本研究探討公司治理、社會參與和企業價值三者之關聯性，社會參與為企業社會責任活動主要項目之一，內容包含慈善公益、弱勢教育與藝文推廣等等與社會大眾間相關的活動。本研究分別以通信網路業與金融保險業為樣本來源，先探討公司治理與企業價值之關聯性，再以社會參與比例做為調節變數了解是否能正向增強公司治理與企業價值之關係。 本研究發現通信網路業樣本中，公司治理評鑑、外資持股比例與獨立董事比例皆正向影響企業價值，董監持股比例則負向影響企業價值。進一步探討與社會參與關係後，發現社會參與和公司治理評鑑有交互關係並正向增強Tobin’s Q，也與獨立董事比例有交互關係並正向增強Tobin’s Q與股價淨值比。 在金融保險業樣本中，公司治理評鑑、外資持股比例、董監持股比例與獨立董事比例皆正向影響企業價值。進一步探討與社會參與關係後，發現與公司治理評鑑有交互關係並正向增強EPS與股價淨值比，也與外資持股比例有交互關係並正向增強EPS、Tobin’s Q與股價淨值比，不過與董監持股比例有交互關係但負向增強EPS與股價淨值比，也與獨立董事比例有交互關係但負向增強EPS、Tobin’s Q與股價淨值比。 期望透過本研究讓讀者知悉社會參與、公司治理與企業價值三變數之關聯性，也能認同社會參與相關議題在企業社會責任內的重要性，同時鼓勵企業未來在社會參與活動能多加規劃，成為與社會共存共榮之企業。;This study explores the relationship between corporate governance, social engagement and corporate value. Social engagement is one of the main projects of corporate social responsibility activities such as charity event, education for underprivileged groups and cultural activities promotion. This sample of research is from the communication network industry and the financial and insurance industry. We first explore the relationship between corporate governance and corporate value, and then discuss the potential moderating role of social engagement between the relationship between corporate governance and corporate value. In the communications network industry samples, corporate governance evaluation, foreign shareholding ratio, and independent director ratio all have a positive relationship with corporate value, while the directors and supervisors shareholding ratio has a negative relationship with corporate value. Furthermore, social engagement can positively enhance the relationship between corporate governance evaluation and Tobin’s Q, and the relationship between independent director ratio and Tobin’s Q as well as price-to-book ratio. In the financial industry samples, all corporate governance variables positively correlated with corporate value. Social engagement positively enhance the relationship between corporate governance evaluation and EPS as well as price-to-book ratio, and the relationship between foreign shareholding ratio and three firm value variables. But social engagement weaken the relationship between directors and supervisors shareholding ratio and EPS as well as price-to-book ratio, and the relationship between independent director ratio and three firm value variables. Through this research, readers will recognize the importance of social engagement in corporate social responsibility, and encourage companies to focus more on social engagement in the future and then prosper with society.
