台灣上市股票社會責任投資績效探討;The Performance of Socially-Responsible- Investment in Taiwan Listed Stock Market.

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題名:	台灣上市股票社會責任投資績效探討;The Performance of Socially-Responsible- Investment in Taiwan Listed Stock Market.
作者:	許銘峻;Hsu, Ming-Chun
貢獻者:	財務金融學系在職專班
關鍵詞:	企業社會責任;社會責任投資;CSR指數;CSR;SRI
日期:	2017-06-03
上傳時間:	2017-10-27 13:49:44 (UTC+8)
出版者:	國立中央大學
摘要:	在歐洲、加拿大等公民意識較為強烈之地區，社會責任投資已占該地區投資總額達到相當高的比例，並且於上述地區社會責任投資之績效並不會落後給市場大盤或其他主流投資標的，透過社會責任投資能夠引起企業對於社會責任的關注，以投資人的角度挑選善盡企業社會責任之投資標的，也可說是投資人的社會責任。目前國內社會責任投資相關文獻較少，多半文獻是針對企業社會責任對於公司治理或公司財務績效之探討，為此本研究以2015年度台灣上市公司發行企業社會責任報告書之企業作為研究對象，以2015年度發行企業社會責任報告書之公司及2015年度企業社會責任報告書品質較佳之公司股票組成投資組合，探討其投資組合報酬是否能夠超越對照之投資組合以及市場大盤，實證結果顯示，以所有2015年度有發行企業社會責任報告書，以及2015年度企業社會責任報告書有公正第三方以國際標準認證的股票分別組成的投資組合，其年化報酬率、年化標準差皆比大盤優秀；本研究更進一步探討，以上述條件篩選股票並建立股票池，再自股票池中依特定財務指標選取股票組成投資組合，其報酬率雖然不一定能夠打敗市場大盤，但都能夠打敗其對照之投資組合，結果顯示投資人選擇善盡企業社會責任的公司股票作為投資標的，不只能夠善盡投資人的社會責任，更可能會獲得較高的報酬。 ;In the areas where people have stronger civic consciousness, like Europe and Canada, SRI accounted for a relatively high proportion of total investment in the region. Furthermore, in these areas, the performance of SRI does not lag behind of those of the market or other investment targets. Investors can arouse the concern of enterprises about social responsibility through SRI, therefore, selecting companies that implement social responsibility as investment targets become the investors’ social responsibilities. There are few literatures related to SRI in domestic. Most of the literatures aim to investigate how corporate social responsibility affects corporate governance or corporate financial performance. For this purpose, this study uses Taiwan listed companies that issued CSR (corporate social responsibility) report in 2015 as research subjects. This study forms investment portfolios by companies which issued CSR reports in 2015 (CSR portfolios) and by companies which issued higher quality CSR reports (high-quality CSR portfolios), and tries to investigate if the performance of CSR investment portfolios could beat that of the control group or the market. The result suggests that the annual rate of return and the annual standard deviation of CSR investment portfolios are both better than that of the control group and the market. Moreover, if we use above terms to build a stock pool and pick stocks based on specific financial index to form an investment portfolio, although the performance of the portfolio could not necessarily beat that of the market, but could always beat that of the control group. The result suggests that if the investors choose investment targets based on if companies do great corporate social responsibility, then investors could not only satisfy their personal values related to social responsibility, but also gain higher return.
顯示於類別:	[財務金融學系碩士在職專班] 博碩士論文

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