企業社會責任認證與公司崩盤風險

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：44

、訪客IP：18.117.184.236

姓名

陳方玥(Fang-Yue Chen) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

企業社會責任認證與公司崩盤風險
(Does Corporate Social Responsibility Certification affect the Stock Price Crash Risk?)

相關論文

★ 臺灣銀行業者對中小企業客群行銷策略之研究-以E銀行為例	★ 長期照護保險商品市場之探討
★ 台灣銀行業者對聯名卡發卡策略之研究-以E銀行為例	★ 財會專長之獨立董事與公司績效之關聯性
★ 獨立董事專業性對於公司治理的影響	★ 傳統信用卡與第三方支付使用行為意願之探討
★ 分析台灣家族企業接班布局-個案公司為例	★ 目標可贖回遠期契約(TRF)之實務爭議問題探討
★ 天災風險與光電業財務結構調整-以和鑫光電為例	★ 公司治理下之高階薪酬制度與盈餘管理-個案公司為例
★ 探討振興台灣股市政策措施-以現股當沖為例	★ 以平衡計分卡觀點建構組織策略地圖—以個案公司為例
★ 銀行併購績效的探討-台灣和美國的銀行個案研究	★ 上市櫃公司每月營收成長率資訊價值探討
★ 金融海嘯對台灣上市金融業之衝擊	★ 銀行放款業務比例對金融控股公司報酬與風險之影響

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

[檢視]

[下載]

本電子論文使用權限為同意立即開放。
已達開放權限電子全文僅授權使用者為學術研究之目的，進行個人非營利性質之檢索、閱讀、列印。
請遵守中華民國著作權法之相關規定，切勿任意重製、散佈、改作、轉貼、播送，以免觸法。

摘要(中)

隨著經濟全球化的日益深化，大陸也在對外開放的金融市場上得到了快速的發展。而快速發展雖然給人民帶來大量的財富，卻也衍生出一系列社會責任問題，使得企業社會責任理念越來越受到重視。在學術上，有許多文獻討論了公司從事CSR活動本身對於公司績效或股票價值的影響，卻少有文獻從市場資訊的角度出發，探討企業社會責任認證本身是否會對公司未來的股票崩盤風險造成影響。因此本研究選定上海證券交易所所編制的上證社會責任指數(SSE Social Responsibility Index)成分股作為企業社會責任認證變數，以公司年度股票報酬率的偏態係數、公司年度股價崩盤天數作為衡量崩盤風險指標，探討公司企業社會責任認證對崩盤風險之影響。實證結果顯示當公司被調入社會責任指數成分股後其崩盤風險有顯著增加，調出社會責任指數成分股則對公司崩盤風險無顯著影響。研究進一步發現公司被調入CSR指數成分股後機構投資人持股比例增加，流動性降低，個股價格傳遞效率變差，使得公司總體崩盤風險顯著上升。

摘要(英)

With the deepening of economic globalization, China has developed rapidly in the open financial market. While the rapid development has brought us a lot of wealth, it has also derived a series of social responsibility problems, making the concept of corporate social responsibility become more and more important. Academically, existing literature has discussed the impact of CSR activities on corporate performance or stock value, but there are few literature explores whether corporate social responsibility certification will affect the future stock price crash risk of the company. Therefore, this study selects the SSE Social Responsibility Index (SSE) from Shanghai Stock Exchange as the variable of corporate social responsibility certification. The variable of stock price crash risk is measured by the skewed coefficient of the annual stock return and the annual stock price crash days. The data covers the period of 2012 to 2016. Basic empirical result shows that company with CSR certification is associated with greater crash risk. The research also finds the company with CSR certification also has higher institution holding and lower liquidity, which makes the stock price crash risk increased significantly.

關鍵字(中)

★ 企業社會責任認證
★ 股價崩盤風險

關鍵字(英)

★ Corporate Social Responsibility Certification
★ Crash Risk

論文目次

目錄
中文摘要 Ⅰ
英文摘要 Ⅱ
目錄 Ⅲ
一、緒論 1
二、文獻探討 5
2-1 中國金融市場對於企業社會責任的規範與發展 5
2-2 企業社會責任相關文獻 6
2-3 股價崩盤風險之相關文獻 8
三、研究方法 10
3-1 變數 10
3-1-1 被解釋變數 10
3-1-2 解釋變數 11
3-2 計量模型 13
3-3 公司樣本與資料來源 13
四、實證結果 14
4-1敘述統計 14
4-2迴歸結果 15
五、結論 20
5-1 小結 20
5-2 後續研究建議 21
參考文獻 22
附錄 25

參考文獻

中文文獻
林永堅, 曹國華, 沈華玉，2018，〈股票流動性與股價崩盤風險：公司治理和短期行為視角〉，《重慶大學學報社會科學版》，第 24 卷（2 期）。
李進，2015，〈中國企業社會責任推進的困境解析〉，《探索與爭鳴》，（8 期）：94-96頁。
陶春華、楊思靜與林晚發，2015，〈公司治理、企業社會責任與股價崩盤風險〉，《哲學社會科學版》，第 36 卷（6 期）。
潘越、戴亦一與林超群，2011，〈資訊不透明、分析師關注與個股暴跌風險〉，《金融研究》，（9 期）：138-151 頁。

英文文獻
An, H., and Zhang, T. 2013. Stock price synchronicity, crash risk, and institutional investors. Journal of Corporate Finance, 21, 1-15.
Andreou, P. C., Antoniou, C., Horton, J., and Louca, C. 2012. Corporate governance and stock price crashes. Un-published Working Paper, Cyprus University of Technology.
Andreou, P. C., Antoniou, C., Horton, J., and Louca, C. 2016. Corporate Governance and Firm‐specific Stock Price Crashes. European Financial Management, 22(5), 916-956.
Amihud, Y. 2002. Illiquidity and stock returns: cross-section and time-series effects. Journal of financial markets, 5(1), 31-56.
Barnea, A., and Rubin, A. 2010. Corporate social responsibility as a conflict between shareholders. Journal of business ethics, 97(1), 71-86.
Callen, J. L., and Fang, X. 2013. Institutional investor stability and crash risk: Monitoring versus short-termism?. Journal of Banking & Finance, 37(8), 3047-3063.
El Ghoul, S., Guedhami, O., Kwok, C. C., and Mishra, D. R. 2011. Does corporate social responsibility affect the cost of capital?. Journal of Banking & Finance, 35(9), 2388-2406.
Hoi, C. K., Wu, Q., and Zhang, H. 2013. Is corporate social responsibility (CSR) associated with tax avoidance? Evidence from irresponsible CSR activities. The Accounting Review, 88(6), 2025-2059.
Hong, H., and Stein, J. C. 2003. Differences of opinion, rational arbitrage and market crashes: The Review of Financial Studies 16(2): 487–525.
Hutton, A. P., Marcus, A. J., and Tehranian, H. 2009. Opaque financial reports, R2, and crash risk. Journal of financial Economics, 94(1), 67-86.
Huseynov, F., and Klamm, B. K. 2012. Tax avoidance, tax management and corporate social responsibility. Journal of Corporate Finance, 18(4), 804-827.
Jo, H., and Harjoto, M. A. 2011. Corporate governance and firm value: The impact of corporate social responsibility. Journal of business ethics, 103(3), 351-383.
Jin, L., and Myers, S. C. 2006. R2 around the world: New theory and new tests. Journal of financial Economics, 79(2), 257-292.
Kim, J. B., and Zhang, L. 2016. Accounting conservatism and stock price crash risk: Firm‐level evidence. Contemporary Accounting Research, 33(1), 412-441.
Kim, Y., Li, H., and Li, S. 2014. Corporate social responsibility and stock price crash risk. Journal of Banking & Finance, 43, 1-13.
Kim, J. B., Li, Y., and Zhang, L. 2011b. Corporate tax avoidance and stock price crash risk: Firm-level analysis. Journal of Financial Economics, 100(3), 639-662.
Kim, Y., Park, M. S., and Wier, B. 2012. Is earnings quality associated with corporate social responsibility?. The Accounting Review 87(3): 761-796.
Lys, T., Naughton, J. P., and Wang, C. 2015. Signaling through corporate accountability reporting. Journal of Accounting and Economics, 60(1), 56-72.
Li, X., Wang, S. S., and Wang, X. 2017. Trust and stock price crash risk: Evidence from China. Journal of Banking & Finance, 76, 74-91.
Wang, D. H. M., Chen, P. H., Yu, T. H. K., and Hsiao, C. Y. 2015. The effects of corporate social responsibility on brand equity and firm performance. Journal of business research, 68(11), 2232-2236.
Xu, N., Li, X., Yuan, Q., and Chan, K. C. 2014. Excess perks and stock price crash risk: Evidence from China. Journal of Corporate Finance, 25, 419-434.

指導教授

沈信漢(Xin-Han Shen)

審核日期

2018-6-12

推文