本論文利用631間台灣上市上櫃公司從2005年到2020年的樣本研究 2014 年強制披露政策宣佈後，企業社會責任 (CSR) 報告質量對股價崩盤風險的影響。我們使用 propensity matching score (PSM) 配對方法將樣本進行配對後再用 difference in differences (DID) 模型檢測政策的有效性。實證結果發現較高的CSR報告書品質確實降低了公司未來的stock price crash risk，在政府宣佈強制揭露法規後，被法規規範的公司中抑制效果更為明顯。本研究數據發現，當企業越致力改善CSR報告書品質，對股價崩盤風險的影響更為顯著(the Net Pessimistic CSR Disclosure Tone (NPTONE), Readability (READ), Forward-looking statement (SFL))。公司在製作CSR報告書時應將報告書的閱讀難度降低，讓非專業的投資人也能輕易閱讀，或是避免使用過度樂觀的情緒與過高比例的前瞻性敘述影響投資人對公司未來預測的準確度。;This paper uses a sample of 631 Taiwanese listed OTC companies from 2005 to 2020 to study the impact of corporate social responsibility (CSR) reporting quality on stock price crash risk after announcing the mandatory disclosure policy in 2014. We used the propensity matching score (PSM) method to pair the samples and used the difference in differences (DID) model to test the effectiveness of the policy. The empirical results show that the higher quality of CSR report will significantly reduce the company′s future stock price crash risk (the Net Pessimistic CSR Disclosure Tone (NPTONE), Readability (READ), Forward-looking statement (SFL)). After the government announced the mandatory disclosure regulations, the suppression effect is more obvious in the companies that are regulated by the policy. The statistic results of this study found that if companies dedicate in improving the quality of CSR reports, stock price crash risk will drop significantly. When making CSR reports, companies should reduce the difficulty of reading the reports so that non-professional investors can easily read, or avoid using excessively optimistic sentiments and excessively high proportion of forward-looking statements to affect investors’ accuracy of predictions about the company’s future.
