本研究以2005年至2019年台灣上市櫃企業併購案為研究樣本，探討企業社會責任、經理人過度自信與能力對主併方股東財富效果之影響。本文以十五項指標綜合衡量企業社會責任績效，經理人過度自信採用現金流量為依據、經理人能力則選擇以薪酬計算。
結果顯示，長期而言企業社會責任的投入能為公司帶來正面效應，且當經理人能力較佳時，無論長短期皆有較高機會為股東帶來財富，而愈具有過度自信傾向之經理人，愈容易於併購活動中損害股東財富。此外，本文亦於研究過程中，發現主併公司於併購宣告前即出現大量累積異常報酬，推測併購案中存有內線消息、資訊洩漏的現象。
以投資者角度，本研究認為投資人可將社會責任績效視為一長期性指標，並考量經理人過度自信與能力特質，將其納入併購投資標的中；而以決策者角度，本文提供企業重視社會責任之依據，長遠來看將有助於提高公司價值及股東財富。

Based on the mergers and acquisition (M&A) deals of Taiwanese listed and the OTC acquiring companies from 2005 to 2019, this thesis aims to investigate the impacts of corporate social responsibility (CSR), managerial overconfidence, and manager's ability on the acquiring firms' shareholder wealth effects. We utilize 15 evaluation indexes comprehensively to measure performance assessment of CSR, managerial overconfidence is estimated by the free cash flow, and the ability by their compensation. The study measures short-run market reactions to the bid and long-run post-acquisition abnormal stock returns through event study methodology.
Empirical results show that CSR is significantly positively associated with long-run post-acquisition returns. As for the short-term and long-term analyses, the negative relations are between managerial overconfidence and abnormal returns, and the positive effect of manager's ability is on merger performance. In addition, this study discovers that the acquiring firms had a large amount of accumulated abnormal returns prior to the M&A announcement, indicating there existed insider trading or information leakage in Taiwan merger events.
From investors' perspective, this research concludes that investors could regard CSR as a long-term performance indicator. Also, consider managerial overconfidence and ability, adding them to the investment evaluation. From the decision maker's perspective, this thesis suggests corporate should contribute to CSR activities that promote firm profitability and efficiency, which ultimately increases shareholder wealth and firm value.

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