企業社會責任報告書、企業社會責任表現與財務績效之關聯性

企業社會責任（Corporate social responsibility, CSR）已漸漸融入公司的經營管理中，多數公司藉由企業社會責任報告書揭露公司的企業社會責任落實成果，以協助利害關係人衡量公司的企業社會責任落實程度。本研究期望了解公司的企業社會責任落實對財務績效產生的影響。本研究以2013年至2017年我國上市櫃公司的企業社會責任報告書為樣本，以報告書按GRI準則的揭露數量衡量企業社會責任的落實程度。此外，依據企業社會責任三重底線價值將公司的企業社會責任內涵拆解為經濟、環境、社會三面向，並探討三個面向的落實程度對財務績效的影響。亦探討公司企業社會表現受到評比機構的認可，是否會強化利害關係人對公司的信心，因而正向干擾企業社會責任落實與財務績效間之關係。實證結果顯示，公司企業社會責任的落實程度越高，公司財務績效越佳，且公司環境、社會揭露的落實程度對公司財務績效有正向影響，另外公司的企業社會責任表現能對企業社會責任落實與公司資產報酬率之間有正向干擾效果。

關鍵字

企業社會責任報告書；企業社會責任表現；財務績效

並列摘要

Corporate social responsibility (CSR) has gradually been integrated into the company's management. Companies use the CSR report to disclose CSR outcome, and assist stakeholders in measuring the company’s CSR implementation evaluation. The purpose of this research is to understand the effect of CSR implementation evaluation on financial performance. This study sampled from Taiwan Listed and OTC companies’ CSR reports which measure CSR implementation evaluation in accordance with the number of disclosures by GRI standard from 2013 to 2017. CSR has been valued and divided into Economic, Environmental, and Social dimensions based on triple bottom line valuation, meanwhile, relation between the implementation evaluation of above three dimensions with financial performance are studied respectively. In addition, this study also survey whenever the companies’ CSR implementation evaluated by external organization, if it will strengthen the confidence of stakeholders and has positive effect on CSR implementation and financial performance. The empirical results indicate that the higher CSR implementation evaluation, the better the company's financial performance, and the implementation evaluation of the company's environment and social will have a positive influence on the company's financial performance. Furthermore, the company's CSR performance has a positive moderation effect between CSR implementation evaluation and the company's return on assets.