企業社會責任、投資與融資活動對經營績效之影響

本研究以2010年至2019年台灣上市櫃公司為樣本，並將被選為「天下企業公民獎」，以及納入「元大臺灣ESG永續ETF證券投資信託基金」成份股之企業，定義為企業社會責任（Corporate Social Responsibility, CSR）。本研究發現（1）CSR對經營績效產生正向影響。投資活動淨現金流量（流出減流入，以下同）對經營績效會產生負向影響，說明投資淨現金流出越多，進行合理的併購活動、資本支出與其他投資行為時，會對企業營運產生優勢，並提升經營績效。（2）融資活動淨現金流量（流出減流入，以下同）亦會對經營績效產生負向影響，表示當企業宣告股利分享經營成果予投資人，代表公司經營穩定，當公司償還舉債之利息，表示企業擁有一定經營基礎，能夠定期支應債務支出。（3）對於CSR實施之調節效果，除了對投資活動淨現金流量與經營績效之間產生負向影響之外，在融資活動淨現金流量與經營績效之間並無顯著影響，說明當企業同時具備優越CSR績效時，宣告投資活動對大眾來說是一項利多，企業擴大其事業版圖、技術提升，會使受益層面更加廣闊；而CSR在融資活動淨現金流量與經營績效之間的效果並不明確，說明相關的股利發放、利息支應及其他負債償還，對企業來說仍為一項費用或可動用資金之流出，且由於產業性質不同，所以依本研究之實證結果而言，CSR並不會強化或削弱融資活動淨現金流量與經營績效之關係。

關鍵字

企業社會責任；投資活動；融資活動；經營績效

並列摘要

This study examined the sample which defined as Corporate social responsibility from 2010 to 2019 when selected as Excellent in Corporate Social Responsibility in CommonWealth Magazine and Yuanta FTSE4Good TIP Taiwan ESG ETF by Taiwan listed companies. This study find that (1) Corporate social responsibility (CSR) will have a positive impact on operating performance, Investment activities net cashflow (cash outflow minus cash inflow) will have a negative impact on operating performance, indicating that the greater the net cash outflow of investment, performing reasonable merger activities, capital expenditures, and other investment activities, will have advantages in business operations, and improve operating performance. (2) Financing activities net cashflow (cash outflow minus cash inflow) will also have a negative impact on operating performance. When a company declares dividends to share operating results to investors, it represents the company's stable operation. When the company repays interest on debt, it means that the company has a steady operating foundation and can regularly pay debt expenses. (3) Regarding the moderating effect of CSR, in addition to have negative impact between investment activities net cashflow and operating performance, there is no significant impact between financing activities net cashflow and operating performance, indicating that when the company has excellent CSR performance at the same time, declare investment activity is a good news for the public, and the expansion of the business scale and technological upgrading of the enterprise will also broader the benefit. The moderating effect of CSR between financing activities net cashflow and operating performance is not clear, indicating that related dividend payment and interest payment are still an expense or an outflow of available sources of the company. Due to different nature of the industry, according to the empirical results of this study, CSR is not strengthening or weaken relationship between financing activities net cashflow and operating performance.