ISAE 3000或確信準則公報第一號)的企業相較於採用Type1認證或無認證的企業，產生較高的股價異常報酬，但未達顯著水準。本研究認為此仍可推論採用較可靠認證方法能夠提升資訊的內涵價值，投資者亦較偏好投資於提供較可靠資訊之企業；而未達顯著水準，主因在於並非所有的投資者都了解不同認證種類的差異，加上觀察年度較少以及樣本分布不均所致。最後，自願編製企業社會責任報告書且通過較可靠認證的企業其股價異常報酬未顯著高於其他公司，表示投資者亦未特別青睞此種企業。 Using the sample of listed companies with CSR reports for 2014,2015 or 2016. This study investigates investors’ market responses to the preparation of CSR reports, assurance of CSR report and type of assurance of CSR report(eg, Type1 of AA1000AS：2008, Type2 of AA1000AS：2008, ISAE 3000 or ASSURANCE NO.1). This finding may offer advice to the companies, government, and academia. The result shows that companies issuing assured CSR Report have significantly higher abnormal returns than non-assured companies, representing that assured CSR reports can provide investors with more reliable information and enhance the value of information, so investors will tend to choose companies with assured CSR report to invest. In addition, companies that voluntarily prepare CSR reports don’t have significantly higher abnormal returns than mandatory companies, indicating that these companies make no difference to investors. Companies that adapt more reliable assurance methods (eg, Type2, ISAE 3000, or ASSURANCE No. 1) have higher abnormal returns than others, but this result does not achieve a significant level. However, it still indicates that companies which adapt more reliable assurance methods can enhance the value of information and investors also prefer these companies. The reason without achieving a significant level is that not all investors understand the differences between different types of assurance. In addition, fewer observation years and uneven distribution of samples may cause the bias. Finally, companies that voluntarily prepare CSR reports and adapt more reliable assurance methods don’t have significantly higher abnormal returns than others, indicating that investors don’t particularly favor such companies.
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Description:	碩士國立政治大學會計學系 105353031
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0105353031
Data Type:	thesis
DOI:	10.6814/THE.NCCU.ACCT.010.2018.F07
Appears in Collections:	[Department of Accounting] Theses

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