臺灣博碩士論文加值系統

企業社會責任發展至今，在學術界與實務界皆愈來愈受到重視，其與公司價值及財務績效之間的相關性也備受關注，但實證結果卻相當分歧。部分文獻指出企業落實社會責任可能會提升公司的形象，進而贏取社會大眾的好感，增加顧客群，吸引更多優秀人才，但也有研究發現如果企業要負起社會責任，必須投入不少企業資源，將因此提高經營成本，不利競爭，但是2014年台灣劣質油品事件中發現無論企業投入再多的資源在社會責任來提升公司的形象，卻往往因為一次的壞消息讓先前的好公司的形象完全破滅，而這種現象也會反應在公司的財務報表及股價上，由此我們可以得知消費者在看待企業社會責任時會對於不好的消息產生放大的效果，因此，此次的研究將探討消費者及生產者對企業社會責任的放大效果是否會影響公司價值及財務績效。
本研究以標準普爾500指數所涵蓋的公司為樣本，研究期間為1999-2014年，企業社會責任衡量指標取自KLD STATS資料庫，公司相關財務資料來源為Compustat資料庫，標準普爾500指數相關資料來源為CRSP。實證結果顯示，消費者對企業社會責任負項消息的放大效果會顯著影響公司價值，這會反映在公司的資產報酬率(ROA)、股東權益報酬率(ROE)及長期負債比(Long-term debt ratio)，生產者對企業社會責任負項消息的放大效果顯著影響股東權益報酬率(ROE)、長期負債比(Long-term debt ratio)及系統性風險(Beta)。因此，企業社會責任負項消息的放大效果對財務績是有顯著的影響。

Corporate Social Responsibility (CSR) has gained its gradual attention in academia and businesses. Its relationship with corporate value and financial performance also has received particular attention; however, empirical results have been rather discrepant. Some previous studies suggested that genuine practice of CSR might enhance the corporate image, thus further winning the crowds’ hearts, increasing target customers, and drawing more outstanding talents. Nevertheless, other research reveals that a large quantity of corporate resources must be invested to fulfill CSR, thus increasing operating costs and lowering its competitiveness. However, the 2014 Taiwan food scandal indicated that regardless of resources invested for CSR and image enhancement, one single wrongdoing would completely destroy the good image that a company has held. Related consequences would be reflected on the company’s financial statements and market price. Therefore, consumers, in taking CSR, tend to enlarge the effects of negative news. This study, accordingly, aimed to examine if enlargement of CSR from consumers and producers affected corporate value and financial performance.
This study targeted on the companies listed in the S&P 500 Index, with the research period ranging from 1999 to 2014, CSR index adopted from the KLD STATS database, company financial data from Compustat database, S&P 500 Index from CRSP. Empirical results revealed that the enlargement of negative CSR held by consumers significantly affected corporate value, impacting subsequent return on assets (ROA), return on equity (ROE), and long-term debt ratio. The enlargement of negative CSR held by producers significantly affected ROE, long-term debt ratio, and Beta. Therefore, the enlargement of negative CSR had significant effects on financial performance.

摘要 ii
第一章 緒論 1
第一節 研究背景與目的 1
第二節 研究流程 2
第二章 文獻探討 3
第一節 企業社會責任之意涵與益處 3
第二節 企業社會責任與財務績效之關聯性 5
第三節 負面訊息與消費者反應之關聯性 8
第三章 研究設計 9
第一節 研究假說之建立 9
第二節 樣本選取與資料蒐集 11
第三節 變數定義與衡量 12
第四節 模型說明 14
第四章 實證結果與分析 16
第一節 基本統計量分析 16
第二節 迴歸分析 21
第五章 研究結論 24
第一節 結論 24
第二節 研究貢獻、限制與建議 24
參考文獻 26
附錄1 29

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