本論文選定2010年至2020年1326家中國上海A股上市公司與深圳A股上市公司為研究對象，採用Hansen (2000)多重狀態模型(multiple regimes model)探討公司治理(corporate governance)與企業社會責任(corporate social responsibility)對公司價值之非線性影響。當企業處於不同生命週期階段對於公司治理及企業社會責任會有不同的目標，因此本文加入生命週期變數進行分析。此外，考量企業社會責任和公司治理具相關性，本研究使用兩步驟回歸法(two-step regression)處理樣本共線性的問題。實證結果發現：(1)當公司為大規模時，企業社會責任對於公司價值有正面影響，董事會開會頻率及董事長兼任總經理在企業社會責任與公司價值中存在連結效果(linkage effect)；(2)企業社會責任對於高負債比率公司之公司價值的邊際效用比較高，而良好的公司治理對於低負債比率公司之公司價值的邊際效用比較高；(3)當公司為小規模且低負債比率時，董事會規模在企業社會責任與公司價值中存在抵換效果(trade-off effect)，且企業生命週期對於公司價值有負面影響。

In study, we use Hansen (2000) multiple regimes model to explore the nonlinear relationship between corporate governance and corporate social responsibility on firm value. When companies are in different life cycle stages, they have different goals for corporate governance and corporate social responsibility, so we add life cycle variables for analysis. Considering the relevance of its corporate social responsibility and corporate governance, we employ two-step regression to deal with the problem of sample collinearity. We use sample of firms listed in the Main Boards of the Shanghai and Shenzhen Stock Exchanges during the period from 2010 to 2020, and there are a total of 1326 firms. Firms at different stages of their life cycles may have different corporate social responsibility capabilities and goals.
The empirical results are as follows: (1) When firms are large size, corporate social responsibility has a positive impact on firm value and the board meetings frequency and CEO duality have a "linkage effect" between corporate social responsibility and firm value. (2) The marginal utility of corporate social responsibility for firms with high leverage ratios is better, while for firms with low leverage ratios, good corporate governance has a higher marginal contribution to firm value. (3) When firms are small and have low leverage ratio, the size of the board of directors has a "trade-off effect" between corporate social responsibility and firm value, and the corporate life cycle has negative impact on firm value. Finally, we make suggestions based on the above results.

CONTENTS
ABSTRACT IN CHINESE	I
ABSTRACT IN ENGLISH	II
CONTENTS	 	III
LIST OF TABLES  	VI

CONTENTS
CHAPTER 1 INTRODUCTION	1
CHAPTER 2 LITERATURE REVIEW	7
2.1 The Conflicts between CSR and Firm Value	7
2.2 The Link between CG and CSR	9
2.3 Life Cycle	12
CHAPTER 3	DATA AND METHODOLOGY	14
3.1 Variables Definitions	14
Firm Value	14
Corporate Social Responsibility	14
Corporate Governance	15
Corporate Life Cycle	15
Control Variables	16
3.2 Regression Model and Variables Measurements	18
3.3 Empirical Method	19
Estimation	19
Likelihood Ratio Test	20
Threshold Estimate and Slope Parameters	21
CHAPTER 4 Empirical Results and Analysis	23
4.1 Data Description	23
4.2 Statistics and Data Analysis	24
4.3 Panel Regression Results	25
4.4 Threshold Effect	26
4.5 The Threshold Variable of Leverage in Multiple Regimes	28
CHAPTER 5 CONCLUSIONS 	30
REFERENCES	33


LIST OF TABLES
Table 1. Cash Flow Pattern Over Corporate Life Cycle Stages	37
Table 2. Definitions of Variables	38
Table 3. Descriptive Statistics (Observations:14,586)	39
Table 4. Panel Regression Model with Non-Threshold Effect: Empirical Results	40
Table 5. Effects Testing: P-value from LR Tests and Threshold Estimates [95% confidence interval]	41
Table 6. Threshold Model for the First Threshold Variable	42
Table 7. Threshold Estimate for Six Regimes	43
Table 8. Threshold Model of the First and Second Threshold Variable	44

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