企業社會責任與公司現金增資關聯性之研究：來自台灣的證據

本研究利用台灣上市櫃公司為樣本，來進行企業社會責任(CSR)與公司現金增資(SEO)的關聯性研究。本文利用2008年到2019年台灣上市櫃公司資料，發現揭露CSR報告公司發行現金增資之折價幅度顯著低於無揭露CSR報告的公司。此外，同時發現揭露CSR報告的SEO公司股價表現長期優於無揭露CSR報告的SEO公司股價，我們發現揭露CSR報告的SEO公司在一、二及三年後的報酬顯著高於未揭露CSR報告之SEO公司。故長遠來看，本文的研究結果符合利害關係人理論之觀點，企業揭露CSR報告書將可以抵銷公司發行現金增資的負向衝擊。就長期而言，資本市場之參與者更能夠從揭露CSR報告的公司獲得較高的投資報酬。

The concept of corporate social responsibility (CSR) during the last two decades has become more prevalent and influential for academics and real-world practices in Taiwan. This research shows how the CSR report disclosure mitigates the problem of information asymmetry stemming from seasoned equity offerings (SEOs) by exploiting a sample of Taiwan-listed companies. We also explore whether the long-term stock performance of SEO companies disclosing the CSR report outperform those SEO companies not disclosing the CSR report and find that the former do possess a lower level of underpricing than the latter. Moreover, the long-term stock returns of SEO companies that disclose CSR reports are significantly greater than those of SEO corporations not disclosing CSR reports after one, two, and three-year periods. Our results uphold the stakeholder theory that CSR report disclosure does increase the confidence of stakeholders and offsets the negative impact of SEO. Finally, we examine the impact of voluntary or mandatory CSR disclosures, respectively and note that voluntary CSR disclosures can significantly reduce SEO underpricing, but mandatory CSR disclosure cannot. Lastly, we find both mandatory and voluntary CSR disclosures of SEO companies can enhance their long-run buy and hold returns in contrast to SEO companies without CSR disclosures.