The Relationships between Negative Information of Corporate Social Responsibility and Financial Performance and Accounting Quality

部分企業為了節省成本以創造最大的利潤，不惜做出違反法律規範之行為，種種負面新聞導致社會大眾開始對企業是否善盡應有之企業社會責任感到質疑，金管會更強制要求於2015年起，食品業、金融業、化學工業及實收資本額超過新台幣100億元等四大類上市櫃公司，都必須編製企業社會責任（CSR）報告書。透過CSR報告書驅動企業開始檢視本身是否履行企業公民義務，並且對利害關係人所關心的議題有所回應。 本研究以上市櫃電子工業為樣本，探討財務績效、企業社會責任及會計品質間之關聯性。首先，以負面企業社會責任裁罰資訊做為企業社會責任表現之代理變數，探討公司之財務績效對負面企業社會責任裁罰資訊的影響，其中財務績效則以財務槓桿、來自營業活動之現金流量與資產報酬率來衡量。實證結果發現，當企業財務績效，如財務槓桿愈低、來自營業活動的現金流量愈高以及資產報酬率愈高時，負面企業社會責任裁罰資訊資訊愈少。 其次，本研究以企業社會責任報告書做為企業社會責任之代理變數，探討企業社會責任對會計品質的影響。實證結果發現，公司有揭露企業社會責任報告書，其財務報表的會計品質較佳。最後，本研究探討負面企業社會責任裁罰資訊與會計品質的關聯性，實證結果發現，兩者之間並無負相關。Recently, some of the public has questioned whether companies can take ones' own social responsibility due to the press has revealed various law-violation behaviors that some vicious companies have had. Companies' operating activities may be against the law or policy in order to enlarge company profit and decrease cost as much as possible. Financial supervisory commission has proposed a mandatory requirement that from 2015, food, finance, chemistry industries and publicly traded companies with paid-up capital over 10 billion NT dollars, must publish Corporate Social Responsibility (CSR) reports. The purposes are to motivate companies to investigate whether they fulfill their corporate civic obligations, and to respond to the issues that interested parties concern. The research is to investigate the relation between financial performance, corporate social responsibility and accounting quality through taking publicly traded companies in high-tech industry as samples. First of all, negative penalty information of corporate social responsibility is considered a proxy variable in performance of corporate social responsibility to investigate financial performance's influence on negative penalty information of corporate social responsibility. Meanwhile, financial leverage, cash flow and assets return rate from operating activities are applied to measure financial performance. The empirical results reveal that while company's financial performance, such as lower financial leverage, higher cash flow and assets return rate from operating activities, would result in less negative information on corporate social responsibility. Secondly, CSR report is applied as a proxy variable in corporate social responsibility to investigate the corporate social responsibility's influence on accounting quality. The empirical results reveal that if a corporate published its CSR report, its accounting quality of financial statement will be better. Lastly, this research also shows that there is no correlation between negative penalty information of corporate social responsibility and accounting quality through the empirical results.摘 要 i Abstract ii 目 次 iv 表目次 v 圖目次 vi 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 2 第三節 研究貢獻 3 第四節 研究架構及流程 3 第二章 文獻探討 6 第一節 企業社會責任之定義及發展的相關文獻 6 第二節 企業社會責任之衡量的相關文獻 8 第三節 盈餘管理與裁決性應計項目品質的相關文獻 11 第四節 財務績效與企業社會責任的相關文獻 13 第五節 企業社會責任與盈餘管理的相關文獻 14 第三章 研究設計 17 第一節 理論及研究假說形成 17 第二節 研究期間、取樣標準與資料來源 19 第三節 變數定義與衡量 22 第四節 研究方法 28 第四章 實證分析 30 第一節 樣本分析 30 第二節 財務績效對負面企業社會責任裁罰資訊的影響 33 第三節 企業社會責任對會計品質的影響 38 第四節 負面企業社會責任裁罰資訊與會計品質之關聯性 40 第五節 實證結果彙整 45 第五章 結論與建議 46 第一節 研究結論 46 第二節 研究限制與未來研究方向 47 參考文獻 4