(3) 營業週期（取到小數第 1 位）

7. 企業社會責任（Corporate Social Responsibility, CSR）課題日益受到實務界和學術界的重視，雖然善盡企業社會責任需投入成本，但獲得的益處通常更多，例如：刊登於世界第 1 名之財務金融學術期刊（Journal of Finance）的文章：Lins, Servaes and Tamayo, 2017, Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis. 茲將此文章之摘要節錄如下： During the 2008-2009 financial crisis, firms with high social capital, as measured by corporate social responsibility (CSR) intensity, had stock returns that were four to seven percentage points higher than firms with low social capital. High-CSR firms also experienced higher profitability, growth, and sales per employee relative to low-CSR firms, and they raised more debt. This evidence suggests that the trust between a firm and both its stakeholders and investors, built through investments in social capital, pays off when the overall level of trust in corporations and markets suffers a negative shock. 請您依據上述摘要說明善盡企業社會責任的公司（High-CSR firms）在金融海嘯艱困時期產生哪五種好處？（本題 10 分，每一答案 2 分） (1) 選擇權價值包含 Intrinsic value 和 Time value 兩種成分。若有一個半年後到期之歐式賣權的價格為 10 元，其執行價格 76 元，其標的股票之價格為 72 元，請問此選擇權之時間價值是幾元？

(3) 營業週期（取到小數第 1 位）

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