系統識別號 | U0002-2806202123484600 |
---|---|
DOI | 10.6846/TKU.2021.00786 |
論文名稱(中文) | 企業社會責任對首次公開發行公司期初報酬之影響 |
論文名稱(英文) | The Impact of Corporate social responsibility on IPO underpricing |
第三語言論文名稱 | |
校院名稱 | 淡江大學 |
系所名稱(中文) | 會計學系碩士班 |
系所名稱(英文) | Department of Accounting |
外國學位學校名稱 | |
外國學位學院名稱 | |
外國學位研究所名稱 | |
學年度 | 109 |
學期 | 2 |
出版年 | 110 |
研究生(中文) | 王翎 |
研究生(英文) | Ling Wang |
學號 | 609600068 |
學位類別 | 碩士 |
語言別 | 繁體中文 |
第二語言別 | |
口試日期 | 2021-06-17 |
論文頁數 | 59頁 |
口試委員 |
指導教授
-
陳薇如(weiju@mail.tku.edu.tw)
委員 - 池祥萱(hhchih@mail.ndhu.edu.tw) 委員 - 陳鴻崑(hkchen@mail.tku.edu.tw) |
關鍵字(中) |
企業社會責任 公司治理 社會責任 環境責任 IPO 折價 |
關鍵字(英) |
Corporate Social Responsibility Corporate Governance Index Corporate Social Performance Corporate Environmental Performance IPO Underpricing |
第三語言關鍵字 | |
學科別分類 | |
中文摘要 |
現今文獻已發現許多影響首次公開發行(IPO)公司期初折價的因素,但少有文獻探討到IPO期初折價與企業社會責任之間的關聯性。本研究探討國內企業之企業社會責任對IPO短期報酬之影響,以瞭解企業參與社會責任之相關表現是否為投資人參與IPO發行時之重要考量,社會責任型投資是否也出現在台灣IPO市場之中。本研究以2015年到2019年台灣初次上市、上櫃公司為樣本,手動蒐集台灣初次上市櫃公司公開說明書中有關企業社會責任的相關揭露內容作為衡量指標。依據企業社會責任的企業環境保護、企業社會績效及公司治理(ESG)三個構面,分別由公開說明書在這三個構面的揭露內容,以內容分析法衡量公司企業社會責任的績效。實證結果發現IPO公司的企業社會績效(CSP)愈高,IPO折價愈低;另一方面,IPO公司的企業環境保護績效(CEP)愈高,IPO折價愈高;但是公司治理(CGI)與整體企業社會責任績效(CSR)對IPO折價並無顯著影響。 |
英文摘要 |
This study examines the impact of corporate social responsibility (CSR) activities on the IPOs' short-term returns. This study is conducted to discover the impact of CSR of domestic companies on the short-term return of IPOs, to understand if companies’ participation performance of CSR is the crucial consideration when investors engage themselves in IPO issuance, and if Socially Responsible Investment (SRI) exists in Taiwan’s IPO market. I manually collect the CSR-relevant information reported on the prospectus of newly listed companies in Taiwan stock market from 2015 through 2019. Based on three aspects of CSR; that is, Environmental, Social and Corporate Governance (ESG), the content analysis method is adopted to evaluate companies’ CSR performance by taking reference of the disclosures shown in the prospectus. The results showed that the higher the Corporate Social Performance (CSP) of the IPO company, the lower the IPO underpricing; on the other hand, the higher the Corporate Environmental Performance (CEP) of the IPO company, the higher the IPO underpricing. Nevertheless, the Corporate Governance Index (CGI) and the overall performance of CSR have no significant impact on IPO underpricing. |
第三語言摘要 | |
論文目次 |
第一章 緒論 1 第一節、 研究背景與動機 1 第二節、 研究目的 3 第三節、 研究架構 4 第二章 文獻回顧與研究假說 6 第一節、 IPO期初報酬 6 第二節、 企業社會責任 11 第三節、 研究假說 14 第三章 研究方法 20 第一節、 樣本選取 20 第二節、 資料來源 21 第三節、 實證模型 25 第四節、 主要變數衡量 28 第四章 實證結果 35 第一節、 敘述統計分析 35 第二節、 相關性分析 39 第三節、 實證結果與分析 41 第五章 結論與建議 50 第一節、 研究結論 50 第二節、 研究限制及建議 51 參考文獻 52 附錄 59 圖目錄 表3-1樣本年度分布 20 表3-2企業社會責任績效衡量指標 22 表4-1樣本產業分佈表 36 表4-2敘述統計 38 表4-3相關係數 40 表4-4環境保護績效對IPO期初報酬之影響 44 表4-5社會績效對IPO期初報酬之影響 45 表4-6公司治理績效對IPO期初報酬之影響 46 表4-7企業社會責任整體績效對IPO期初報酬之影響 48 表4-8實證結果彙整表 49 |
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