未來研究建議

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第三節 未來研究建議

1. 本研究採用的是 DJSI World 的美國企業成分股，變數性質是虛擬變數，建議 未來研究者可以利用其他具備公信力的企業社會責任資料庫進行最適企業責任 投資的研究。

2. 建議未來有意研究者可以針對企業社會責任對於投資人風險的影響進行分 析，畢竟許多企業社會責任已經成為一股世界潮流，因此可能會產生沒有企業社 會責任的企業反而是高風險的預期，因此利用精準的模型去預估企業社會責任對 投資人風險的影響將會是一個值得研究的方向。

3. 有鑒於不同評比機構的標準和方式不一，因此建議未來學者可針對這種不同 所造成的差異進行研究，以釐清在相關文獻研究中結果產生不一致的原因。

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三、網路資料 CalPERS

http://www.calpers.ca.gov/

UN Principles for Responsible Investment http://www.unpri.org/

UN Global Compact

http://www.unglobalcompact.org/AboutTheGC/TheTenPrinciples/index.html

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Observations 3520

*代表 10%顯著性，**代表 5%顯著性，***代表 1%顯著性

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附錄二

為了避免迴歸式 7 的實證結果可能是因為配適值(Fitted_DJSI)的不當，因此 進一步檢查迴歸式 7 的殘差(Residual)，並繪製出配適值與殘差表的分佈圖，見 圖 4-1。其中繪於橫軸的數字是代表配適值，縱軸代表殘差，可以看出沒有特定 趨勢，但是有群聚(Clustering)的情況，此點是因為配適值幾乎都是介於 0.05 到 0.2 中間，代表能夠被所有樣本點大部分能被選入 DJSI 的機率其實都小於 20%。

圖 A-1 殘差圖