第四章 實證結果與分析
第三節 額外測試
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第三節 額外測試
由於假說一中的企業社會責任評分（CSR），是由各評斷項目的優勢
（strength）減去弱勢（concern）並加總而出，故為所有項目的綜合評分，因此 無法完整地了解各個評斷項目的績效狀況，更無法得知各個評斷項目與盈餘平穩 化的關聯或影響。
故，為了要消除上述的狀況，在本節中，本研究將原先的企業社會責任評分
（CSR）拆解為合併計算之前的各項評斷標準作為自變數，以瞭解哪些評斷項目 所影響的層面較大。因此，原先的企業社會責任評分（CSR）經拆解後，分為六 大項評斷標準，並將原先作為控制變數之公司治理（GOV）也納入自變數中，
總計共為七大項評斷標準，而各標準中，同樣地先經過了優勢與弱勢的相減計算 而得出。
而從表 4-6 迴歸分析表，可以觀察到與盈餘平穩化一（ES1）呈現顯著正相 關的項目為多樣性（DIV）、員工關係（EMP）與環境（ENV），分別達到 0.0189、
0.0061 以及 0.0776 高度顯著，顯示企業若在這三個項目表現得越出色，盈餘平 穩化發生的情形會越多。而與盈餘平穩化二（ES2）呈現顯著正相關的項目則為 多樣性（DIV）與環境（ENV），分別各達到 0.0022 與 0.0128 高度顯著，同樣也 可以判斷當多樣性與環境項目企業表現得越佳，越有盈餘平穩化的情形；另外盈 餘平穩化二（ES2）則是與公司治理（GOV）呈現 0.0024 之顯著負相關，顯示 企業內部公司治理越佳，越能展現出制衡機制，使盈餘平穩化發生的情形越少。
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IND Included Included
YEAR Included Included
Adj. R2 0.035 0.034
表 4-6 企業社會責任與盈餘平穩化之迴歸分析表說明：
各項研究變數之定義為 Intercept：截距項 ES1：盈餘平穩化一，營運收益之標準差/營運現金流量的標 準差之負值；ES2：盈餘平穩化二，應計項目變動數與營運現金流量變動數之 Spearman 係數之負值；COM：
社區，KLD 之優勢（strength）減去弱勢（concern）所得評分；GOV：公司治理，KLD 之優勢（strength）
減去弱勢（concern）所得評分；DIV：多樣性，KLD 之優勢（strength）減去弱勢（concern）所得評分；
EMP：員工關係，KLD 之優勢（strength）減去弱勢（concern）所得評分；ENV：環境，KLD 之優勢（strength）
減去弱勢（concern）所得評分；HUM：人權，KLD 之優勢（strength）減去弱勢（concern）所得評分；PRO：
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l C h engchi U ni ve rs it y 第五章 結論及建議
第一節 研究結論
本研究為了釐清良好的企業社會責任公司是否會透過盈餘管理的手段使盈 餘平穩化，以美國股票市場上市公司為研究對象，研究期間自 2005 年至 2013 年止，共計 9 年。首先以企業社會責任為本研究之自變數，並以盈餘平穩化作為 應變數，透過相關之實證分析探討良好的企業社會責任公司與盈餘平穩化之間的 關聯性。爾後，再將樣本透過研發密度之高低以及產業類別之區分，以測試企業 社會責任與盈餘平穩化之關係是否會受到該因素的影響。
實證檢測後的結果顯示，於美國地區良好的企業社會責任公司其對盈餘平穩 化的現象呈現正向的顯著效果，故本研究支持假說之一預期，良好的企業社會責 任公司，其盈餘平穩化之程度較高。此結果隱含，良好的企業社會責任公司，亦 會有進行盈餘管理現象，而其可能的原因可分為外部誘因及內部因誘因，外部誘 因像是為了提升盈餘的持續性及可預期性、減少企業風險進而降低資金成本；內 部誘因則可能是為了達到盈餘門檻或紅利發放的目標等企業內部人員的私人利 益保障。
而在假說二中當資訊不對稱情形較為嚴重時，良好的企業社會責任公司進行 盈餘平穩化的情形較為明顯，根據實證檢測的結果顯示，不論是在高研發密度與 低研發密度的樣本中，兩組樣本的企業社會責任皆與盈餘平穩化呈現正向的顯著 關係；同樣的，在高科技產業類別與非高科技產業類別此兩組樣本中，企業社會
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責任也都與盈餘平穩化呈現正向的顯著關係，所以假說二並未獲得實證結果的支 持，故本研究推論進行盈餘平穩化行為之誘因或目的可能早存在於樣本區分前，
故不因研發密度之高低以及產業類別之影響而產生進行盈餘平穩化之明顯差異。
所以無法藉由上述兩種樣本區分方式來檢測是否資訊不對稱情形越嚴重的公司 其盈餘平穩化的情形越為明顯。
綜上所述，本研究能提供以下貢獻。雖然重視企業社會責任的企業，往往其 財務績效或許較佳、道德標準可能較高，但企業其實依舊會為了降低盈餘波動，
透過盈餘管理的手段使其盈餘分佈呈現平穩化的現象，即便此結果與先前文獻所 認為的企業社會責任公司會因為財務績效佳、道德標準高而較不會有盈餘管理的 現象發生不甚相同。
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第二節 研究限制與後續研究建議
本研究資料涵蓋 2005 年至 2013 年，在此期間，國際金融市場亦受景氣波動 之影響而有所變動，因此財務績效表現之好壞與盈餘損失或獲利，有可能係受到 企業內部管理決策及業務經營之景氣現象所致，並非全然因盈餘平穩化行為所致 之結果，且藉由實證結果顯示良好的企業社會責任公司有盈餘管理行為，但無法 精確分辨企業是為了提升盈餘持續性、可預測性與降低企業風險，還是管理階層 為了私有利益而進行盈餘平穩化。
最後，本研究亦建議可同時考量不同之企業社會責任衡量指標，探究企業社 會責任與盈餘平穩化的關係，以提高樣本的可信度及代表性。此外，由於履行企 業社會責任之產業類別多變，各產業所重視的項目也會有所不同，造成在企業社 會責任績效評比上也會有所落差，故也建議後續研究可針對各產業類別進行探討 社會責任與盈餘平穩化間之關聯性。最後由於本研究之盈餘平穩化為近十年之資 料，建議後續研究者可以擴大資料範圍，進行比較。
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