金融危機後企業社會責任與企業信用評等在的角色轉變

The differences after financial crisis on corporate social responsibility and credit rating

一場由次級房屋信貸危機爆發後所引發的金融海嘯，投資者們對於抵押證券的價值開始失去信心，許多金融機構和他們的客戶因此損失慘重，間接導致多間相當大型的金融機構倒閉或被政府接管，引發流動性危機，進而導致經濟衰退。而金融海嘯後，信用評等的批評聲浪不斷湧現，大眾更重視企業是否貫徹企業社會責任。本文企業社會責任指標包含天下雜誌標竿企業聲望調查結果以及是否繳交GRI報告書，並以台灣經濟新報所提供之信用評等分級來衡量企業之信用風險高低，時間從2004年到2018年台灣上市、上櫃公司資料進行實證，探討金融海嘯對企業社會責任與企業信用風險評等之相關性。

The financial crisis was a period after the outbreak of the subprime mortgage crisis, investors began to lose confidence in the value of mortgage securities, many financial institutions and their customers suffered heavy losses, which indirectly led to the collapse or were taken over by the government of many large financial institutions, the liquidity crisis triggered, which in turn led to a recession. After the financial crisis, criticisms of credit ratings continued to emerge, and the public paid more attention to whether companies implement corporate social responsibility. The corporate social responsibility indicators in this paper include the results of the reputation survey of the Common Wealth Magazine and whether to submit the GRI report, and measure the credit risk of the enterprise by the credit rating provided by the Taiwan Economic Journal (TEJ). We examine the listed companies to demonstrate the relevance of the financial crisis to corporate social responsibility and corporate credit risk assessment from the period of 2004 to 2018.