中山管理評論
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中山管理評論  2025/3

第33卷第1期  p.3-54

DOI:10.6160/SYSMR.202503_33(1).0001

題目
企業社會責任與公司現金增資關聯性之研究：來自台灣的證據
The Impact of Corporate Social Responsibility on Equity Offerings: Evidence from Taiwan
(172_M67db7f40b0549_Full.pdf 580KB)
作者
黃品舜、封之遠、楊曉文/國立中山大學財務管理學系、國立中山大學財務管理學系、國立政治大學金融學系
Pin-Shun Huang,Zhi-Yuan Feng,Sharon. S. Yang/

Department of Finance, National Sun Yat-sen University,Department of Finance, National Sun Yat-sen University,Department of Finance, National Chengchi University

摘要(中文)

本研究利用台灣上市櫃公司為樣本，來進行企業社會責任 (CSR) 與公司 現金增資 (SEO) 的關聯性研究。本文利用2008 年到2019 年台灣上市櫃公司 資料，發現揭露CSR 報告公司發行現金增資之折價幅度顯著低於無揭露CSR 報告的公司。此外，同時發現揭露CSR 報告的SEO 公司股價表現長期優於無 揭露CSR 報告的SEO 公司股價，我們發現揭露CSR 報告的SEO 公司在一、 二及三年後的報酬顯著高於未揭露CSR 報告之SEO 公司。故長遠來看，本文 的研究結果符合利害關係人理論之觀點，企業揭露CSR 報告書將可以抵銷公 司發行現金增資的負向衝擊。就長期而言，資本市場之參與者更能夠從揭露 CSR 報告的公司獲得較高的投資報酬。

(172_M67db7f40b0549_Abs.pdf(檔案不存在))
關鍵字(中文)

企業社會責任報告、現金增資、折價、長期股價報酬、強制揭露

摘要(英文)

The concept of corporate social responsibility (CSR) during the last two decades has become more prevalent and influential for academics and real-world practices in Taiwan. This research shows how the CSR report disclosure mitigates the problem of information asymmetry stemming from seasoned equity offerings (SEOs) by exploiting a sample of Taiwan-listed companies. We also explore whether the long-term stock performance of SEO companies disclosing the CSR report outperform those SEO companies not disclosing the CSR report and find that the former do possess a lower level of underpricing than the latter. Moreover, the long-term stock returns of SEO companies that disclose CSR reports are significantly greater than those of SEO corporations not disclosing CSR reports after one, two, and three-year periods. Our results uphold the stakeholder theory that CSR report disclosure does increase the confidence of stakeholders and offsets the negative impact of SEO. Finally, we examine the impact of voluntary or mandatory CSR disclosures, respectively and note that voluntary CSR disclosures can significantly reduce SEO underpricing, but mandatory CSR disclosure cannot. Lastly, we find both mandatory and voluntary CSR disclosures of SEO companies can enhance their long-run buy and hold returns in contrast to SEO companies without CSR disclosures.

(172_M67db7f40b0549_Abs.pdf(檔案不存在))
關鍵字(英文)

CSR Report, Seasoned Equity Offerings, Underpricing, Long-term Stock Return, Mandatory Disclosure

政策與管理意涵

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