企業社會責任對企業財務績效之影響

The Influence of Corporate Social Responsibility on Firm Performance

游弘沛(Hung-Pei Yu)

指導教授 ： 朱文儀

國立臺灣大學/管理學院/商學研究所/碩士(2018年)

https://doi.org/10.6342/NTU201701212

摘要

本研究以天下雜誌企業公民獎的評分作為企業社會責任的衡量，樣本為2007年至2016年有獲獎的企業，並以台灣經濟新報資料庫中的財務數據，來探討企業社會責任對企業財務績效之影響，本研究樣本觀察值共277筆。主要的三個研究議題為：（1）企業社會責任表現對於企業財務績效的影響、（2）四種不同類型之企業社會責任對於企業財務績效的影響、（3）外部環境因素「產業競爭強度」對於企業社會責任與企業財務績效的調節效果。
本研究共建立三個模型，透過多元迴歸分析來檢驗上述三個研究議題。每個模型中皆分別探討企業社會責任對三個不同的企業財務績效指標之影響，包括資產報酬率、股東權益報酬率、稅後淨利率。迴歸模型中亦加入企業規模、研發密集度、廣告密集度、上市櫃類別、年度變數、產業類別等控制變數。
本研究中部份的研究假說獲得驗證，分析結果顯示：（1）企業社會責任對於企業財務績效有顯著的正向影響。當企業社會責任表現愈佳時，企業的財務績效也會愈好。（2）企業社會責任中的公司治理與企業承諾，對於企業財務績效皆有顯著的正向影響。當企業致力於公司治理與重視消費者和員工權益時，會有助於提升企業的財務績效表現。然而，企業社會責任中的環境保護，對於企業財務績效有顯著的負向影響。（3）產業競爭強度會負向調節企業社會責任對於稅後淨利率的影響，當產業競爭強度低時，企業社會責任對稅後淨利率的正向影響效果比在產業競爭強度高時還要強。因此當企業處於產業競爭強度較低之產業時，企業越要做好企業社會責任，以至於有較佳的財務績效表現。

關鍵字

企業社會責任 ； 企業財務績效 ； 產業競爭強度 ； 資產報酬率 ； 股東權益報酬率 ； 稅後淨利率

並列摘要

The evaluation of corporate social responsibilities’ performance is based on the corporate social responsibility(CSR) ranking data from Common Wealth magazine. The data set is corporates which get CSR award in 2007 to 2016. Research sample includes 277 observations. The following are the three main research issues: (1) influence of CSR on corporate financial performance(CFP), (2) influence of four aspects of CSR on CFP, (3) moderation effect of industrial competition intensity.
The research builds three multiple regression models to examine the above corresponding research issues. All models include three different corporate financial performance indicators: (1) return on assets, (2) return on equity, (3) net profit margin. There are also six control variables in the multiple regression model, including corporate size, R&D intensity, advertisement intensity, Taiwan Stock Exchange/ Over the counter (TSE/OTC), year, and industry category.
According to the result, part of six research hypotheses are proved. (1) CSR has a significantly positive effect on CFP. The better CSR’s performance is, the better CFP is. (2) Both corporate governance and corporate commitment have a significantly positive effect on CFP. However, environmental protection has a significantly negative effect on CFP. (3) Industrial competition intensity has a negative moderation effect on the relationship between CSR and net profit margin. Compared to high industrial competition intensity, the positive effect of CSR on net profit margin is larger in low industrial competition intensity. Therefore, when industrial competition intensity is low, corporate should be more devoted to fulfilling CSR.

並列關鍵字

corporate social responsibility ； firm performance ； industrial competition intensity ； return on assets ； return on equity ； net profit margin

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