對強制編製企業社會責任報告書政策之市場反應：以臺灣為例

Market Reaction to the Mandatory Adoption of CSR Report: Evidence from Taiwan

本研究旨在探討市場投資者，對臺灣金管會強制要求企業編製「企業社會責任報告書」之三個重大事件日之反應。高雄氣爆及食安危機之後，臺灣社會對環境及食安問題更加重視，政府遂宣布對符合特定條件之企業強制要求編製企業社會責任報告書，為灣增進企業社會責任之重大里程碑。整體來說，我們發現市場對新政策有顯著之負向股價反應，顯示投資人認為強制編製的成本大於效益。除此之外，實證結果顯示投資人能區分公司是否提早編製，我們未能發現投資人對已提供社會責任報告書之公司持負面看法。另外我們發現當金管會更進一步要求報告書須經由第三方出具意見書時，而非僅由公司單方面提供，投資人亦呈負面反應。

This study examines Taiwanese stock market reactions to 3 events associated with the mandatory Corporate Social Responsibility (CRS) reporting. The Taiwan government required firms to prepare CSR reports in response to the increasing concerns about the environment and food issues after the Kaohsiung explosions and food safety crisis, and thus the mandatory CSR reporting requirements for firms meeting specified criteria represented a major milestone towards enhancing firms' CSR. We find a significantly negative stock price reaction surrounding the release of the new regulations, consistent with views investors expecting net costs from mandatory CSR reporting. However, we do not find a negative reaction for early adopters, suggesting that investors can distinguish between early-adopters and mandatory adopters and react differently. We also find that, investors have negative reactions when the Financial Supervisory Commission further requires firms to obtain a third party's opinions on the CSR reports.