| 摘要: | 身為一個中小企業的負責人，社會責任議題是當今重要的經營客題，個人想要知道公司從事社會責任行為對公司本身之績效究竟能帶來什麼樣的影響？因此本論文利用統計方法來檢驗公司從事社會責任行為與財務績效之間的關聯性，以作為管理階層在決定到底該不該投入企業資源在相關社會責任議題上的參考。為了資料的可取得性以及公正性，我們搜集了2005年~2012年之間台灣證券交易所上市公司共747家(金融機構除外，因為體質與相關管理法規與一般企業不同)的財務資料來進行分析。為了與既有文獻相區隔，本文考量了樣本控制，透過同產業、是否規模相近以及是否獲利狀況相近似來建構出五個組別的樣本(每組樣本皆包括社會責任公司樣本與非社會責任公司樣本)，再分別以此五組樣本進行社會責任公司與非社會責任公司的績效差異分析。績效差異分析的方式是採用平均數差異的t檢定、中位數差異的Wilcoxon Rank Sum檢定以及變異數差異的F檢定。
本論文的統計檢定結果顯示，社會責任公司大部分的績效變數的平均水準是相對較高的，社會責任公司的績效的中位數亦是相對較高的，同時大部分的證據也顯示社會責任公司的績效變異程度是相對較低的。這表示公司從事社會責任，一方面有助於改善會計上的經營成果，增進投資人對公司股票的市場評價，另一方面也會有著相對較低的績效波動度，即公司經營成果的波動性較小，投資人給予公司的市場評價也相對較為穩定。
另外，在高科技產業中，公司投入社會責任所對應的正向績效是相對較高的，在非高科技產業中，公司投入社會責任所對應的正向績效是相對較低的，這表示在高科技產業中，投入於社會責任所可能產生的正向回饋較大，在非高科技產業中，投入於社會責任所可能產生的正向回饋較小。這表示從事社會責任行為帶來的好處有可能受到公司身處於不同產業或不同競爭環境中而有所差異。
本論文的實證結果支持公司從事社會責任可以帶來績效改善的觀點。就財務的意涵來說，公司從事社會責任行為就像是在資訊不對稱的環境中向社會大眾投射出訊號，隱喻了公司的行有餘力及經營穩健，這個好處除了既有文獻中提到的聲譽效果與保險效果之外，還包括投資人會認為公司的經營與財務風險是相對較低的，這在公司的股權籌資抑或是債務融資上都會有正向的助益。就投資的意涵來說，具社會責任的公司，資訊不對稱問題將較不嚴重，特別是這些具社會責任的公司都會避免去參與投資具爭議性的產業及方案，所以這些公司基本上也比較少面臨到訴訟風險以及營運風險。投資人投資於具社會責任的企業也就相對面臨較低的公司特定風險。以上皆說明了公司從事社會責任行為是有好處的，公司與社會將是雙贏的。
I am a CEO of a small-median-size enterprise, I want to understand whether a company engages in socially responsible behaviors bring positive or negative effects on company’s financial performance. So, in this master thesis, I used statistical methods to examine the linkage between company’s engagement in social responsibility and financial performance. I collected financial statement data and stock price/returns data of 747 companies (excluding financial institutions) listed on Taiwan Stock Exchange between 2005~2012. And compared with the existing literature, I controlled the sample through the same industry and similar size and whether its profitable situation was similar and constructed five groups of samples. I performed statistical test: t-test, Wilcoxon rank sum test and F-test to examine performance differences (differences in mean, median and variance) between companies with and without carrying out social responsibilities.
The statistical test results showed that the most of performance variables of firms with social responsibility is relatively high on the average
the median performance of the company with social responsibility is also relatively high
most of the evidence also indicated that the variability of the company's performance is relatively low for companies with social responsibility. This means that a company engaged in social responsibility, on the one hand, helps to improve the operating results of accounting performance, enhance investor stock market valuation of the company, the other, will have a relatively low performance volatility.
In addition, in the high-tech industry, the positive feedback of firm’s engage in social responsibility is relatively high, in the non-high-tech industries, the positive feedback of firm’s engage in social responsibility is relatively small, which means in the high-tech industries, investment in social responsibility may create greater positive feedback. Engaging in socially responsible behavior and the benefits are likely to be different when the company itself in different industries or different competitive environments.
Generally, the empirical results of this master thesis supported the positive view that company engaged in social responsibility can bring performance improvement. On the finance implications, the company is engaged in socially responsible behavior like signaling in the context of asymmetric information environment, presents a metaphor for the company has spare capacity and operating stability. In addition to the reputation effects and the insurance effect benefits mentioned in the existing literature, investors also think the company's business and financial risk is relatively low, which has positive effects on company's debt financing and equity financing. For the implications in investment, a socially responsible company, information asymmetry will be less severe problem, especially in these socially responsible companies will avoid going to invest in a controversial industry and solutions, so these companies are basically faced less risk, and operational litigation risks are also less. All of the above description of the company engaged in acts of social responsibility is good, the company and society will be in a win-win situation. |
