企業社會責任績效對首次公開發行公司期初報酬之影響

The Impact of CSR Performance on IPO Underpricing

本研究探討初次上市櫃公司（initial public offerings, IPOs）之企業社會責任績效對IPO期初報酬之影響。本研究以2015年到2019年台灣初次上市、上櫃公司為樣本，手動蒐集台灣初次上市櫃公司公開說明書中有關企業社會責任的相關揭露內容作為衡量指標。依據企業社會責任的企業環境績效、企業社會績效及公司治理三個構面，分別由公開說明書在這三個構面的揭露內容，以內容分析法衡量公司企業社會責任的績效。實證結果發現IPO公司的企業環境績效愈高，IPO期初報酬愈高；另一方面，IPO公司的企業社會績效愈高，IPO期初報酬愈低；但是公司治理績效對IPO期初報酬並無顯著影響。

This study examines the impact of corporate social responsibility (CSR) performance on IPO initial returns. We manually collect the CSR-relevant information reported on the prospectus of newly listed companies on the Taiwan stock market from 2015 through 2019. Based on three aspects of CSR; that is, Environmental, Social and Corporate Governance (ESG), the content analysis method is adopted to evaluate companies’CSR performance according to the disclosures shown in the prospectus. The results show that the higher the Corporate Environmental Performance (CEP) of a company, the higher its IPO underpricing; on the other hand, the higher the Corporate Social Performance (CSP) of a company, the lower its IPO underpricing. Nevertheless, the Corporate Governance Index (CGI) has no significant impact on IPO underpricing.