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系統識別號 U0026-3105201912485500
論文名稱(中文) 永續價值矩陣揭露與公司價值之關聯性探討:以台灣上市櫃公司為例
論文名稱(英文) The Relation between Sustainable Value Matrix Disclosure and Firm Value: Evidence from Taiwan Listed Firms
校院名稱 成功大學
系所名稱(中) 會計學系
系所名稱(英) Department of Accountancy
學年度 107
學期 2
出版年 108
研究生(中文) 洪宇凡
研究生(英文) Yu-Fan Hung
學號 R16061077
學位類別 碩士
語文別 中文
論文頁數 41頁
口試委員 指導教授-黃華瑋
口試委員-顏盟峯
口試委員-梁少懷
中文關鍵字 永續價值矩陣  公司價值  資源分配  企業社會責任 
英文關鍵字 Sustainable Value Matrix  Firm Value  Resource Allocation  CSR 
學科別分類
中文摘要 隨著世界環境意識的抬頭,企業必須開始面臨環境、社會及公司治理方面等議題的挑戰,然而,目前學者對於公司將資金投入企業社會責任相關議題是否能提升公司價值的看法並不一致,部分學者認為企業若是能滿足非股東之利害關係人會對公司價值有正向的影響,另一部份學者卻認為企業將過多的資金投入企業社會責任相關議題會衝擊公司營運能力,反而造成財務表現惡化進而降低公司價值。由於國際整合報導架構將資源分配的概念融合永續價值矩陣的使用,企業有機會能透過此矩陣同時滿足利害關係人的需求又不傷害公司營運能力,本研究透過實證分析發現公司揭露永續價值矩陣與公司價值確實呈正相關,但若只針對有編制企業社會責任報告書的公司研究,則僅在樣本限縮為台灣領頭代表的台灣50成分公司時,才能證明揭露永續價值矩陣與公司價值呈正相關,代表此現象仍只在公司具有一定規模及國際觀時效果才會浮現,另外,我們發現企業發行的企業社會責任報告書若經第三方確信雖然亦能提升公司價值,但卻會造成永續價值矩陣對於公司價值的影響效果降低,此乃由於台灣公司大多遵循永續報告指南(Global Reporting Initiative, 簡稱GRI),而此準則還並未導入資源分配的概念來使用永續價值矩陣,若是未來此概念能更廣泛地被使用,可就此方面做進一步探討。
英文摘要 As the rise of the world's environmental awareness, companies must face environmental, social and governance issues. At present, there is a lack of consensus on the implementation of corporate social responsibility issues. Some scholars believe that companies can enhance the firm value by satisfying the non-shareholder stakeholders. Other scholars believe that if the company invest too much resource in corporate social responsibility issues, it will lead to deterioration of financial performance and reduce the firm value. However, if companies use Sustainable Value Matrix to allocate resources, there is the opportunity to meet stakeholder expectations and enhance firm value simultaneously. This study finds that the disclosure of Sustainable Value Matrix is positively related to firm value. However, if we focus on companies with CSR reports, the relation exists only when the sample is limited to the company of FTSE TWSE Taiwan 50. In addition, we find a positive correlation between firm value and corporate social report assurance, but this relationship causes that the effect of Sustainable Value Matrix disclosure on firm value is reduced.
論文目次 第一章 緒 論 1
第二章 文獻探討與研究假說 4
 第一節 環境、社會與公司治理揭露與公司價值 4
 第二節 永續價值矩陣 6
 第三節 永續價值矩陣與公司價值 9
 第四節 CSR報告確信 12
 第五節 研究假說 14
第三章 研究設計 16
 第一節 樣本選取 16
 第二節 實證模型 19
第四章 實證結果及分析 25
 第一節 敘述性統計 25
 第二節 公司價值與永續價值矩陣分析 26
第五章 額外分析 29
 第一節 金融業樣本分群 29
 第二節 CSR報告書關鍵影響 31
 第三節 Taiwan 50 33
第六章 結論 35
 第一節 研究結論 35
 第二節 後續研究建議及研究限制 36
參考文獻 37
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The Integrated Reporting Movement: Meaning, Momentum, Motives, and Materiality, Authored by Robert G. Eccles, Michael P. Krzus and Sydney Ribot
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