本文以中國市場的上海、深圳交易所上市公司作為研究對象，探討企業社會責任新聞宣告對於股票異常報酬之影響，採用事件研究法加以檢測。本研究透過『企業社會責任中國網』蒐集企業社會責任新聞宣告之資訊，實證結果發現企業社會責任新聞宣告，整體市場產生正向且顯著的累積股價異常報酬表現，顯示市場的投資人相當重視中國的企業社會責任發展。而在公營企業社會責任新聞發布後，所產生的正向累積股價異常報酬，更大於民營企業的表現。透過政府的監督，使其市場投資人相信公營企業於推動企業社會責任方面，較為盡責且完善，因此在公營企業之市場股票異常報酬明顯優於民營企業。為了深入了解中國市場投資人對於責任管理、市場責任、社會責任與環境責任四大指標之重視程度，本研究係將各新聞按照四大指標予以分類，並設計迴歸模型加以檢測。研究結果發現市場投資人較為關心責任管理與環境責任，而在市場責任層面反應並未明顯受到投資人支持，表示各企業在履行市場責任層面仍待加強並加以揭露，我們也期望未來中國企業在推動企業社會責任，能達到責任管理、市場責任、社會責任與環境責任各層面之平衡發展。

This study exams the relationship between the CSR announcements of Chinese enterprises and the stock price abnormal returns by event study method. And our research subjects are Shanghai and Shenzhen Stock Exchange listed companies. This study collects the data of CSR announcements through CSR China net, and then the results indicate that the CSR news release, market cumulative abnormal returns will be positive and significant. It implies that all the market investors concern China CSR development. However, Chinese Public and Private enterprises have different results. Due to supervision of government, the market reaction of Public enterprises is better than Private enterprises. In order to understand the emphasis of investors in the Chinese market for the four types of the responsibility management, market responsibility, social responsibility and environment responsibility, we separate four types from the CSR news. The results show that all the market investors more concerned about the types of the responsibility management and environment responsibility. Instead, the level of market responsibility is not supported by investors. That means all enterprises in the implementation of market responsibility level still have to strengthen and be exposed. We also look forward to the future of Chinese enterprises in the promotion of CSR; can achieve balanced development of responsibility management, market responsibility, social responsibility and environment responsibility.

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