企業社會績效與財務績效的關係－以臺灣上市公司為例

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姓名

吳佳靜(Chia-Ching Wu) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

企業社會績效與財務績效的關係－以臺灣上市公司為例
(The Relationship between Corporate Social Performance and Corporate Financial Performance: Evidence from Taiwan)

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摘要(中)

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。

摘要(英)

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.

關鍵字(中)

★ 企業社會責任
★ 企業社會績效
★ 企業財務績效
★ 利害關係人理論
★ 臺灣

關鍵字(英)

★ Corporate Social Responsibility
★ Corporate Social Performance
★ Corporate Financial Performance
★ Stakeholder Theory
★ Taiwan

論文目次

目錄
摘要 i
ABSTRACT ii
致謝 iii
目錄 iv
表目錄 v
一、緒論 1
1-1 研究背景與動機 1
1-2 研究目的 2
1-3 研究架構 4
二、文獻回顧 5
三、假說發展 8
四、樣本採用及模型估測 11
4-1 研究樣本與資料來源 11
4-2 CSP社會績效指標的衡量 12
4-2-1 CSP1指標的衡量 14
4-2-2 CSP2指標的衡量 15
4-3 CFP財務績效的衡量 22
4-4 控制變數的衡量 22
4-5 多變數迴歸 23
五、實證結果分析 25
5-1 敘述性統計量 25
5-2 相關性矩陣 25
5-3 迴歸結果分析：模型一 28
5-4 迴歸結果分析：模型二 30
5-5 迴歸結果分析：模型三 32
六、結論 37
6-1 結論 37
6-2 研究限制與建議 38
參考文獻 39

參考文獻

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指導教授

邱慈觀(Tzu-Kuan Chiu)

審核日期

2013-6-28

推文