「社會企業責任」(CSR)最早是由西方國家開始提倡，也因此他們有著較悠久發展歷史，然而隨著商業環境和經營管理觀念的革新，越來越多亞洲以及新興市場的企業將CSR視為他們應該承擔的一種責任，許多企業也成立了CSR委員會來編撰CSR報告書。與此同時，亞洲圈的學術界也有越來越多關於CSR的研究，但是可能由於起步較晚，亞洲以及新興市場中執行CSR的實證結果往往與已開發國家相牴觸。 而現行的文獻大多是探討公司財務表現和企業社會責任表現之間的相關性，較少針對下方風險和公司社會責任方面表現之間的研究，尤其是針對新興及亞洲地區。此外往的文獻對於台灣地區的CSR評判標準大多單純分成是否有獲得各家雜誌之評比獎項作為二分法，缺少量化性的實證CSR效果，本研究擬補足既有文獻之不足，以台灣市場的崩盤風險作為主要研究目標，並且以2010~2016年湯森路透和天下雜誌的給予的分數將各公司的CSR表現具體量化，樣本包含了約100家左右台灣上市櫃公司，最後將以前較為粗略的應計裁決項改為用回歸式計算出來的應計會計品質，能更精準的衡量應計品質的操控行為。 本研究的實證結果顯示，台灣企業在推動CSR的成效與不同於前人對於大陸以及日本市場的研究，顯示台灣公司提升CSR表現後可以顯著的降低未來股票崩盤風險，而且降低崩盤的效果在公司治理較差的企業則更為顯著。實證結果大致符合美國以及西方新興工業化國家市場的結果，隱含台灣企業投資在推動CSR的成效，和西方國家較為接近。 ;Corporate Social Responsibility(CSR) was first advocated by Western countries, so they have a long history of development. However, with the innovation of business environment and management concepts, more and more Asian and emerging market companies regard CSR as a responsibility they should assume. Many companies have also established CSR committees to compile CSR reports. At the same time, there are growing numbers of research on CSR in the academic community in Asia. But it may be due to the late start, the empirical results of CSR implementation in Asia and emerging markets are often inconsistent with developed countries., which show the negative effect of implementation in CSR. Current literature focuses mainly on the correlation between the company′s financial performance and corporate social responsibility performance, thus less research pays attention to the risks and corporate social responsibility performance, especially for emerging and Asian regions. In addition, the literature on the CSR evaluation criteria in Taiwan is little and most of them use dichotomous variables, divided into whether or not there is an award for each magazine, so there is no quantitative standard to measure the CSR effect. This study intends to make up for the shortcomings of the existing literature and price collapse in the Taiwan market. Thus I set my main research issue as the crash risk, and the CSR performance of each company is quantified by the scores given by Thomson Reuters and Commonwealth Magazine from 2010 to 2016. The sample contains about 100 Taiwan listed cabinet companies. I also replace the ABACC (absolute accrual basis accounting) as the AQ (accrual quality) to better measure the earning manipulation of managers. The empirical results of this study show that the effectiveness of Taiwanese companies in promoting CSR is different from that of previous studies on China and the Japanese market. It shows that Taiwanese companies can significantly reduce crash risk after improving their CSR performance. Moreover, the effect of reducing the collapse is even more pronounced in companies with poor corporate governance. The empirical results are broadly in line with the results of the US and Western newly industrialized countries, indicating that the result of CSR in Taiwan is closer to US and Western countries.
