企業社會責任對股價的影響性分析

Analysis on the Effect of Corporate Social Responsibility on Stock Return

本研究旨在探討臺灣上市公司在企業社會責任的投入與其股價表現的關聯性，以及經濟型態與資本結構等要素與股價報酬反映間的影響。實證結果顯示，作為企業社會責任執行的員工股利分紅，與股價報酬顯著負相關，現金股利則未有顯著關聯性，對於投資人來說並未將員工紅利的分配認為係企業社會責任的落實，因受限於財務報告歸屬其費用性質，仍被視為淨利的損失，於投資市場中不利於股價的抬升，而過高的財務槓桿造成經營風險的提升，進而負面影響導致股價的低迷。企業規模與成長性對股價的影響，指出投資人對經營風險的管控、獲利能力與企業發展有所期待，願以比市價更高的價格買入並持有；最後本益比對於股價報酬呈現顯著的負相關影響，與過往文獻研究結論所述之低本益比股票可獲得更高投資報酬率的論點相符，本研究實證結果期能提供管理人與投資者未來資源運用參據。

This study aims to explore the relation between the investment in corporate social responsibility (CSR) of listed companies in Taiwan and their stock price performance. The results show that employee dividends, which are regarded as an implemented type of CSR, have a significant negative correlation with stock price returns, while cash dividends have no major correlation. For investors, the distribution of employee dividends is not considered to be the implementation of CSR. Due to the characteristic of the expenses attributed to financial reports, the stock price returns are still regarded as a loss of net profit, which is not conducive to the rise of stock prices in the market. In addition, the excessive financial leverage causes the increase in operating risk, which in turn negatively affects the stock price downturn. The size and the growth of the company indicates that investors have expectations for the business management of risks, the profitability and corporate development and they are willing to buy and hold the stocks at a higher price than market price. Finally, the PE ratio is negative correlation to the stock price returns, is is consistent with the previous literature studies. The overall results are expected to provide managers or investors with reference for future resource utilization.