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研究生:廖雅惠
研究生(外文):Ya-Hui Liao
論文名稱:企業社會責任與非財務績效關聯性之研究
論文名稱(外文):The Relationship between Corporate Social Responsibility and Non-financial Performance
指導教授:林慧葉林慧葉引用關係
學位類別:碩士
校院名稱:國立虎尾科技大學
系所名稱:財務金融研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2013
畢業學年度:101
語文別:中文
論文頁數:64
中文關鍵詞:企業社會責任經營績效非財務指標
外文關鍵詞:Corporate social responsibilityOperating performancenon-financial indicators
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由於企業舞弊和掏空案件頻傳,導致投資人開始關注非財務性指標,因此企業社會責任(Corporate Social Responsibility, CSR)在近年來已逐漸納入企業的經營理念。以往有關企業社會責任對公司經營績效之影響,尚未獲得一致性的結論,故本研究納入非財務指標進行實證研究,探討企業社會責任對經營績效之影響是否透過非財務指標的中介效果。
天下雜誌主要以公司治理、企業承諾、社會參與以及環境保護這四大構面進行CSR之評比,其中企業承諾包含對消費者的承諾,對員工的培育照顧,和對創新研發的投入。由於員工是企業人力資本的重要核心,企業績效必須經由員工盡心付出與貢獻來達成目標,藉由員工對於企業的高度向心力進而提升工作效率,並增加企業的生產力與績效,故本研究以人力資本的員工流動率作為非財務指標。
實證結果顯示,企業社會責任對公司績效具有顯著正向關係,執行企業社會責任的公司有較低的員工流動率,當計量模型同時納入企業社會責任和員工流動率兩項變數時,只有非財務指標的員工流動率對企業經營績效有顯著影響。由此可知,企業社會責任對公司績效的正向顯著影響是透過非財務指標員工流動率的完全中介效果達成。本研究除了補足以往有關企業社會責任對公司經營績效之文獻,也讓企業了解,CSR的執行可以提升人力資本的效率,進而增進企業的經營績效。本研究結果希望能為企業帶來更完善的績效衡量,多方考量非財務性指標,以作為企業與投資人擬定相關策略的參考。


Due to increase of corporate scandals and frauds, investors start paying attention to non-financial indicators. Thus, in recent years, Corporate Social Responsibility (CSR) is included in the operational concepts of enterprises. Past research on the effect of CSR on corporate operational performance has not lead to consistent conclusion. Thus, this study includes non-financial indicators for empirical research, and attempts to find if non-financial indicators have moderating effect between CSR and operational performance.
CommonWealth Magazine rated CSR by corporate governance, corporate commitment, social participation and environmental protection. Corporate commitment includes commitment to consumers, cultivation and care for employees, and investment in innovation and R&D. Since employees are the core of corporate human capital, corporate performance must be based on employees’ total efforts and contribution. Work efficiency and corporate productivity and performance are reinforced by employees’ high degree of loyalty to enterprises. Thus, this study treats employee turnover rate as a non-financial indicator.
According to empirical results, CSR significantly and positively influences corporate performance. Enterprises which practice CSR have lower turnover rate of employees. When Econometric Model includes both CSR and employee turnover rate, only employee turnover rate, non-financial indicator, significantly influences corporate operational performance. Therefore, the significant and positive effect of CSR on corporate performance is based on full moderating effect of non-financial indicator, namely employee turnover rate. This study supplements the research on effect of CSR on corporate operational performance, and argues that CSR can enhance efficiency of human capital and increase corporate operational performance. The findings can allow enterprises to have more complete performance measurement and non-financial indicators as reference for enterprises and investors to establish related strategies.


中文摘要................................................. i
英文摘要................................................. iii
誌謝................................................. v
目錄................................................. vii
表目錄................................................. ix
圖目錄................................................. x
第一章 緒論.............................................. 1
1.1研究動機與目的......................................... 1
1.2研究架構.............................................. 3
1.3研究流程.............................................. 4
第二章 文獻探討與建立假說................................... 5
2.1 企業社會責任的定義..................................... 5
2.2 企業社會責任與經營績效之關聯性........................... 7
2.3 企業社會責任與非財務指標之關聯性......................... 10
2.4 非財務指標與經營績效之關聯性............................. 12
2.5 企業社會責任、非財務指標與經營績效之中介效果 ................13
第三章 研究方法........................................... 16
3.1 樣本選取與資料來源..................................... 16
3.2變數定義與衡量......................................... 17
3.2.1 依變數之衡量 ........................................17
3.2.2 主要自變數之衡量.................................... 18
3.2.3 控制變數之衡量...................................... 18
3.3 計量經濟模型.......................................... 21
第四章 實證結果分析 ........................................22
4.1 產業別分析............................................22
4.2 敘述性統計............................................24
4.3 相關係數分析.......................................... 26
4.4 迴歸分析............................................. 28
4.4.1企業社會責任與經營績效迴歸分析.......................... 28
4.4.2企業社會責任與非財務指標迴歸分析........................ 30
4.4.3非財務指標與經營績效迴歸分析............................ 32
4.4.4企業社會責任、非財務指標與經營績效之關聯性迴歸分析.......... 34
第五章 研究結論與建議...................................... 38
5.1 研究結論............................................. 38
5.2研究建議.............................................. 39
5.3研究限制.............................................. 39
參考文獻................................................. 40
附錄.................................................... 46
附錄一 上市上櫃公司企業社會責任實務守則........................ 46
附錄二 企業社會責任各年研究樣本公司對照表..................... 52
Extended Abstract...................................... 57
簡歷(CV).................................................64


中文文獻
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[2]李秀英、劉俊儒、楊筱翎,2011,“企業社會責任與公司績效之關聯性”,東海管理評論,第13卷第1期,頁77~112。
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[7]張元,2011,“社會責任公司有較高的股票報酬嗎?”,輔仁管理評論,第18卷第1期,頁79~118。
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英文文獻
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1. [13]鄧美貞、王琬青,2012,“企業社會責任與財務績效:以經營績效為中介效果”,朝陽商管評論,第11卷第2期,頁77~104。
2. [12]廖婉鈞、林月雲、虞邦祥,2009,“知覺組織利害關係人重要程度與組織績效之關係:企業社會責任作為之中介效果”,管理學報,第26卷第2期,頁213~232。
3. [11]黃正雄、黃國隆,2003,“價值觀一致性對人力資源措施與組織承諾間關係的中介效果”,人力資源管理學報,第3卷第2期,頁115~133。
4. [8]莊智薰、林福來、沈明鑑、李岳蓉,2011,“員工分紅入股與組織績效─智慧資本觀點”,管理與系統,第18卷第2期,頁207~237
5. [7]張元,2011,“社會責任公司有較高的股票報酬嗎?”,輔仁管理評論,第18卷第1期,頁79~118。
6. [6]邱垂昌、王育民、魏嘉伶、張簡婷,2011,“創新、人力資本投入與企業經營效率─以我國IC設計業為例”,中山管理評論,第19卷第2期,頁343~385。
7. [4]林文玲、傅鍾仁,2011,“企業社會責任之揭露對會計資訊價值攸關性─以台灣資訊電子上市公司為例”,商管科技季刊,第12卷第2期,頁209~229。
8. [2]李秀英、劉俊儒、楊筱翎,2011,“企業社會責任與公司績效之關聯性”,東海管理評論,第13卷第1期,頁77~112。
9. [1]余明助,2006,“組織變革不確定感與員工工作態度關係之研究-以組織溝通和員工信認為中介變數”,人力資源管理學報,第6卷第2期,頁89~110。