CSR報告書的揭露情況與財務績效之關聯性

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熊師瑋(Shih-Wei Hsiung) 查詢紙本館藏

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企業管理學系

論文名稱

CSR報告書的揭露情況與財務績效之關聯性

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摘要(中)

近年來，各式各樣的亂象，舉如食安風暴、掏空洗錢、排放核廢料、隨意處理工業汙水等事件層出不窮，許多公司為了獲利，將企業、社會及環境的永續全部拋諸腦後，然而企業社會責任(Corporate Social Responsibility，簡稱CSR)這個議題儼然已經成為一個新的趨勢。企業執行社會責任，除了能夠讓企業達到永續發展的目的，更能提升大眾對於企業的形象。因此，本研究主要在探討CSR報告書的揭露與否及揭露自願性對企業財務績效之影響，透過台灣經濟新報資料庫(TEJ)取得相關變數資料，觀察2013年至2016年這四年間，CSR報告書的揭露狀況以及其對企業財務績效之影響變化，並以年資料為主。
研究結果發現，有揭露CSR報告書確實與財務績效有一定程度的影響，雖然可能會額外增加公司營運的支出，不利於最大化股東的財富以及讓公司去添購額外的資產藉以增加回收的報酬，但揭露CSR報告書卻也可能讓公司在未來增加許多投資機會，同時對公司的未來成長機會也有所助益。再來實證結果也說明了企業若是有揭露且為自願揭露CSR報告書，大致上與財務績效有正向的關聯性，表示企業若是自願揭露CSR報告書，因為能夠讓投資人產生信心，因此對於公司企業來說是大有裨益的。

摘要(英)

In recent years, various kinds of events such as food safety storms, money laundering, nuclear waste disposal, and industrial sewage treatment have emerged in an endless stream. Many companies have neglected the corporate, social and environmental sustainability for profit. However, the issue of Corporate Social Responsibility (CSR) has become a new trend. The enterprise fulfill the responsibility of society not only for sustainable business, but also enhances the public′s image of the company. Therefore, this study is mainly to explore the impact of the disclosure and disclosure voluntarily of the CSR report on the financial performance of the company. Through Taiwan Economic Journal, the relevant variable data is obtained, and the CSR report is observed during the four years from 2013 to 2016. The disclosure status and its impact on the financial performance of the company are based on annual data.
The study found that there is a certain degree of impact on the disclosure of CSR reports, although it may increase the cost of operating, which is not conducive to maximizing the wealth of shareholders and allowing companies to purchase additional assets to increase the recovery of compensation. However, the disclosure of the CSR report may also allow the company to increase many investment opportunities in the future, and also help the company′s future growth opportunities. Most of empirical results show the positive relationship with financial performance if the company exposes the CSR report proactively. It can help investors to generate confidence if the company exposes the CSR report proactively, therefore it is still good for the company.

關鍵字(中)

★ CSR報告書
★ 揭露與否
★ 揭露自願性
★ 自願性揭露
★ 財務績效

關鍵字(英)

★ CSR report
★ disclosure quality
★ disclosure intention
★ voluntary disclosure
★ financial performance

論文目次

目錄
摘要 i
Abstract ii
誌謝 iii
目錄 iv
圖目錄 vi
表目錄 vii
一、緒論 1
1-1　研究背景與動機 1
1-2　研究目的 2
1-3　研究流程 3
二、文獻探討 5
2-1　企業社會責任的概況 5
2-2　企業社會責任與財務績效 7
2-3　揭露企業社會責任與財務績效 9
2-4　自願揭露企業社會責任與財務績效 10
2-5　企業內部化與公司治理 12
三、研究設計 14
3-1　樣本選取與資料來源 14
3-2　變數定義與衡量 14
3-2-1　應變數 14
3-2-2　自變數 16
3-2-3　控制變數 16
3-3　研究模型 19
四、實證結果與分析 21
4-1　敘述性統計 21
4-2　相關性分析 24
4-3　迴歸分析 26
4-3-1　CSR報告書之揭露與否對財務績效之關聯性 26
4-3-2　CSR報告書之揭露自願性對財務績效之關聯性 30
五、結論與建議 35
5-1　研究結論 35
5-2　研究限制 36
5-3　對後續研究者之建議 36
參考文獻 38
References 40

參考文獻

參考文獻
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〔11〕劉美纓、丁碧慧、朱奐聿，「企業社會責任與公司治理、財務績效之關聯性研究」，2014第17屆科際整合管理研討會，台北，2014年6月
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指導教授

蔡文賢(Wen-Hsien Tsai)

審核日期

2019-7-3

推文