本研究探討企業社會構面資訊是否影響資本市場對現金持有之邊際評價。以 2020 至 2024 年台灣上市櫃公司為樣本，採用 Faulkender and Wang（2006）之現金邊際價值模型，並以 TEJ 之 TESG 資料庫建構員工流動率、人權與社區關係揭露度、供應鏈管理揭露度及產品責任揭露度等四項社會價值鏈指標進行實證檢驗。
實證結果顯示，員工流動率對現金邊際價值具有顯著正向調節效果，反映市場在人力不穩定情境下更重視現金之預防性功能；供應鏈管理揭露度則呈顯著負向調節，市場將高揭露解讀為合規成本與風險暴露的訊號，而非治理品質的提升。此外，在高分析師預測 EPS 組中，社會構面投入對現金邊際價值的調節效果轉為顯著負向，顯示高獲利預期環境下，社會構面投入易被市場解讀為資源排擠或代理問題。上述結果經多項穩健性測試均維持一致。
本研究指出，社會構面資訊對現金邊際價值的影響取決於市場如何解讀不同揭露所隱含的治理能力、風險暴露與資源配置意涵，對企業揭露策略與投資人溝通具有重要實務參考價值。

This study examines whether information about the corporate social dimension affects the marginal value that capital markets place on corporate cash holdings. Using a sample of observations from Taiwan-listed and OTC companies from 2020 to 2024, we find that the relationship between social dimension disclosure and cash valuation is heterogeneous across different social indicators and varies with market earnings expectations. Specifically, employee turnover positively moderates the marginal value of cash, while supply chain management disclosure quality exerts a significantly negative moderating effect. Furthermore, among firms with high analyst-forecast earnings, overall social dimension scores significantly reduce the marginal value of cash. These findings suggest that social dimension information does not uniformly enhance cash valuation; rather, its effect depends on how investors interpret the governance quality, risk exposure, and resource allocation implications embedded in different social disclosure signals.

Albuquerque, R., Koskinen, Y., & Zhang, C. (2019). Corporate social responsibility and firm risk: Theory and empirical evidence. Management Science, 65(10), 4451–4469. https://doi.org/10.1287/mnsc.2018.3043
Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics, 97(1), 71–86. https://doi.org/10.1007/s10551-010-0496-z
Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do U.S. firms hold so much more cash than they used to? The Journal of Finance, 64(5), 1975–2021. https://doi.org/10.1111/j.1540-6261.2009.01492.x
Blackhurst, J., Craighead, C. W., Elkins, D., & Handfield, R. B. (2005). An empirically derived agenda of critical research issues for managing supply-chain disruptions. International Journal of Production Research, 43(19), 4067–4081. https://doi.org/10.1080/00207540500151549
Casey, R. J., & Grenier, J. H. (2015). Understanding and contributing to the enigma of corporate social responsibility assurance in the United States. Auditing: A Journal of Practice & Theory, 34(1), 97–130. https://doi.org/10.2308/ajpt-50736
Chang, C. H., Chen, S. S., Chen, Y. S., & Peng, S. C. (2019). Commitment to build trust by socially responsible firms: Evidence from cash holdings. Journal of Corporate Finance, 56, 364–387. https://doi.org/10.1016/j.jcorpfin.2019.03.003
Chowdhury, R., Doukas, J. A., & Park, J. C. (2021). Stakeholder orientation and the value of cash holdings: Evidence from a natural experiment. Journal of Corporate Finance, 69, Article 102029. https://doi.org/10.1016/j.jcorpfin.2021.102029
Cohn, A., Fehr, E., & Goette, L. (2015). Fair wages and effort provision: Combining evidence from a choice experiment and a field experiment. Management Science, 61(8), 1774–1794. https://doi.org/10.1287/mnsc.2014.1970
Craighead, C. W., Blackhurst, J., Rungtusanatham, M. J., & Handfield, R. B. (2007). The severity of supply chain disruptions: Design characteristics and mitigation capabilities. Decision Sciences, 38(1), 131–156. https://doi.org/10.1111/j.1540-5915.2007.00151.x
Dittmar, A., & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of Financial Economics, 83(3), 599–634. https://doi.org/10.1016/j.jfineco.2005.12.006
Dong, F., & Doukas, J. (2025). The role of intangible assets in shaping firm value. European Financial Management. Advance online publication. https://doi.org/10.1111/eufm.12529
Drobetz, W., Grüninger, M. C., & Hirschvogl, S. (2010). Information asymmetry and the value of cash. Journal of Banking & Finance, 34(9), 2168–2184. https://doi.org/10.1016/j.jbankfin.2010.02.002
Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3), 621–640. https://doi.org/10.1016/j.jfineco.2011.03.021
Faulkender, M., & Wang, R. (2006). Corporate financial policy and the value of cash. The Journal of Finance, 61(4), 1957–1990. https://doi.org/10.1111/j.1540-6261.2006.00894.x
Ghaly, M., Dang, V. A., & Stathopoulos, K. (2017). Cash holdings and labor heterogeneity: The role of skilled labor. Review of Financial Studies, 30(10), 3636–3668. https://doi.org/10.1093/rfs/hhx038
Godfrey, P. C. (2005). The relationship between corporate philanthropy and shareholder wealth: A risk management perspective. Academy of Management Review, 30(4), 777–798. https://doi.org/10.5465/amr.2005.18378876
Hancock, J. I., Allen, D. G., Bosco, F. A., McDaniel, K. R., & Pierce, C. A. (2013). Meta-analytic review of employee turnover as a predictor of firm performance. Journal of Management, 39(3), 573–603. https://doi.org/10.1177/0149206311424943
Hendricks, K. B., & Singhal, V. R. (2005). An empirical analysis of the effect of supply chain disruptions on long-run stock price performance and equity risk of the firm. Production and Operations Management, 14(1), 35–52. https://doi.org/10.1111/j.1937-5956.2005.tb00008.x
Henisz, W. J., Dorobantu, S., & Nartey, L. J. (2014). Spinning gold: The financial returns to stakeholder engagement. Strategic Management Journal, 35(12), 1727–1748. https://doi.org/10.1002/smj.2180
Hussaini, M., Hussain, N., Nguyen, D. K., & Rigoni, U. (2021). Is corporate social responsibility an agency problem? An empirical note from takeovers. Finance Research Letters, 41, Article 101855. https://doi.org/10.1016/j.frl.2020.101855
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323–329. http://www.jstor.org/stable/1818789
Kim, Y. H., & Davis, G. F. (2016). Challenges for global supply chain sustainability: Evidence from conflict minerals reports. Academy of Management Journal, 59(6), 1896–1916. https://doi.org/10.5465/amj.2015.0770
Lang, M. H., & Lundholm, R. J. (1996). Corporate disclosure policy and analyst behavior. The Accounting Review, 71(4), 467–492. http://www.jstor.org/stable/248567
Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. Journal of Finance, 72(4), 1785–1824. https://doi.org/10.1111/jofi.12505
Lin, Y. E., Li, Y. W., Cheng, T. Y., & Lam, K. (2020). Corporate social responsibility and investment efficiency: Does business strategy matter? International Review of Financial Analysis, 72, Article 101585. https://doi.org/10.1016/j.irfa.2020.101585
Mas, A., & Moretti, E. (2009). Peers at work. The American Economic Review, 99(1), 112–145. https://doi.org/10.1257/aer.99.1.112
Masulis, R. W., & Reza, S. W. (2015). Agency problems of corporate philanthropy. The Review of Financial Studies, 28(2), 593–636. https://doi.org/10.1093/rfs/hhu083
McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of Management Review, 26(1), 117–127. https://doi.org/10.5465/amr.2001.4011990
Mena, C., Humphries, A., & Choi, T. Y. (2013). Toward a theory of multi-tier supply chain management. Journal of Supply Chain Management, 49(2), 58–77. https://doi.org/10.1111/jscm.12003
Modi, S. B., & Mishra, S. (2011). What drives financial performance—resource efficiency or resource slack? Evidence from U.S.-based manufacturing firms from 1991 to 2006. Journal of Operations Management, 29(3), 254–273. https://doi.org/10.1016/j.jom.2011.01.002
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261–297. http://www.jstor.org/stable/1809766
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3–46. https://doi.org/10.1016/S0304-405X(99)00003-3
Pinkowitz, L., Stulz, R., & Williamson, R. (2006). Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross-country analysis. The Journal of Finance, 61(6), 2725–2751. https://doi.org/10.1111/j.1540-6261.2006.01003.x
Ponomarov, S. Y., & Holcomb, M. C. (2009). Understanding the concept of supply chain resilience. The International Journal of Logistics Management, 20(1), 124–143. https://doi.org/10.1108/09574090910954873
Richards, V. D., & Laughlin, E. J. (1980). A cash conversion cycle approach to liquidity analysis. Financial Management, 9(1), 32–38. http://www.jstor.org/stable/3665310
Rogerson, M., Scarpa, F., & Snelson-Powell, A. (2024). Accounting for human rights: Evidence of due diligence in EU-listed firms' reporting. Critical Perspectives on Accounting, 99, Article 102716. https://doi.org/10.1016/j.cpa.2023.102716
Servaes, H., & Tamayo, A. (2013). The impact of corporate social responsibility on firm value: The role of customer awareness. Management Science, 59(5), 1045–1061. https://doi.org/10.1287/mnsc.1120.1630
Short, J. L., Toffel, M. W., & Hugill, A. R. (2016). Monitoring global supply chains. Strategic Management Journal, 37(9), 1878–1897. https://doi.org/10.1002/smj.2417
Simnett, R., Vanstraelen, A., & Chua, W. F. (2009). Assurance on sustainability reports: An international comparison. The Accounting Review, 84(3), 937–967. https://doi.org/10.2308/accr.2009.84.3.937
Sum, V., & Chorlian, J. (2012). Stock returns and employee turnover. Journal of Applied Finance, 22(2), 110–117.
Tachizawa, E. M., & Wong, C. Y. (2014). Towards a theory of multi-tier sustainable supply chains: A systematic literature review. Supply Chain Management: An International Journal, 19(5/6), 643–663. https://doi.org/10.1108/SCM-02-2014-0070
Zingales, L. (2000). In search of new foundations. The Journal of Finance, 55(4), 1623–1653. https://doi.org/10.1111/0022-1082.00262
蔡元棠、李幸容 (2025)。海外來臺上市櫃企業財務報表可比較性之探討：考量董事連結與舞弊案件之影響 [The financial statement comparability of listed foreign firms in Taiwan: The effect of board interlocks and financial statement fraud]。臺大管理論叢，35(1)，1–54。https://doi.org/10.6226/NTUMR.202504_35(1).0001