市場對企業社會責任與避稅之反應—以食品相關產業為例

Abstract

為瞭解企業善盡社會責任與規避稅負的程度間之關聯性，及市場投資人對企業從事該等行為之反應，本研究以實證方法探討之。研究樣本取自西元 2010 年至 2019 年之國內食品工業及觀光餐飲業上市櫃公司。本研究係採時間序列之方式構建迴歸模型以進行實證研究，並分別探討企業承擔社會責任與規避稅捐之程度間、實踐社會責任的程度與其股價高低間，及企業社會責任、租稅規避活動與其股價表現此三者間彼此之關係。其結果顯示企業承擔社會責任與規避稅捐之程度間呈負相關，而其實踐社會責任的程度與其股價高低並無明顯關聯；若將三者綜合觀之，則可發現企業實踐社會責任的程度與其股價高低仍無明顯關聯，且租稅規避的程度對於企業實踐社會責任的程度與股價間關係之調節效果並不明顯。綜上所述，可得出企業經營者與投資方對於企業社會責任此一議題的態度有所差異之結論。

The purpose of this paper is to investigate the effects of corporate social responsibility on tax avoidance and market. I use specific domestic food industry and services firms as sample during the period 2009-2019. In order to investigate the relationship among corporate social responsibility, tax avoidance and stock price, I build a time-series regression model. I find a negative and statistically significant association between the degree of corporate social responsibility and tax avoidance, thus more socially responsibility corporations are likely to be less tax avoidance in nature. However, my result indicates that there is not any association between corporate social responsibility and stock price. Finally, the result from my additional tests show that there is not any association between the interaction effect of corporate social responsibility and tax avoidance, and stock price. To sum up, managers of companies and investors have different attitudes toward the issue of corporate social responsibility.