本篇論文主要探討企業社會責任報告與社會責任事件對產業股價影響之研究。近來不論是食安問題、排放重金屬廢水及石化安全等問題層出不窮，除了造成企業本身財務損失外，使國人面對週遭生活環境的不確定性更加嚴重，有鑑於此，金管會於104年起強制要求規定食品、化工、餐飲、金融業及資本額達100億元以上之上市(櫃)公司，於104年開始需編製企業社會責任報告書，要求企業本身應善盡自身及協力廠商之社會責任，才能確保自家產品安全，達到企業永續發展，及促進社會大眾之福祉。本研究採用事件研究法，分析最近二年度社會責任事件對該產業股價之影響，透過實證結果說明企業落實社會責任之重要性。本研究發現：(1)當公司發生負面社會責任事件，造成該產業股價呈現負報酬。(2)當企業發負面社會責任事件，從事編製企業社會責任書之公司在短期間預期能發揮保險功效，使編製企業社會責任書的公司股價跌幅較淺，僅部份獲得支持。另外，在此研究亦發現目前台灣食品業及化工業在社會責任事件跌幅較深，顯示在企業社會責任上略有不足，呼應主管機關強制之規定。

This study examines the stock market reaction and voluntary CSR reporting in response to the social responsibility events. Recently, food safety hazards, emissions of heavy metals and petrochemical safety issues have caused heavy losses for companies and large uncertainty for people. In view of this, the regulator requires that the companies in food, chemical, catering, and financial and insurance industries which have issued capital larger than NT $10 billion need to prepare CSR report in 2015 to fulfill their own social responsibilities. This study is motivated by mounting attention to the increase in environmental risks and the need for enhancement in environmental accounting reporting requirements. My empirical results show that：(1) there is a significantly negative intra-industry reaction occurred during the events such as food safety hazards, emissions of heavy metals and petrochemical safety issues. (2) companies with voluntary CSR disclosures experienced a less negative reaction during these social responsibility events. Finally, I find that the negative market reactions during the social responsibility events are more severe in food and chemical industries, suggesting insufficient CSR requirements in these industries.

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