臺灣博碩士論文加值系統

本研究在探討社會責任投資在台灣可行性與否,本文藉著對基金經理的問卷結論及法律條文設立管選標準,探討上市公司之企業社會責任並配合上市公司之財務狀況進行分析.實證研究果如下:
一.基金經理人企業社會責任投資之關鍵影響因素:基金經理人目前決策之依據仍以與企業本身財務相關的議題為,對於社會公益相關之倫理性與自發性社會責任的相關議題為主,目前仍尚未普遍為基金經理人所重視.
2.基金經理人對上市公司企業社會責任之看法:我國企業一般對職業災害,環境公害防治及與社會區居民的關係良好並不重視,企業家之所以願意從事慈善捐助與社區參與社區活動,主要是為了取得較佳的社會形象,與追求最低的納稅成本.至於員工訓練發展與產品安全兩項,對公司的形象與未來之發展常有正向直接影響力 因此多數企業會致力於此.
二.基金經理人對企業社會責任投資的意願:基金經理人無論是目前或未來對參與社會責任投資之意願均頗高.但普遍對從事社會責任投資之獲利能力之預測十分保守,大多數經理人認為 可將社會責任基金作為證券對回饋社會的公益產品.
三.模擬社會投資組合之績效分析:本研究模擬社會責任投資組合之績效分析,發現在金融風暴之時,社會責任投資組合更經得起金融危機的衝擊與考驗,亦即在該段期間,社會責任之企業能提供投資相對較低的風險和獲得較高的報酬率.雖然募集社會責任基金的時機未到,但研究結果卻顯示有必要將社會責任投資的理念融入共同基金當中.
雖然多數基金經理人但都支持社會責任表現.他們認為目前尚不是募集社會責任基金之時機,同時社會責任投資也不會有良好獲利能.然而本研究進行模擬社會責任投資之績效分析發現,社會責任投資在台灣的績效並不差.可知社會責任投資在台灣是可行的.

1.The attitude of the mutual fund managers toward socially responsible is as follows:
Socially responsible investing (SRI) is the practice of making investment decisions on basis of both financeal and social performance. In SRI, there are two categories of screening methods, exclusive screening and positive screening. This study explores the feasibility of SRI in Taiwan with exclusive screeening method and providing a questionnaire. The conclusions of this study are as follows:
1.THe attitude of the mutual fund managers toward socially responsible is as follows:
(1)The managers'' major concerns on the performance mutual funds are financial performance, management abil8ity and productive technology.
(2)The fund managers do not consider the corporate social performance (CSP) as a key factor when they make investment decisions.
(3)The monitor of the managers toward CSP is the corporate officers concerns more about their own social image than social responsibilities.
2.Although the managers like to invest in socially responsible investing (SRI), yet they argue that the returns of SRI may not be better than the returns of non-screening portfolios.
3.The performance analysis of SRI is as follows:
Under this feasible study, all the performance indexes say that SRI in Taiwan has had lower risk, yet higher rate of return. Although most managers argue that it is not right time to make an ethical fund at this moment, yet it is a good idea to screen the corporate social performance.
Although the fund managers do not care about social responsibilities, and they argue that the returns of SRI may not be good. However, the study found that the simulating socially responsible investing has had better financial performance in Taiwan. So we can say the socially responsible investing in Taiwan is feasible.

目 錄
第一章 緒論2
第一節 研究動機2
第二節 研究目的4
第三節 研究範圍與對象5
第四節 研究流程與內容7
第二章 文獻探討9
第一節 企業社會責任的意義9
第二節 企業社會責任的範圍11
第三節 企業社會責任與財務績效的測量15
第四節 社會責任投資20
第五節 基金績效工具比較 27
第三章 研究方法 31
第一節 研究設計與方法 31
第二節 問卷設計 34
第三節 資料分析方法 35
第四章 實證分析 38
第一節 基金經理人對社會責任投資的態度38
第二節 模礙社會投資組合的績效分析 46
第五章 結論與建議 53
第一節 結論 53
第二節 建議 56
參考書目 57
中文部份 57
英文部份 58
附錄一 67

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