臺灣博碩士論文加值系統

本研究旨在探討企業社會責任獲獎公司的企業社會責任總評分及各指標（公司治理、企業承諾、社會參與、環境永續）的表現是否與公司的財務風險有關。公司致力於企業社會責任活動雖可提升公司之形象，但對公司的財務健全性是否有幫助仍未有定論。公司增加企業社會責任的投資，可以提昇利害關係人對公司的信任度，因此降低財務危機風險，但是也會增加企業的經營成本，增加財務危機的風險，因此，企業社會責任投資對公司的財務風險之影響仍需近一步探究。
本文採用天下雜誌2007年至2018年間或企業社會責任獎之台灣上市櫃公司作為樣本，研究企業社會責任的總分及各指標的評分對公司財務風險（以Altman Z score衡量）之關聯性，並分析金融危機期間企業社會責任表現與公司財務危機風險之關係。結果顯示，得獎的上市櫃公司之企業社會責任及各指標的評分與公司的財務風險無關，僅中堅企業樣本顯示有略為負向的關係，亦即企業社會責任表現越好之得獎公司並沒有與公司的財務健全度有明顯關係。然而，企業在社會參與及環境永續的表現越好，在金融危機期間相對於非金融危機期間有更健全的財務表現。總言之，企業越注重長遠的企業社會責任表現，雖沒有明顯與公司財務風險有關，然而在金融危機期間，越能獲得利害關係人的信任，財務健全度會較高，更可能度過金融危機。

The objective of this thesis is to investigate the relationship between the performance of corporate social responsibility (CSR) measured by the score (and its sub-indices including corporate governance, enterprise promise, social participation and environmental sustainability) of CSR awarded companies and the firms’ distress risk. Although firms devote to CSR activities could enhance their reputation and images, it remains a puzzle whether CSR investment is helpful to firms’ financial sustainability. Firms increase CSR investment could build more trust from their stakeholders and hence reduce firms’ distress risk, however, increasing operation costs could also leverage their risk of distress. Therefore, the effect of CSR investment on firm financial risk needs further studies.
This thesis adopts Taiwan listed and OTC companies which win CSR awards provided by Common Wealth Magazine from 2007 to 2018 as a research sample. I investigate the association of CSR score and its sub-index scores with firm financial risk measured by Altman Z score and further analyze the relationship during 2007-2008 financial crisis. The results show that CSR and its sub-indices scores of awarded listed and OTC companies have no relation with their distress risks. Only the sample of median size enterprises display a slightly negative relationship. This implies that better CSR performance has no significant relation with firm financial robustness. However, firms engaging in social participation and environmental sustainability better have more robust financial performance during the financial crisis comparing with non-financial crisis period. To sum up, enterprises put more emphasis on sustainability in CSR win stakeholders’ trust and hence are more likely to get past financial crisis.

目錄I
表目錄II
圖目錄III
第一章 緒論1
第一節 研究動機與目的1
第二節 研究架構3
第二章 文獻探討4
第一節 探討企業社會責任之文獻4
第二節 探討財務危機預警模型之文獻6
第三章 研究方法8
第一節 研究樣本8
第二節 研究假說9
第三節 研究模型11
第四章 研究結果12
第五章 結論及建議27
參考文獻28
附錄32
表2-1 Z-score分數對應之財務狀況7
表3-1 企業社會責任獎企業分類8
表3-2 CSR評選指標四大構面8
表4-1 天下企業社會責任獎組別及其定義14
表4-2 敘述性統計19
表4-3 相關性分析21
表4-4 迴歸分析：CSR與財務風險關聯性22
表4-5 迴歸分析：CSR各項指標與財務風險關聯性23
表4-6 迴歸分析：CSR與財務風險關聯性(金融危機期間子樣本)24
表4-7 迴歸分析：CSR與財務風險關聯性(非金融危機期間子樣本)25
表4-8 迴歸分析：金融危機對CSR與財務風險關聯性之影響(全樣本)26
圖4-1 獲得天下企業社會責任獎的上市櫃公司各年度之樣本數12
圖4-2 獲得天下企業社會責任獎的上市櫃公司各產業之樣本數13
圖4-3 獲得天下企業社會責任獎的上市櫃公司各年度各評選群組之樣本數15
圖4-4 獲得天下企業社會責任獎的上市櫃公司產業分類圖16
圖4-5 各年度樣本CSR總分及各指標的分數平均值分布圖17
圖4-6 各產業別各項指標分數分布圖18

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二、英文部分

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