本研究旨在探討台灣金融業投入企業社會責任活動時，專業分析師對企業社會責任投資的看法，並觀察分析師預測報告是否對長天期累積異常報酬具正的邊際解釋力。本研究以MSCI ESG分數作為金融業企業社會責任表現指標，樣本時間從2007年至2019年，一共12年。本研究發現台灣金融業企業社會責任表現對未來一年累積異常報酬具有正向影響，企業提高社會責任投資可增加與同業間的競爭力，並獲得民眾信賴提高營收，在分析師報告對企業社會責任是否具價值攸關上，研究顯示台灣分析師在推薦報告中不具價值攸關，其原因可能為台灣分析師不需像美國有較高的專業資格要求。;This research aims to explore the analysts’ views on the corporate social responsibility (CSR) activity the financial industry invests in and to observe whether their forecast reports have a positive marginal explanatory power for long-term cumulative abnormal returns(CAR). This study uses MSCI ESG scores of firms during the period from 2007 to 2019 as an indicator of CSR investment in the financial industry. The sample period is a total of 12 years. The study found that Taiwan’s financial industry’s performance in CSR activities has a positive impact on the CAR in the subsequent year. For the sample firm-year combinations, the companies that increase CSR investment increase their competitiveness with their peers and gain the trust of the public. Regarding the value relevance of the report, research shows that Taiwanese analysts are not value-relevant in recommending reports. The explanation may be that Taiwan analysts do not need to have higher professional qualification requirements like in the United States.
