企業社會責任確信對投資效率之影響

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题名:	企業社會責任確信對投資效率之影響 The Impact of Corporate Social Responsibility Assurance on Investment Efficiency
作者:	張凱綾
贡献者:	會計學系
关键词:	企業社會責任確信服務投資效率 corporate social responsibility assurance service investment efficiency
日期:	2022
上传时间:	2023-03-06 10:52:47 (UTC+8)
摘要:	過去企業多重視利益的獲取，因此很少企業會在關注獲利的同時，思考對社會、對環境有無產生不良的影響，近年來人們則開始重視環境生態以及回饋社會的思想風氣。根據臺灣證券交易所的「上市公司編製與申報企業社會責任報告書作業辦法」，符合規定的上市公司每年應根據全球報告倡議組織所發布的GRI準則，在經濟、環境、管理方針等面向進行企業社會責任報告書的編制，並且須在報告書裡註明各揭露項目是否有經第三方確信或保證。對於企業來說，投資不足或是過度投資都無法對企業產生最大利益，而資訊不對稱所產生之代理成本，亦影響到企業的投資效率。過去研究指出，出具企業社會責任報告書的企業，可以減少資訊不對稱的問題，在資訊揭露評鑑的等級越高。亦有文獻指出增加資訊揭露反而使得私有資訊更易取得，因而增加資訊不對稱，而減少股票流動性及增加資金成本，反而使得投資效率減少。本研究實證結果發現，企業社會責任報告書交付確信服務對投資效率產生負向顯著影響，尤其是在過度投資之樣本；但企業社會責任報告書交付雙重確信則對投資效率產生負向影響卻不具顯著性，本研究認為可能是交付雙重確信之樣本數過少導致。 In the past, enterprises pursue the maximization of profit and do not pay attention to the adverse impact on society and the environment. Nowadays, the ideological atmosphere that values environmental ecology and giving back to the society is gradually prevalent, which makes people pay attention to this issue. According to the "Taiwan Stock Exchange Corporation Rules Governing the Preparation and Filing of Sustainability Reports by TWSE Listed Companies", listed companies that comply with the requirements shall prepare a corporate social responsibility report every year in accordance with the GRI Standards issued by the Global Reporting Initiatives (GRI) and indicates whether each disclosed item in the report has been assured or guaranteed by a third party. For enterprises, neither underinvestment nor overinvestment can bring the maximum benefit to the enterprise, and the agency cost caused by information asymmetry also affects the investment efficiency of the enterprise. Prior research has pointed out that the assurance of CSR reports can reduce the problem of information asymmetry and improve the information disclosure ranking. Some literatures also pointed out that increasing information disclosure makes private information more accessible, thus increasing information asymmetry, reducing stock liquidity, and increasing capital costs, in turn to reducing investment efficiency. The empirical results of this study found that the assurance of CSR reports has a significant negative impact on investment efficiency; but the CSR reports assured by two assurance providers has an insignificant negative impact on investment efficiency.
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