本文探討台灣上市公司之企業社會績效(CSP)對企業財務績效(CFP)的影響。鑒於台灣的CSP指標難以取得，作者依據相關文獻及國際標準，以2011年台灣上市的248間公司為樣本，採用兩種類型的CSP指標做為企業社會績效的代理變數。CSP1社會績效指標係採用當年度企業雇用身障不足額之比例、當年度企業社區捐贈金額及當年度企業環境罰款，探討在勞資關係、社區關係及環境三個責任構面中的社會表現。CSP2社會績效指標係以企業年報、網站及企業社會責任報告書的資訊，採用內文分析法對樣本公司做評比，考慮多個CSP面向，探討三個責任構面中的社會表現。企業財務績效則分別以會計為基礎(ROA)及市場為基礎(Tobin’s Q)的指標來當做衡量之依據。實證結果顯示，在勞資關係與社區關係方面支持利害關係人理論。台灣企業在短期內若將資源投入於建立勞資關係與社區關係，則在財務績效上有顯著的正效果。但是在環境構面的實證結果並不支持本文假說，在短期內，增加環境的社會績效對財務績效無顯著效果。 This paper examines the relationship between corporate financial performance (CFP) and corporate social performance (CSP) in Taiwan using a sample of 248 firms during 2011. CSP is a proxy of stakeholder relationship. Building better relations with primary stakeholders like employees, communities and environment could lead to increased financial performance. There are two types of CSP in this paper. The author measures CSP1 by the number of insufficient handicapped employees, the amount of community donations and the fines of violating the environmental regulations. CSP2 is measured by using content analysis with annual report, corporate official website and CSR report. CFP is measured by ROA and Tobin’s Q. Empirical results shows that the dimensions of employee relation and community relation have positive and significant correlation with financial performance. However, there is no significant relationship between the dimension of environment and financial performance.
