本研究探討了財務報導品質如何影響企業財務風險；台灣證券交易所和金融監督管理委員會於2015年起，要求食品、化學、金融以及特定產業資本額到達十億以上的上市公司，必須出具一份獨立的企業社會責任報告書。因此，本研究更深入得探討企業社會責任在財務報導品質與企業財務風險之監所扮演的角色。
本研究以2015-2017年有出具企業社會責任報告書的企業為樣本。研究結果顯示，當企業減少一單位的財務報導品質，其Altman-Z值會從下降1.378，亦即會提高該企業之企業財務風險；另一方面，當企業的社會責任評分超越其平均值(6.912)，減少一單位的財務報導品質，其Altman-Z值會從下降1.378變成2.408，因此企業社會責任在此實證結果為，其會強化財務報導品質與企業財務風險的反向關係。

The research examined how financial reporting quality affects corporate financial risk. Since
2015, listed companies in the food, chemical, financial, and specific industries with capitals
of over one billion in NTD have been required by Taiwan Stock Exchange and Financial
Supervisory Commission to issue a Corporate Social Responsibility (CSR) report. Therefore,
the research further explored the role of corporate social responsibility in the relationship
between financial reporting quality and corporate financial risk.
The research used a sample of companies that issued CSR reports from 2015 to 2017.
The research results showed that when a company reduced the financial reporting quality by
one unit, its Altman-Z value would drop by 1.378, which would increase the company's
corporate financial risk. On the other hand, when the corporate social responsibility score
exceeded its average (6.912), reducing the financial reporting quality by one unit would
decline its Altman-Z value from -1.378 to -2.408, thus the empirical result here showed that
the corporate social responsibility would strengthen the inverse relationship between the
financial reporting quality and the corporate financial risk.

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