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題名 企業社會責任與財務危機之關聯性研究
Relation Between the Corporate Social Responsibility and Financial Crisis
作者 洪悅人
Hong, Yueh-Jen
貢獻者 郭弘卿
洪悅人
Hong, Yueh-Jen
關鍵詞 財務危機
企業社會責任
企業社會責任負面新聞
日期 2019
上傳時間 5-Sep-2019 15:41:25 (UTC+8)
摘要 本研究旨在探討企業社會責任負面新聞對財務危機之影響。有鑑於近年企業社會責任意識在海內外日漸萌芽，百花齊放，相關學說和文獻如雨後春筍般湧現，然至今仍缺乏針對財務危機關聯性進行探究者，故本研究選取我國2015年至2018年一般產業上市（櫃）公司為樣本，運用Logistic迴歸模型檢驗研究假說，分析企業社會責任不良表現是否易使公司發生財務危機事件，並進一步將主要變數按性質區分，以期獲得更全面之研究發現。
實證結果顯示，企業社會責任特性確實影響財務危機。具體而言，環保與安全、資訊公告、違法或違規及綜合指標構面之企業社會責任負面新聞，將提升財務危機事件發生之頻率；勞資關係構面則不影響。若將應變數劃分為實質財務危機及準財務危機觀之，原顯著結果則不盡相同，本研究認為該結果係肇因於樣本數量限制，惟總體而言，仍可支持研究假說。綜上，利用負面新聞次數衡量企業社會責任表現，進而探討其與財務危機之關聯性，符合本研究所預期之結果。
參考文獻 一、中文文獻

白欽元，2002，國內中小企業財務危機預警模型之研究，國立交通大學經營管理研究所碩士論文。

池祥萱、繆文娟與莊瀅臻，2014，企業社會責任對於公司財務績效之影響是雙面刃嗎？來自全球 500 大公司的證據，管理學報，第31卷，第1期：1-19。

李智雯，2000，運用現金流量資訊預測企業財務危機之實證研究，國立政治大學會計研究所碩士論文。

程心瑤，2011，公司治理與企業責任報告之揭露，會計評論，第52期：35-76。

沈中華與張元，2008，企業的社會責任為可以改善財務績效嗎？—以英國 FTSE 社會責任指數為例，經濟論文，第36卷，第3期：339-385。

林宛瑩、許崇源、戚務君與陳宜伶，2009，公司治理與信用風險，臺大管理論叢，第19卷，第2期：71-98。

邱垂昌，2006，台灣企業財務危機之預警－保留意見之警訊，當代會計，第7卷，第2期：195-236。

洪榮華、王文聖、李易政、陳香如與張瑋珊，2013，經理人過度自信對企業發生財務危機之影響：以家族企業特性為調節效果，臺大管理論叢，第23卷，第2期：65。

馬儷砡，2012，舞弊風險評量之財務危機預警模式，國立中正大學經濟系國際經濟研究所學位論文：1-66。

高蘭芬與邱正仁，2002，董監事股權質押對會計盈餘與股票報酬相關性之影響，臺大管理論叢，第13卷，第1期：127-162。


張明輝與吳德豐，2014，企業永續DNA-CSR創利，臺北：資誠教育基金會。

陳肇榮，1983，運用財務比率預測企業財務危機之實證研究，國立政治大學企業管理研究所博士論文。

彭筱倩，2004，盈餘管理與公司治理關聯性之研究─以我國財務危機公司為例，國立政治大學會計研究所碩士論文。

黃俊雄，1993，企業財務危機預警模型在銀行授信決策之運用，國立政治大學企業管理研究所碩士論文。

黃耀銜、李仁棻與劉錦花，2013，企業經營危機預警模式--強調現金流量分析，當代財政，第25期（3月）：86-95。

鄭國瑞，2002，多項財務危機預警模式之探討，國立高雄第一科技大學金融營運研究所碩士論文。

證券櫃檯買賣中心--企業社會責任專區網站：https://www.tpex.org.tw/web/csr/content/introduction.php

二、英文文獻

Altman, E. I. 1968. Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance 23 (4): 589-609.

Ashbaugh-Skaife, H., D. W. Collins, and R. LaFond. 2006. The effects of corporate governance on firms’ credit ratings. Journal of Accounting and Economics 42 (1-2): 203-243.

Bauer, W., W. F. Arndt, F. W. Gingrich, and F. W. Danker. 1957. A Greek-English Lexicon of the New Testament and Other Early Christian Literature. Chicago: University of Chicago Press.

Beaver, W. H. 1966. Financial ratios as predictors of failure-reply. Journal of Accounting Research 4 (Supplement): 123-127.

Becker, C. L., M. L. DeFond, J. Jiambalvo, and K. R. Subramanyam. 1998. The effect of audit quality on earnings management. Contemporary Accounting Research 15 (1): 1-24.
Beneish, M. D., and E. Press. 1995. The resolution of technical default. The Accounting Review 70 (4): 337-353.

Blum, M. 1974. Failing company discriminant analysis. Journal of Accounting Research 12 (1): 1-25.

Bowen, H. R. 1953. Social Responsibilities of the Businessman. New York: Harper and Row.

Carroll, A. B. 1979. A three-dimensional conceptual model of corporate performance. Academy of Management Review 4 (4): 497-505.

Carroll, A. B. 1991. The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons 34 (4): 39-48.

Christine, K. J. 2011. The impact of financial crisis on corporate social responsibility and its implications for reputation risk management. Journal of Management and Sustainability 2 (2): 263-270.

Chung, K. H., and S. W. Pruitt. 1994. A simple approximation of tobin`s q. Financial Management 23 (3): 70-74.

Claessens, S., S. Djankov., and L. H. Lang. 2000. The separation of ownership and control in East Asian corporations. Journal of Financial Economics 58 (1-2): 81-112.

Cooper, A. C., C. Y. Woo., and W. C. Dunkelberg. 1988. Entrepreneurs` perceived chances for success. Journal of Business Venturing 3 (2): 97-108.

Davis, K. 1960. Can business afford to ignore social responsibilities. California Management Review 2 (3): 70-76.

Elkington, J. 1998. Partnerships from cannibals with forks: The triple bottom line of 21st‐century business. Environmental Quality Management 8(1): 37-51.

Faccio, M., and L. H. Lang. 2002. The ultimate ownership of Western European corporations. Journal of Financial Economics 65 (3): 365-395.

Farrell, K. A., and D. A. Whidbee. 2003. Impact of firm performance expectations on CEO turnover and replacement decisions. Journal of Accounting and Economics 36 (1-3): 165-196.

Freeman, R. E. 1984. Strategic Management: A Stakeholder Approach. Boston: Pitman.

Freeman, R. E. 2010. Strategic Management: A Stakeholder Approach. Cambridge university press.

Friedman, M. 1970. The social responsibility of business is to increase its profits. New York Times Magazine 13 (9): 32-33, 122-126.

Frooman, J. 1997. Socially irresponsible and illegal behavior and shareholder wealth: A meta-analysis of event studies. Business and Society 36 (3): 221-249.

Geiger, M. A., and D. S. North. 2006. Does hiring a new CFO change things? An investigation of changes in discretionary accruals. The Accounting Review 81 (4): 781-809.

Gilson, S. C. 1989. Management turnover and financial distress. Journal of Financial Economics 25 (2): 241-262.

Gosman, M. 1973. Characteristics of firms making accounting changes. The Accounting Review 48 (1): 1-11.

Goss, A., and G. S. Roberts. 2011. The impact of corporate social responsibility on the cost of bank loans. Journal of Banking and Finance 35 (7): 1794-1810.

Heald, M. 1957. Management`s responsibility to society: the growth of an idea. The Business History Review 31 (4): 375-384.

Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics 3 (4): 305-360.

La Porta, R., F. Lopez‐de‐Silanes., and A. Shleifer. 1999. Corporate ownership around the world. The Journal of Finance 54 (2): 471-517.
Lang, L., R. Stulz., and R. A. Walkling. 1991. A test of the free cash flow hypothesis*1: The case of bidder returns. Journal of Financial Economics 29 (2): 315-335.

Lau, A. 1987. A five-state financial distress prediction model. Journal of Accounting Research 25 (1): 127-138.

Lee, T. S., and H. Y. Yeh. 2004. Corporate governance and financial distress: Evidence from Taiwan. Journal of Corporate Governance 12 (3): 378-388.

McGuire, J. W. 1963. Business and Society. New York: McGraw-Hill.

McKeown, M. G., I. L. Beck, G. M. Sinatra, and J. A. Loxterman. 1992. The contribution of prior knowledge and coherent text to comprehension. Reading Research Quarterly 27 (1): 78-93.

Moskowitz, M. 1972. Choosing socially responsible stocks. Business and Society Review 1: 71-75.

Mutchler, J. F. 1985. A multivariate analysis of the auditor`s going-concern opinion decision. Journal of Accounting Research 23 (2): 668-682.

Ohlson, J. 1980. Financial ratios and the probabilistic prediction of bankruptcy. Journal of Accounting Research 18 (1): 109-131.

Palepu, K. 1986. Predicting takeover targets: A methodological and empirical analysis. Journal of Accounting and Economics 8 (1): 3-35.

Parket, I. R., and H. Eilbirt. 1975. Social responsibility: The underlying factors. Business Horizons 18 (4): 5-10.

Pastena, V., and W. Ruland. 1986. The merger/bankruptcy alternative. The Accounting Review 61 (2): 288-301.

Preston, L. E., and D. P. O`bannon. 1997. The corporate social-financial performance relationship: A typology and analysis. Business and Society 36 (4): 419-429.


Sharma, S., and V. Mahajan. 1980. Early warning indicators of business failure. Journal of Marketing 44 (4): 80-89.

Sheldon, O. 1924. The social responsibility of management. The Philosophy of Management: 70-99.

Shumway, T. 2001. Forecasting bankruptcy more accurately: A simple hazard model. Journal of Business 74 (1): 101-124.

Solomon, R., and K. Hanson. 1985. It’s Good Business. New York: Atheneum.

Tobin, J. 1969. A general equilibrium approach to monetary theory. Journal of Money, Credit and Banking 1(1): 15-29.

Vance, S. C. 1975. Are socially responsible corporations good investment risks. Management Review 64(8): 19-24.

Zmijewski, M. E. 1984. Methodological issues related to the estimation of financial distress prediction models. Journal of Accounting Research 22 (Supplement): 59-82.
描述 碩士
國立政治大學
會計學系
106353039
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1063530395
資料類型 thesis
dc.contributor.advisor 郭弘卿zh_TW
dc.contributor.author (Authors) 洪悅人zh_TW
dc.contributor.author (Authors) Hong, Yueh-Jenen_US
dc.creator (作者) 洪悅人zh_TW
dc.creator (作者) Hong, Yueh-Jenen_US
dc.date (日期) 2019en_US
dc.date.accessioned 5-Sep-2019 15:41:25 (UTC+8)-
dc.date.available 5-Sep-2019 15:41:25 (UTC+8)-
dc.date.issued (上傳時間) 5-Sep-2019 15:41:25 (UTC+8)-
dc.identifier (Other Identifiers) G1063530395en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/125513-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 106353039zh_TW
dc.description.abstract (摘要) 本研究旨在探討企業社會責任負面新聞對財務危機之影響。有鑑於近年企業社會責任意識在海內外日漸萌芽，百花齊放，相關學說和文獻如雨後春筍般湧現，然至今仍缺乏針對財務危機關聯性進行探究者，故本研究選取我國2015年至2018年一般產業上市（櫃）公司為樣本，運用Logistic迴歸模型檢驗研究假說，分析企業社會責任不良表現是否易使公司發生財務危機事件，並進一步將主要變數按性質區分，以期獲得更全面之研究發現。
實證結果顯示，企業社會責任特性確實影響財務危機。具體而言，環保與安全、資訊公告、違法或違規及綜合指標構面之企業社會責任負面新聞，將提升財務危機事件發生之頻率；勞資關係構面則不影響。若將應變數劃分為實質財務危機及準財務危機觀之，原顯著結果則不盡相同，本研究認為該結果係肇因於樣本數量限制，惟總體而言，仍可支持研究假說。綜上，利用負面新聞次數衡量企業社會責任表現，進而探討其與財務危機之關聯性，符合本研究所預期之結果。		zh_TW
dc.description.tableofcontents 第壹章　緒論　1
第一節　研究背景與動機　1
第二節　研究目的與問題　3
第三節　論文研究架構　4
第貳章　文獻回顧及探討　5
第一節　財務危機之文獻回顧　5
第二節　企業社會責任之文獻回顧　10
第三節　財務危機與企業社會責任文獻之關聯性探討　13
第參章　研究方法　15
第一節　研究假說　15
第二節　樣本選取與資料來源　17
第三節　實證模型　20
第四節　變數定義與衡量　21
第肆章　實證分析　30
第一節 次數分配　30
第二節 敘述性統計　33
第三節 Pearson相關係數矩陣分析　37
第四節　Logistic迴歸分析結果　39
第伍章　結論與建議　42
第一節 研究結論與貢獻　42
第二節 研究限制與建議　43
參考文獻　44		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1063530395en_US
dc.subject (關鍵詞) 財務危機zh_TW
dc.subject (關鍵詞) 企業社會責任zh_TW
dc.subject (關鍵詞) 企業社會責任負面新聞zh_TW
dc.title (題名) 企業社會責任與財務危機之關聯性研究zh_TW
dc.title (題名) Relation Between the Corporate Social Responsibility and Financial Crisisen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、中文文獻

白欽元，2002，國內中小企業財務危機預警模型之研究，國立交通大學經營管理研究所碩士論文。

池祥萱、繆文娟與莊瀅臻，2014，企業社會責任對於公司財務績效之影響是雙面刃嗎？來自全球 500 大公司的證據，管理學報，第31卷，第1期：1-19。

李智雯，2000，運用現金流量資訊預測企業財務危機之實證研究，國立政治大學會計研究所碩士論文。

程心瑤，2011，公司治理與企業責任報告之揭露，會計評論，第52期：35-76。

沈中華與張元，2008，企業的社會責任為可以改善財務績效嗎？—以英國 FTSE 社會責任指數為例，經濟論文，第36卷，第3期：339-385。

林宛瑩、許崇源、戚務君與陳宜伶，2009，公司治理與信用風險，臺大管理論叢，第19卷，第2期：71-98。

邱垂昌，2006，台灣企業財務危機之預警－保留意見之警訊，當代會計，第7卷，第2期：195-236。

洪榮華、王文聖、李易政、陳香如與張瑋珊，2013，經理人過度自信對企業發生財務危機之影響：以家族企業特性為調節效果，臺大管理論叢，第23卷，第2期：65。

馬儷砡，2012，舞弊風險評量之財務危機預警模式，國立中正大學經濟系國際經濟研究所學位論文：1-66。

高蘭芬與邱正仁，2002，董監事股權質押對會計盈餘與股票報酬相關性之影響，臺大管理論叢，第13卷，第1期：127-162。


張明輝與吳德豐，2014，企業永續DNA-CSR創利，臺北：資誠教育基金會。

陳肇榮，1983，運用財務比率預測企業財務危機之實證研究，國立政治大學企業管理研究所博士論文。

彭筱倩，2004，盈餘管理與公司治理關聯性之研究─以我國財務危機公司為例，國立政治大學會計研究所碩士論文。

黃俊雄，1993，企業財務危機預警模型在銀行授信決策之運用，國立政治大學企業管理研究所碩士論文。

黃耀銜、李仁棻與劉錦花，2013，企業經營危機預警模式--強調現金流量分析，當代財政，第25期（3月）：86-95。

鄭國瑞，2002，多項財務危機預警模式之探討，國立高雄第一科技大學金融營運研究所碩士論文。

證券櫃檯買賣中心--企業社會責任專區網站：https://www.tpex.org.tw/web/csr/content/introduction.php

二、英文文獻

Altman, E. I. 1968. Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance 23 (4): 589-609.

Ashbaugh-Skaife, H., D. W. Collins, and R. LaFond. 2006. The effects of corporate governance on firms’ credit ratings. Journal of Accounting and Economics 42 (1-2): 203-243.

Bauer, W., W. F. Arndt, F. W. Gingrich, and F. W. Danker. 1957. A Greek-English Lexicon of the New Testament and Other Early Christian Literature. Chicago: University of Chicago Press.

Beaver, W. H. 1966. Financial ratios as predictors of failure-reply. Journal of Accounting Research 4 (Supplement): 123-127.

Becker, C. L., M. L. DeFond, J. Jiambalvo, and K. R. Subramanyam. 1998. The effect of audit quality on earnings management. Contemporary Accounting Research 15 (1): 1-24.
Beneish, M. D., and E. Press. 1995. The resolution of technical default. The Accounting Review 70 (4): 337-353.

Blum, M. 1974. Failing company discriminant analysis. Journal of Accounting Research 12 (1): 1-25.

Bowen, H. R. 1953. Social Responsibilities of the Businessman. New York: Harper and Row.

Carroll, A. B. 1979. A three-dimensional conceptual model of corporate performance. Academy of Management Review 4 (4): 497-505.

Carroll, A. B. 1991. The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons 34 (4): 39-48.

Christine, K. J. 2011. The impact of financial crisis on corporate social responsibility and its implications for reputation risk management. Journal of Management and Sustainability 2 (2): 263-270.

Chung, K. H., and S. W. Pruitt. 1994. A simple approximation of tobin`s q. Financial Management 23 (3): 70-74.

Claessens, S., S. Djankov., and L. H. Lang. 2000. The separation of ownership and control in East Asian corporations. Journal of Financial Economics 58 (1-2): 81-112.

Cooper, A. C., C. Y. Woo., and W. C. Dunkelberg. 1988. Entrepreneurs` perceived chances for success. Journal of Business Venturing 3 (2): 97-108.

Davis, K. 1960. Can business afford to ignore social responsibilities. California Management Review 2 (3): 70-76.

Elkington, J. 1998. Partnerships from cannibals with forks: The triple bottom line of 21st‐century business. Environmental Quality Management 8(1): 37-51.

Faccio, M., and L. H. Lang. 2002. The ultimate ownership of Western European corporations. Journal of Financial Economics 65 (3): 365-395.

Farrell, K. A., and D. A. Whidbee. 2003. Impact of firm performance expectations on CEO turnover and replacement decisions. Journal of Accounting and Economics 36 (1-3): 165-196.

Freeman, R. E. 1984. Strategic Management: A Stakeholder Approach. Boston: Pitman.

Freeman, R. E. 2010. Strategic Management: A Stakeholder Approach. Cambridge university press.

Friedman, M. 1970. The social responsibility of business is to increase its profits. New York Times Magazine 13 (9): 32-33, 122-126.

Frooman, J. 1997. Socially irresponsible and illegal behavior and shareholder wealth: A meta-analysis of event studies. Business and Society 36 (3): 221-249.

Geiger, M. A., and D. S. North. 2006. Does hiring a new CFO change things? An investigation of changes in discretionary accruals. The Accounting Review 81 (4): 781-809.

Gilson, S. C. 1989. Management turnover and financial distress. Journal of Financial Economics 25 (2): 241-262.

Gosman, M. 1973. Characteristics of firms making accounting changes. The Accounting Review 48 (1): 1-11.

Goss, A., and G. S. Roberts. 2011. The impact of corporate social responsibility on the cost of bank loans. Journal of Banking and Finance 35 (7): 1794-1810.

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dc.identifier.doi (DOI) 10.6814/NCCU201900910en_US