近年來，企業社會責任(CSR)在台灣逐漸盛行以及受重視，國外一些文獻指出社會企業責任(CSR)公司在財務方面及股價表現方面優於非社會企業責任(non-CSR)公司。在本次研究中，我們將利用台灣上市櫃公司為樣本，欲了解CSR公司是否能夠透過現金增資帶給投資人正報酬。過去許多文獻都遭遇到內生性問題，而我們利用現金增資則能夠避免此問題。我們研究CSR報告揭露與否如何影響現金增資(SEO)時常出現的資訊不對稱的問題。探討是否因為企業揭露更多資訊而有較少的折價現象，亦或是投資人較偏好CSR公司。我們透過控制相關的變數，發現揭露CSR報告的公司在實行SEO時折價現象較少。與過去文獻相同，Gelb and Strawser(2001)發現訊息揭露程度與CSR之間存在正相關，這些高道德標準的公司傾向揭露更多資訊，藉此降低公司管理層與外部投資人間的資訊不對稱，使得實行SEO承銷時承銷價的折價現象較不明顯；接著，我們也利用2008年到2019年台灣上市櫃公司資料，同樣控制相關變數，探討揭露CSR報告的SEO公司股價表現是否會在長期優於沒有揭露CSR報告的SEO公司股價，我們發現揭露CSR報告的SEO公司在一、二及三年後的報酬顯著高於未揭露CSR報告的SEO公司，長遠來看，我們的結果符合利害關係人理論，企業實行揭露CSR報告書將可以抵銷公司發行現金增資的負向衝擊。最後，我們探討2014年強制揭露CSR報告，是否因為是強制揭露導致SEO公司在長期股價表現上較差。我們得出結果與前面的模型相同，即便是強制揭露CSR報告，揭露CSR報告的SEO公司確實減少資訊不對稱使得承銷價折價較低，並且長期而言投資人更能夠從揭露CSR報告的公司獲得投資報酬。

In the past few years, corporate social responsibility (CSR) has increasingly become popular and valued in Taiwan. Some foreign documents point out that CSR companies are superior to non-CSR companies in terms of financial and stock performance. In this study, we will use listed and OTC companies in Taiwan as a sample to examine whether CSR companies can bring positive returns to investors through seasoned equity offerings (SEOs). SEO can avoid endogenous problem. We study how the CSR report disclosure whether or not affects the problem of information asymmetry that often occurs in SEO. We explore whether there will be fewer underpricing because the company reveals more information, or whether investors prefer CSR companies. We control related variables and find companies that disclosure CSR reports have less underpricing when implementing SEO. As literature in the past, Gelb and Strawser (2001) found a positive relationship between the degree of information disclosure and CSR. These companies with high ethical standards tend to reveal more detailed information with respect to firm, so as to reducing the information asymmetry between the company’s management and external investors, and revealing less underpricing for SEO companies. Next, we explored whether the long-term stock performance of the SEO company with disclosing the CSR report would outperform SEO company that did not disclose the CSR report in the long term. We find that the long-term stock returns of SEO companies that disclosed CSR reports are significantly greater than those of SEO corporations not disclosing CSR reports following one, two, and three years. Our results are in accordance with the stakeholder theory that CSR report disclosure will increase the confidence from stakeholders and offset the negative impact of the company's SEO. Finally, we explore the policy effect with respect to the act of Taiwan government in 2014 that mandatorily regulated disclose CSR report for those large companies. Even after the passage of this act, we find that SEO companies disclosing CSR reports still lessen information asymmetry, leading to lower underpricing and enhancing the long-run stock returns.

論文審定書 i
致 謝 ii
摘要 iii
Abstract iv
1. Introduction 1
2. Literature review and hypothesis development 6
2.1 Information asymmetry theory and SEO 6
2.2 CSR and stakeholder value maximization 8
2.3 CSR and ethical theory 11
3. Data and methodology 12
3.1 Data 12
3.2 SEO underpricing and CSR 15
3.3 Abnormal return and CSR 17
3.4 Descriptive statistics 20
4. Empirical results 23
4.1 SEO underpricing 23
4.2 SEO company long-term performance 24
4.3 Mandatory disclosure 25
4.4 Family business 29
5. Summary and conclusions 32
Reference 35
Appendix 38

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