政府為企業揭露CSR資訊之重要利害關係人之一，惟當政府身兼企業所有權人身份，對企業CSR資訊揭露有何影響，尚乏相關研究。本研究目的主要係探討政府與外部機構投資人持股對企業CSR揭露程度之影響，並進一步檢視國內、外機構投資人持股比例在政府持股比例和上市櫃公司CSR揭露程度間是否存在正向或負向干擾。謹將本研究結論列示如下：
一、樣本企業CSR經濟類別揭露狀況較佳，其餘類別揭露較不理想。
二、政府持股比例越高，樣本企業CSR揭露程度越高。
三、在揭露數量方面，國內、外機構投資人持股比例越高，樣本企業CSR整體及環境類別揭露程度越高。
四、在揭露品質方面，國內、外機構投資人持股比例越高，樣本企業CSR資訊揭露程度越高，惟兩者造成影響之層面不盡相同。
五、國外機構投資人持股比例在政府持股比例和樣本企業CSR資訊揭露程度間存在正向干擾。

As one of the stakeholders, government plays an important role to companies’ CSR disclosure. However, few studies show the influence of government ownership on this issue. This study aims to analyze the impact of government and institutional investors ownership to companies’ CSR disclosure, furthermore, measuring the interaction effect of institutional investors ownership on the relationship between government ownership and the companies’ CSR disclosure. The conclusions of this study are as following:
1.On average, the companies disclose more information in economic category than others.
2.Government ownership was found positively related to companies’ CSR disclosure.
3.Domestic and foreign institutional investors ownership was found positively related to the quantity of companies' CSR disclosure, especially in the environmental category.
4.Domestic and foreign institutional investors ownership was found positively related to the quality of companies’ CSR disclosure, while the impact level are not quite similar.
5.Foreign institutional investors ownership was found to have a positive interaction effect on the relationship between government ownership and companies’ CSR disclosure.

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