企業社會責任與企業財務績效之關聯性分析

The Analysis of Corporate Social Responsibility and Corporate Financial Performance

10.6736/JPSR.201409_11(2).0005

楊馥如(Fu-Ju Yang)；王偉權(Wei-Chuan Wang)；張曉楨(Hsiao-Chen Chang)；李念慈(Nian-Cih Lee)

企業社會責任 ； 企業財務績效 ； 資產報酬率 ； 股東權益報酬率 ； 市場報酬率 ； Corporate Social Responsibility ； Corporate Financial Performance ； Return on Assets ； Return on Equity ； Stock Market Return

績效與策略研究

11卷2期（2014 / 09 / 01）

103 - 126

繁體中文

企業社會責任與企業財務績效之間的關係一直廣為討論，但實證結果得到的結果並不一致。本研究以2008 年至2012 年由天下雜誌所選拔出的企業公民獎得獎的大型企業及中堅企業為樣本，其中再從樣本中刪除金融業的樣本，樣本數為119 個，研究台灣企業社會責任和企業財務績效之間的關係。根據分析結果，企業社會責任中的企業承諾與資產報酬率、股東權益報酬率及市場報酬率皆呈現正相關；總分、公司治理及社會參與對資產報酬率及股東權益報酬率呈現正相關；而環境保護只對股東權益報酬率呈現正相關，結果並未出現負相關的情況。在未出現負相關的結果下，可以結論企業前期投入社會績效對於企業當期財務績效通常有正向的影響。企業財務績效中的前期資產報酬率及前期股東權益報酬率對企業當期社會績效皆無相關；而前期市場報酬率與企業當期社會績效皆呈現顯著負相關。由此可推論，前期較佳的企業財務績效對後期社會責任並無影響，然而，前期較佳的股價表現無助於企業投入更多的社會責任。

The previous literature of the relationship between corporate social responsibility and corporate financial performance are not consistent. The sample is based on the large enterprises and medium-sized enterprises of Excellence in Corporate Social Responsibility of the magazine of Common Wealth from 2008 to 2012. After deleting the enterprises belonging to financial industries, there are 119 samples to investigate the relationship between corporate social responsibility and corporate financial performance. Based on the empirical results, the corporate commitment of corporate social responsibility is positively related to return on assets, return on equity, stock market return. The aggregate score, corporate governance, and the social engagement of corporate social responsibility are positively related to return on assets and return on equity. The environmental protection of corporate social responsibility is only positively related to return on equity. There are no negative relationships between corporate social responsibility and corporate financial performance. It is inferred that the former corporate social responsibility will impact to corporate financial performance positively. The former return on assets and return on equity have no impact on latter corporate social responsibility. The former stock market return is significantly negative with latter corporate social responsibility.

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