本研究探討企業社會責任獲獎訊息宣告與股票異常報酬率之影響，以2010年至2019年，獲得《天下雜誌》之「企業公民獎」之大型企業、中堅企業和小巨人為研究對象，樣本概括大型企業樣本379筆，中堅企業樣本102筆和小巨人樣本72筆，共計566筆樣本數。經採用事件研究法檢測企業社會責任獎宣告，獲獎企業之股價報酬反應後，實證結果顯示，獲獎之整體企業在事件日期間產生顯著的負向異常報酬，且在事件期間的累積異常報酬也出現顯著的負向異常報酬，顯示投資人對於企業獲獎訊息的反應並未給予正面評價；其次，針對大型企業和中堅企業樣本兩者探討，事件日前後 5日期間的累積異常報酬有顯著差異。 This study focuses on the relationships between the CSR announcement and abnormal stock returns. The samples selected large enterprises and medium-sized enterprises conferred with Excellence in Corporate Social Responsibility Award held by Common Wealth Magazine from 2010 to 2019 as samples. A total of 566 enterprises, 379 large enterprises, 102 medium-sized enterprises and 72 small enterprises, are selected. The event study method is adopted to examine the stock return responses of the awarded enterprises after the announcement of the corporate social responsibility award. Empirical results reveal that the awarded enterprises exhibit significant, significant negative abnormal returns are observed during the event period. Meanwhile, significant cumulative abnormal returns are observed during the event period, suggesting that investors have no marked responses to the award-winning news. The cumulative abnormal returns of all enterprise do not reach statistical significance. For both large and mid-sized enterprises, there is a significant difference in the cumulative abnormal returns during the event period before and after five days.
