| Abstract: | 近年來持續不斷的食安問題及勞工安全問題層出不窮，社會大眾深受其害，對於企業社會責任倡議推廣的現今，台灣及中國大陸是否確實落實企業社會責任，本文將進一步探討盈餘管理對企業社會責任與風險關聯性之影響。在過去的文獻中，多以信用評級衡量風險，而本文採用CSRHUB公司對台灣及中國大陸企業的企業社會責任四大面向(社會參與、公司治理、員工福利及環境治理)評分資料及臺灣經濟新報資料庫中各公司的財務資料，研究期間於2008年12月至2014年7月月資料，將中國大陸234家公司及台灣171家公司進行資料分析，研究方法則以兩階段估計法及高階動差法互相評比，依此對於資料分析討論。
研究結果呈現出，臺灣地區企業社會責任在盈餘管理風險中，盈餘管理現象減少將為企業社會責任績效帶來良好表現；盈餘管理及營運風險交互效果，在社會參與、公司治理及員工福利為正相關，因操弄報表關係而影響兩者間的真實結果。中國大陸地區在盈餘管理風險中，僅社會參與與風險呈現負相關，公司治理、員工福利及環境治理為正相關，且環境治理高度正相關，在中國大陸經濟起飛的階段，財務報不透明，資訊不對稱的情況下，高度操控報表可能性高。最後，研究實證結果各項數據顯示高階動差法相較於傳統迴歸模型提供了良好配適估計。
In recent years, the problems of food security and labor safety have been endless, and the mass society has been deeply affected. For the promotion of corporate social responsibility initiative, whether Taiwan and China really perform corporate social responsibility, this thesis will further investigate the effect of earnings management on the relationship between corporate social responsibility and risk. In the past literatures, most researchers aim to use the credit rating to measure the risk. In this thesis, the score from CSRHUB was used to evaluate the degrees of four corporate social responsibility of Taiwan and China, which are the aspects of Community, Governance, Employees, and Environment. In addition, the financial information is collected from the Taiwan Economic Journal. Sample period covers December 2008 to July 2014 data. The total numbers of listed companies of Taiwan and China are 171 and 230. The empirical method adopts the two-stage estimation and high order moment method to analyze our objectives.
Empirical results show that the decrease in earnings management will improve the degree of corporate social responsibility in Taiwan. The interactive effects between earnings management and operational risk are positively related to social participation, corporate governance, and employee benefits. It is attributed to the manipulation of financial statements. From the estimated results of China, there is negative correlation between corporate social responsibility and risk factor, but not in corporate governance, employee welfare, and environmental governance. The environmental governance presents significantly positive correlation. A possible explanation is that the China’s economy lies in developing stage, the problem of information asymmetric and opacity of financial statement, the manipulation may be serious. Finally, all empirical results show that the higher order moment method provides well estimation against the traditional regression model. |
