本文探討企業的綜合經濟與重大性議題表現對其股價資訊性之影響。手動蒐集 2008 年至 2020 年所有臺灣上(市)櫃公司所發行之永續報告書，並擷取有繪製重大議 題矩陣的報告書作為研究資料之基礎。根據重大議題於矩陣上的分布情形推測其可 能隱含的資訊，建立三大主要變數- 側重公司營運衝擊比例(Performance- Oriented, P.O.)、側重利害關係人比例(Stakeholder- Oriented, S.O.)以及符合公司營運衝擊與利 害關係人之一致性比例(Align)。參考(Ng & Rezaee, 2020)，由多項財務指標彙整出一 家企業當年度之綜合經濟表現變數(Econ)。 本文之實證結果發現: 當企業的綜合經濟表現越好，或是企業的重大性議題比 例側重於利害關係人時，對公司股價資訊性會有正向的影響。而在納入企業經濟表 現與重大性議題的交乘項後，實證結果發現，整體而言企業的經濟表現仍會顯著正 向影響其股價資訊性;然而，當企業太過側重於與利害關係人相關的重大性議題時， 會微幅降低經濟表現對股價資訊性之正效果，但不改變經濟表現對股價資訊性影響 之方向性。;This study aims to examine how business economic performance and variables derived from the Sustainability Reports associated with the Stock Price Informativeness (SPI) of the firm. I collect the Sustainability Reports issued by all listed companies in Taiwan from 2008 to 2020. Establishing three key variables as a represent for business materiality issues, including “Performance-oriented”, “Stakeholder- oriented: and “Align” by extracting the information from the materiality matrix in the sustainability report. Follow (Ng & Rezaee, 2020), I construct business economic performance factor by applying Exploratory Factor Analysis (EFA) to decide the key components from eight financial indicators that were proven to be correlated to stock price informativeness. The empirical results show that when business economic performs better or when business emphasizes more on stakeholder-oriented sustainability issues, the stock price informativeness is better. However, the impact between business economic performance and the stock price informativeness might slightly reduce once the business overly focuses on stakeholder-oriented issues. However, business economic performance still domains the impact to stock price informativeness. The results of this study are robust against different specifications that controlled for industry and year fixed effect.
