臺灣博碩士論文加值系統

本論文根據2007年到2016年802家台灣證券交易所上市非金融產業公司為樣本，採用中國上海證券交易所發展的社會貢獻值作為衡量企業社會責任表現的指標，探討公司社會責任表現如何影響公司短期與長期的財務績效以及其差異性，並額外考量公司董事會獨立性與公司設立審計委員會是否強化公司社會責任對財務績效的影響效果。大量的既有文獻已經對公司社會責任表現如何影響公司財務績效或其他經濟後果指標進行了討論與檢驗，即便其關聯性有正有負，但大多考慮當年度公司社會責任如何影響當年度的公司績效表現，本論文則提出公司社會責任的正向回饋是需要時間來產生的，當年度的公司社會責任表現有可能在短時間也就是對當期經營績效的影響效果或幅度上並不明顯，隨著時間經過，公司的利益關係人對於公司的善行有所知悉、改變認知與調整行為，致使公司在長期才會更為享受社會責任表現所帶來的正向影響，也就是社會責任的長期效果會大於短期效果。另外，透由董事會中獨立董事的專業與聲譽以及公司董事會中的審計委員會將有助於強化社會責任對績效的正向影響。透過敘述統計、相關分析與迴歸分析，本論文的預期實證結果為公司社會責任對公司長期績效影響較大，對短期績效的影響則較小，那些獨立董事比率較高與有設置審計委員會的公司，社會責任對公司績效正向影響的幅度將更大。

Based on the sample of 802 non-financial industry listed companies on the Taiwan Stock Exchange (TWSE) covering the period of 2007 to 2016, this master employs the concept of social contribution value by Shanghai Stock Exchange to proxy firm’s social responsibility performance and examines the effects of Corporate Social Responsibility (CSR) on firm’s short-term versus long term financial performance. In addition, this research considers how board independence and establishment of audit committee may strengthen the positive effect of CSR on financial performance. While a large number of existing research has been discussed and examined on how CSR affects financial performance and other economic consequences, the research design of most of them are comtemporanous, namely, current CSR affacts current financial performance. However, positive feedback of CSR may take time to be known, perceived by stakeholders, and their attitude, valuation and behavior may adjust over time. Therefore, short-term effect of CSR may less than long-term effect. Besides, the professional and reputation of independent director and the existence of audit committee will also help to strengthen the beneficiary side of CSR. Through summary statistics, correlation analysis and regression estimation, expected empirical results is that firm’s CSR has larger impact on long-term financial performance than short-term, and firms with higher independent director ratio and existence of audit committee tend to have greater positive CSR effect on firm performance.

謝誌 I
摘要 II
ABSTRACT III
目 錄 IV
圖目錄 V
表目錄 VI
第壹章 緒論 1
第一節 研究背景 1
第二節 研究動機 4
第三節 研究目的 9
第四節 研究架構與流程 9
第貳章 文獻回顧 12
第一節 企業社會責任的利益與成本 12
第二節 企業社會責任的長短期效果 16
第參章 研究變數、實證方法與樣本資料 19
第一節 資料來源與樣本選取 19
第二節 研究變數之定義 20
第三節 實證模型 28
第肆章 實證結果分析 30
第一節 敘述統計量與相關係數 30
第二節 迴歸分析結果 34
第伍章 結論與建議 60
第一節 結論 60
第二節 研究限制與建議 61
參考文獻 63

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