供應鏈社會責任作為對產業股價之研究－－以塑化劑事件為例

The Impact of Corporate Social Responsibility of Supply Chain on the Stock Prices–The Example of Plasticizers Event

不管大陸三聚氰胺事件或台灣塑化劑事件，這些重大弊案皆因供應商提供不法原物料，從而使得企業本身蒙受重大損失，突顯出企業供應鏈社會責任的重要性。從台灣的塑化劑事件我們可以得知，企業不僅應善盡自身的社會責任，同時也應擴大注意力於嚴格控管供應鏈相關的企業社會責任，如此才能確保自身產品的安全，以達企業的永續發展。本研究採用事件研究法，分析塑化劑事件對台灣食品及生技業股價之影響，藉由實證結果以說明企業落實檢測原物料安全作為的重要性。實證結果發現：(1).不論台灣上市、櫃食品業或（及）生技業，塑化劑事件對其股價皆造成負面的影響。(2).台灣遭塑化劑污染之上市、櫃生技業，其股價下跌的情況顯著較食品業為劇，此顯示企業所生產之產品屬高購買涉入類型，更應嚴格要求其產品的安全性，否則會帶給企業更大的負面效應。除此之外，在此次的塑化劑風波中，亦突顯目前台灣食品業及生技業在供應鏈社會責任作為上有所不足。

The melamine event in China and the plasticizer accident in Taiwan were both major scandals caused by the unscrupulous suppliers of raw materials causing businesses to suffer heavy losses. These truths highlight the importance of the social responsibility of the supply chain. From the plasticizer incident in Taiwan we can see how companies fail to not only fulfill their own social responsibilities, but also fail to expand their attention to the corporate social responsibility of supply chain which should ensure the safety of their products and the sustainable development of their own enterprises. In this study we adopt the event study approach to analyze the impact of the plasticizer event on the stock prices of the food and biotechnology industries. Using the empirical results of the impact we tried to highlight the importance of the test of raw materials and the requirements of the social responsibility that should be taken by the suppliers. The empirical results have shown that: (1) the plasticizer accident brought negative impact on the stock prices of the listed companies in both the food and biotech industries. (2) there exist significant differences between the impacts on the stock prices of low involvement products (food industry) and high involvement products (biotech industry), which means that the decline of the stock prices of the companies in the biotech industry is more significant than the declines suffered by companies in common food industry. The empirical results suggest that the companies operating in high involvement industries such as biotech industry should be required to have higher security standards. In addition, the current plasticizer accident also shows the shortcomings of the corporate social responsibilities in the supply chain of companies in Taiwan.