本文旨在探討台灣證券交易所於2014年11月26日發佈之「上市公司編製與申報企業社會責任報告書作業辦法」強制符合所列情事之企業必須編製永續報告書對其資訊不對稱之影響。本研究採用差異中之差異法 (Difference-in-Differences, DID)，以台灣上市公司2012、2013、2015、2016年，共計四年之資料，檢測受規範之公司在政策實施前後的差異，實證結果及後續解構子樣本分析中皆一致未能找到足夠的證據支持假說，即在本文之研究設計下，該法規降低資訊不對稱之效果可能不如預期顯著。

This study examines the impact of the "Guidelines for Preparation and Filing of Corporate Social Responsibility Reports by Listed Companies" issued by the Taiwan Stock Exchange on November 26, 2014, which mandates that certain listed companies must prepare sustainability reports. Using the Difference-in-Differences (DID) method, this research analyzes data from Taiwanese listed companies for the years 2012, 2013, 2015, and 2016 to assess the differences before and after policy implementation for regulated firms. Under the research design of this paper, the empirical results, as well as subsequent subgroup analyses, consistently fail to find sufficient evidence to support the hypothesis that the regulation significantly reduces information asymmetry.

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