企業社會責任揭露程度與財務績效之關聯性

The Relationship between Corporate Social Responsibility Disclosure and Financial Performance

10.6846/TKU.2017.00960

張育維

企業社會責任 ； ESG ； 內容分析法 ； 財務績效 ； Corporate Social Responsibility ； ESG ； Financial Performance ； Content Analysis Method

淡江大學會計學系碩士班學位論文

2017年

碩士

謝宜樺

繁體中文

隨著近年來環保意識抬頭、食安風暴及勞資糾紛問題等，社會大眾在評價一間企業的好壞，不再只是看以財務資訊為主的財務報表，同時也會考慮到以非財務資訊為主的企業社會責任報告書，進而分析該企業的經營績效是否值得投資。因此，本研究在探討企業社會責任報告書的揭露程度對企業財務績效之影響。本文根據GRI G4所提出的企業社會責任報告書編寫架構，將企業社會責任分為環境(E)、社會(S)與治理(G)三個構面，探討其對企業之資產報酬率及股東權益報酬率之影響。本研究參照G4所列出的ESG衡量指標，並利用內容分析法整合企業社會責任三個構面之代理變數，依照其各自的揭露程度分別給予加權計分。最後利用迴歸分析檢定企業社會責任對企業之資產報酬率與股東權益報酬率之影響性。實證結果指出當企業愈投入企業社會責任活動並且完整揭露其具體成效，會為企業本身帶來良好的財務績效。

With the rise of environmental awareness, food security storms and labor disputes in recent years, the public evaluate a business on not only the financial information-based financial statements, but also the non-financial information-based corporate social responsibility report. This study explores the impact of corporate social responsibility reporting on corporate financial performance. According to the framework of corporate social responsibility report proposed by GRI G4, the corporate social responsibility is divided into three aspects: Environment (E), Society (S) and Governance (G). To explore its impact on the enterprise’s ROA and ROE, in this study, we use the ESG measurement index listed in G4, and use the content analysis method to integrate the proxy variables of the three social dimensions of corporate social responsibility, and give the weighted scores according to their respective exposures. Finally, we use regression analysis to test the impact of corporate social responsibility on ROA and ROE. The empirical results show that when firms are more involved in corporate social responsibility activities and fully disclose theirs, they will bring good financial performance to the enterprise themselves.

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