現今文獻已發現許多與機構投資人持股相關之因素，仍很少有文獻探討到企業社會責任與機構投資人持股之關聯性。本研究探討台灣初次上市（櫃）公司企業社會責任績效對機構投資人持股之影響。根據企業社會責任環境、社會、公司治理（ESG）三個面向著手，以瞭解企業參與社會責任之表現是否為機構投資人持股之重要考量因素。本研究以2015年至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）公司之公開說明書中有關企業社會責任之相關揭露內容作為衡量指標，分別由公開說明書中企業環境、社會及公司治理之揭露內容，以內容分析法衡量企業社會責任的績效，以此來檢測企業社會責任績效是否會影響機構投資人對初次上市（櫃）公司之持股比率。研究結果顯示，企業社會責任績效對外資持股比率並無顯著影響，然而企業環境保護績效越高的公司投信持股比率顯著較高且企業社會績效越高的公司自營商持股比率顯著較低。

Thus far, there are great deals of research and documents discovering factors that affect the shareholding of institutional investors, but few research and documents have discussed the relationship between the Corporate Social Responsibility (CSR) and the shareholding of institutional investors. This study is conducted to discover the impact of CSR of new listed companies in Taiwan market on the shareholding of institutional investors. Based on three aspects of CSR, that is, Environmental, Social and Corporate Governance (ESG), the study aims to understand if the CSR participation performance of companies is the crucial factor and consideration for institutional investors. New listed companies from 2015 to 2019 in Taiwan market are the subject of this study, and the disclosures relevant to CSR stated in the prospectus of new listed companies in Taiwan market are manually collected as the indicator. 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. Based on the finding, we are able to discover if the performance of CSR affects the shareholding ratio of institutional investors on new listed companies. According to the result of study, the performance of CSR has no significant impact on foreign investments. Nevertheless, companies with higher CSR performance on the aspect of Environmental tend to have higher ratio of investment trust. Furthermore, companies with higher CSR performance on the spaces of Social show a lower ratio of dealers.

目錄
第壹章	緒論	1
第一節 、研究背景與動機	1
第二節 、研究目的	4
第三節 、研究架構	5
第貳章	文獻探討與假說發展	7
第一節 、企業社會責任	7
第二節 、機構投資人持股	14
第三節 、企業社會責任與機構投資人持股之關聯性	19
第參章	研究方法	22
第一節 、樣本選取與資料來源	22
第二節 、實證模型與變數衡量	27
第三節 、變數介紹	31
第肆章	實證結果	38
第一節 、敘述性統計	38
第二節 、相關性分析	41
第三節 、迴歸結果	43
第伍章	結論	50
第一節 、研究結果	50
第二節 、研究貢獻、研究限制與建議	51
參考文獻	52
附錄	61
 
圖目錄
圖1   研究架構圖	6
表目錄
表3-1 樣本年度分布表	22
表3-2 企業社會責任績效衡量指標	24
表4-1 敘述性統計表	40
表4-2 相關係數表	42
表4-3 外資機構投資人之迴歸結果	46
表4-4 投信機構投資人之迴歸結果	47
表4-5 自營商機構投資人之迴歸結果	48
表4-6 整體機構投資人之迴歸結果	49

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證券櫃檯買賣中心，社會責任簡介，引用自https://dsp.tpex.org.tw/web/csr/introduction.php
台灣證券交易所，公司治理中心，企業社會責任簡介，引用自https://cgc.twse.com.tw/front/responsibility
金融監督管理委員會，公司治理3.0-永續發展藍圖，引用自https://www.fsc.gov.tw/ch/index.jsp
遠見雜誌，搞懂CSR關鍵20問一次解答，引用自https://www.gvm.com.tw/article/39488

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