為兼顧股東及利害關係人的利益，企業必須加強實施策略性企業社會責任（corporate social responsibility，CSR），才得以在提升社會利益的同時為股東謀求利潤，因此作為支持公司策略的CSR治理結構便顯得格外重要。為了解CSR治理對CSR與財務績效之關聯的影響，本研究以企業是否設置CSR委員會、董事是否兼任CSR委員會主席，以及董事之ESG（environmental, social and governance）專業度作為CSR治理變數，探討企業的CSR治理結構對兩者之間的關聯產生的調節效果。本研究以2014年至2017年金融管理委員會強制要求揭露CSR報告書之1,084家企業做為研究樣本，採用資產社會貢獻率（social returns on assets，SROA）與權益社會貢獻率（social returns on equity，SROE）作為CSR活動的代理變數，並以會計基礎衡量之資產報酬率、股東權益報酬率，以市場基礎衡量之Tobin’s Q、經濟附加價值（economic value added，EVA）作為財務績效指標。研究結果顯示，CSR委員會的設置與董事兼任CSR委員會主席、董事之ESG專業度，皆對CSR與財務績效之關聯有負向影響。本文期能為管理當局提供有關公司治理結構的新思維。;In order to balance the interests of shareholders and stakeholders, companies must strengthen the implementation of strategic CSR (corporate social responsibility) so as to improve the social interest while seeking profit for shareholders. Therefore, CSR governance structure as a support of company strategy is particularly substantial. To realize the impact of CSR governance on the relationship between CSR and financial performance, this study develops whether company set up with a CSR committee, director from the board concurrently a chairman of CSR committee, and directors’ ESG (environmental, social and governance) expertise as CSR governance variables, exploring the moderate effect of CSR governance on the two variables. This study is based on a sample of 1,084 enterprises from 2014 to 2017 that disclosed CSR reports due to mandatory requirements from Financial Supervisory Committee. Using Social Returns on Assets (SROA) and Social Returns on Equity (SROE) as agents for CSR activities; return on assets (ROA), and return on equity (ROE) as accounting based financial performance indicators; Tobin′s Q, and economic value added (EVA) as market based financial performance indicators. The result of the study shows that the establishment of the CSR committee, director concurrently a chairman of CSR committee, and directors’ ESG professionalism have a negative impact on the relationship between CSR and financial performance. This article could provide management with some new thought about corporate governance structures.
