近年來企業社會責任已經成為投資人所關注的項目之一，企業所出具的CSR報告也會影響到投資人所做的投資規劃，但企業所出具的CSR報告品質卻不相同，即使遵循GRI的規範編制，對於內容的撰寫仍具有高度的裁量權。因此本研究主要是想探討透過外部董事及機構投資人的監督，是否能使公司出具品質較好的CSR報告。 本研究蒐集台灣上市、上櫃公司發布2006年到2020年CSR報告書進行分析，以外部董事之席次、機構投資人之持股比例作為自變數，以可讀性、前瞻性、綜合性、可驗證性、正負面詞語揭露五個指標來衡量CSR報告的品質。透過迴歸分析法來衡量它們之間的關聯。而實證結果顯示，在自願揭露之情況下外部董事能提升CSR報告的前瞻性、綜合性、可驗證性，但對於可讀性則會有反向的效果，而於強制揭露底下僅對前瞻性有顯著影響，可能是於強制揭露時外部董事的激勵效果不強。至於機構投資人無法使公司出具品質較好的CSR報告，甚至綜合性與正負面詞語揭露於CSR報告強制揭露情況下有負向的影響，可能機構投資人為短期投資人所以比較不重視企業之CSR報告品質。 ;In recent years, the company′s corporate social responsibility has become one of the items that investors pay attention to. The CSR report issued by the company will also affect the investment plan made by the investor, but the quality of the CSR report issued by the company is not the same. GRI′s normative compilation still has a high degree of discretion in the writing of content. Therefore, the purpose of this study is to explore whether the company can issue a high-quality CSR report through the supervision of external directors and institutional investors. This research collects and analyzes the CSR reports released by Taiwan listed companies from 2006 to 2020. The number of outside directors and the shareholding ratio of institutional investors are used as independent variables. Readability, forward-looking, comprehensive, verifiable, tone. Five indicators are revealed to measure the quality of CSR reporting. The relationship between them was measured by regression analysis. The empirical results show that under the condition of voluntary disclosure, outside directors can improve the forward-looking, comprehensive and verifiable of the CSR report, but it will have the opposite effect on readability. There is a significant impact, possibly because the incentive effect of outside directors is not strong when the disclosure is mandatory. As for institutional investors unable to make the company issue a high-quality CSR report, and even the disclosure of comprehensive and tone in the CSR report has a negative impact, it may be that institutional investors are short-term investors and therefore pay less attention to the company′s CSR report quality.
