CSR(企業社會責任)為近期發展快速之議題，而併購相關研究及發展在台灣市場中相對成熟，搜尋相關文獻後，發現針對這兩項議題結合之文獻多為研究國外市場之研究，本土研究相對較少，故本研究將針對CSR以及併購做合併研究及分析。採用之併購樣本來源分為併購樣本以及CSR樣本，併購樣本取自台灣經濟新報資料庫，CSR樣本則使用CSR天下企業公民獎、TCSA台灣企業永續獎、公司治理100指數以及台灣高薪100指數之得獎名單及成分股，其餘用於分析之財務相關資料皆取自台灣經濟新報資料庫，研究樣本期間為2011~2018年。採用之方法為事件研究法以及多元迴歸模型，分為三項主題：短期宣告報酬、長期財務績效以及長期成本比率。
研究結果顯示，短期宣告部分，CSR績效，對於短期宣告報酬無呈現顯著影響，其主要原因為短期影響股價因素較多。而財務績效方面，CSR績效與併購宣告後一至兩年的ROA及ROE呈現顯著正相關，表示CSR績效較好之企業，併購宣告後，可以較快速進行內部整合，並達到較好的獲利表現。EPS以及淨利成長率部分，CSR對其則無顯著影響。長期成本相關比率方面，CSR績效較佳之企業，在併購宣告後兩年，其毛利率顯著上升，表示達到有效成本控制，成本顯著下降，但營業費用率則無顯著影響。

CSR is a rapidly developing topic recently, and M&A-related research and development are relatively mature in the Taiwan market. After searching for relevant literature, it is found that most of the literature on the combination of these two topics are studies on foreign markets, and there are relatively few local studies. Therefore, this research will do combined research and analysis on CSR and M&A. The sources of M&A samples used are divided into M&A samples and CSR samples. The M&A samples are taken from the database of Taiwan Economic News, and the CSR samples are selected from CSR World Corporate Citizenship Award, TCSA Taiwan Corporate Sustainability Award, Corporate Governance 100 Index, and Taiwan High Salary 100 Index. The list of winners and constituent stocks, and the rest of the financial-related information used for analysis are taken from the database of Taiwan Economic News, and the research sample period is from 2011 to 2018. The methods employed are event studies and multiple regression models, and are grouped into three themes: short-term declared returns, long-term financial performance, and long-term cost ratios.
The research results show that the short-term announcement part, CSR performance, has no significant impact on the short-term announcement compensation, and the main reason is that there are many factors that affect the stock price in the short term. In terms of financial performance, CSR performance is significantly positively correlated with ROA and ROE one to two years after the M&A announcement, indicating that companies with better CSR performance can quickly carry out internal integration and achieve better profitability after the M&A announcement. CSR has no significant impact on EPS and net profit growth rate. In terms of long-term cost-related ratios, the gross profit margin of companies with better CSR performance increased significantly two years after the merger announcement, indicating that effective cost control was achieved and costs were significantly reduced, but operating expense ratios had no significant impact.

論文審定書 ........................................................ i
摘要 ............................................................. ii
Abstract ........................................................ iii
第一章 緒論 ....................................................... 1
第一節 研究背景與動機 ........................................... 1
第二節 研究目的 ................................................. 3
第三節 研究架構及流程 ........................................... 4
第二章 文獻回顧 ................................................... 5
第一節 CSR背景回顧 .............................................. 5
第二節 併購背景回顧 ............................................ 11
第三節 併購及CSR合併之相關文獻回顧 ............................ 13
第四節 研究假說 ................................................ 15
第三章 研究方法與資料 ............................................ 17
第一節 研究資料 ................................................ 17
第二節 變數定義及資料來源 ...................................... 20
第三節 研究方法 ................................................ 27
第四章 實證分析 .................................................. 32
第一節 敘述統計分析 ............................................ 32
第二節 短期宣告效果 ............................................ 39
第三節 長期財務績效 ............................................ 44
第四節 長期財務成本 ............................................ 48
第五章 結論及建議 ................................................ 50
第一節 研究結論 ................................................ 50
第二節 研究限制及建議 .......................................... 52
參考文獻 ......................................................... 53

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