近年來，隨著永續發展與企業社會責任議題日益受到重視，職業健康與安全已成為企業社會構面中重要之關鍵議題。在企業營運過程中，職業安全相關負面事件不僅可能造成員工傷亡與營運中斷，亦可能透過市場機制影響企業價值。然而，過去文獻多以整體ESG評分為研究對象，較少針對職業安全構面進行深入探討，亦未進一步區分不同類型CSR行為之差異效果。因此，本研究以臺灣經濟新報資料庫為基礎，選取2020年9月至2024年12月台灣上市櫃公司之職業安全負面事件為樣本，探討職業安全負面事件對股價之影響，並進一步分析合規性與自願性CSR作為之調節效果。實證結果顯示，企業發生職業安全負面事件時，事件日之標準化異常報酬呈顯著負向反應，顯示資本市場會將此類事件視為風險上升之訊號並即時反映於股價之中。此外，合規性CSR作為對股價反應未呈現顯著影響，顯示企業僅符合法規要求之職業安全措施無法有效降低負面事件之衝擊；相對而言，自願性CSR作為與股價異常報酬呈顯著正相關，支持企業透過超越法規之職業安全投入可累積聲譽資本，並在負面事件發生時發揮風險緩衝之保險效果。本研究結果不僅補充職業安全議題於資本市場反應之實證文獻，亦進一步區分合規性與自願性CSR行為之經濟效果，對企業永續管理策略與風險控管具有重要參考價值。;In recent years， as sustainable development and corporate social responsibility (CSR) have gained increasing attention， occupational health and safety (OHS) has become a key issue within the social dimension of CSR. Occupational safety-related negative events may cause employee injuries， operational disruptions， and affect firm value through market mechanisms. However， prior literature mainly focuses on overall ESG ratings， with limited attention to the OHS dimension and little distinction between CSR activities. Therefore， this study uses data from the Taiwan Economic Journal (TEJ) and selects occupational safety-related negative events of Taiwanese listed firms from September 2020 to December 2024， examining their impact on stock prices and the moderating effects of compliance-based and voluntary CSR activities. The results show that such events lead to significantly negative abnormal returns on the event day， indicating that the market interprets them as signals of increased risk. Compliance-based CSR activities do not significantly affect stock price reactions， suggesting that merely meeting regulatory requirements is insufficient to mitigate adverse effects. In contrast， voluntary CSR activities are positively associated with abnormal returns， supporting that firms can accumulate reputational capital through proactive OHS investments， thereby generating an insurance effect that buffers negative impacts. This study contributes by providing empirical evidence on the capital market consequences of occupational safety issues and distinguishing the economic effects of compliance-based and voluntary CSR activities. The findings also offer implications for corporate sustainability strategies and risk management.
