法遵缺失與企業價值：企業社會責任之調節效果

Violation of Laws and Regulations and Enterprise Value: The Moderating Effect of Corporate Social Responsibility

當企業出現法遵缺失，會使企業聲譽受損，從而損及企業價值。惟善盡企業社會責任之企業，會使企業聲譽提升，從而增加企業價值。另企業社會責任在法遵缺失與企業價值間，是否扮演調節之角色，為本文研究之焦點。本研究以2010年至2018年間，獲得企業社會責任獎項之台灣上市上櫃公司作為樣本以進行實證。實證結果顯示，法遵缺失會對企業價值產生顯著負向之影響；而企業社會責任會弱化法遵缺失與企業價值之負向關聯。推測可能原因為：企業平時若能累積良善聲譽，則於面對法遵缺失時，較能擁有更高的存活率與保護效果。

Violation of laws and regulations may damage the company’s reputation. The implementation of corporate social responsibility (CSR) can obtain the public's recognition, consensus and establish a good image to enhance the value of the enterprise. This paper investigates how CSR moderates the relationship between violation of laws and regulations and enterprise value by examining the sample of Taiwanese companies listed on the Taiwan Stock Exchange and Taipei Exchange with CSR Awards from 2010 to 2018. The empirical results show that violation of laws and regulations have significantly negative impacts on enterprise value. Furthermore, the research also indicates that CSR weakens the negative impact of violation of laws and regulations on enterprise value. The results show that enterprises usually accumulate a good reputation when faced with violation of laws and regulations, which can have a higher survival rate and protection effect.