本篇研究以台灣2009年至2019年上市(櫃)公司為研究樣本，使用非平衡縱橫資料型態(Unbalance Panel Data)，來探討分析師覆蓋對企業社會責任、公司績效與研發強度的關係。企業社會責任以公開資訊觀測站中企業使否有提供企業社會責任報告書和天下CSR企業公民獎兩個指標來衡量。本篇研究使用三種模型進行分析，分別為固定效果模型(Fixed Effect Model)、隨機效果模型(Random Effect Model)，以及為解決虛擬變數為應變數所使用的邏輯斯回歸模型(Logistic Regression)。首先，本研究結果顯示分析師覆蓋對企業社會責任與公司績效皆呈現正向顯著，然而分析師覆蓋對公司研發強度並沒有顯著影響。其次，在探討企業社會責任、公司績效與研發強度會如何影響分析師覆蓋，研究結果發現有從事企業社會責任活動的公司，及績效較好的公司，會吸引較多的分析師覆蓋。

This study uses Taiwanese companies as a research sample from 2009 to 2019, and uses Unbalance Panel Data to investigate the impact of analyst coverage on corporate social responsibility, corporate performance and R&D intensity. Corporate social responsibility is measured by two indicators: corporate social responsibility report data of Market Observation Post System and CommonWealth Magazine CSR rating. This study uses three models for analysis: Fixed Effect Model, Random Effect Model, and Logistic Regression Model to solve the problem of dummy variable as dependent variable. The results show that analyst coverage has a positive significant impact on CSR and corporate performance. Analyst coverage have no significant impact on R&D intensity. This study further using analyst coverage as dependent variable to investigate how corporate social responsibility, corporate performance and R&D intensity affect analyst coverage. The result shows analysts are more interesting to companies with good CSR activities and good performance.

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究架構 3
第二章 文獻探討 5
第一節 分析師與企業社會責任 5
第二節 分析師與公司績效 8
第三節 分析師與研發支出 10
第三章 研究資料與方法 13
第一節 研究假說 13
第二節 研究樣本 14
第三節 變數定義 15
第四節 研究方法 19
第五節 實證模型 19
第四章 實證結果 21
第一節 敘述性統計 21
第二節 分析師覆蓋對企業社會責任的影響 24
第三節 分析師覆蓋對公司績效的影響 27
第四節 分析師覆蓋對研發強度的影響 30
第五節 企業社會責任、公司績效與研發強度對分析師覆蓋的影響 33
第五章 結論 37
參考文獻 39

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