實施企業社會責任對公司的經營績效有影響嗎?

The Impact of Implementing Corporate Social Responsibility on Business Performance

林秀娟(Hsiu-Chuan Lin)

指導教授 ： 李命志

共同指導教授 ： 劉洪鈞(Hung-Chun Liu)

淡江大學/商管學院/財務金融學系碩士在職專班/碩士(2016年)

https://doi.org/10.6846/TKU.2016.00170

摘要

近年來，企業舞弊、掏空事件、食安風暴層出不窮，導致投資人逐漸重視非財務資訊。許多國際性組織開始提倡企業推行社會責任(Corporate Social Responsibility， CSR)。然而，企業實施CSR所獲得的利益是否大於成本，是影響企業執行CSR的重要因素之一，並攸關CSR後續的推廣。本研究旨在探討公司實施CSR對公司之經營績效之影響。經營績效之衡量方式可分為股票市場基礎(Market-Based measure)與會計基礎(Accounting-Based measure)兩類。前者係以股東觀點並以投資人的報酬率為基礎，而後者則利用企業盈餘來反映企業財務狀況。本研究採用天下雜誌2007至2015 年「天下企業公民Top50」所公佈之30家大型企業及同產業非得奬企業共2,358家公司為樣本進行探討。
實證結果指出，台灣CSR得獎企業之財務績效優於同產業未得獎公司，表示企業應落實企業社會責任，進而提升企業的競爭力，增加永續發展之可能性。而在短期股票績效方面，台灣CSR得獎企業之股票績效未能優於同產業未得獎公司，此結果可能與國內CSR風氣尚未完全形成有關。亦即，投資人尚未以CSR的投入與否作為投資組合選擇的參考依據。但在CSR議題越來越被重視之情況及政府大力推廣下，未來有實行CSR的公司，在受到消費者和廠商信賴進而使得獲利成長下，會相對提高投資人的投資意願，進一步吸引長期投資者，有助於推升其股價表現。
企業的終極目標是使股東價值極大化，除了財務報表上的數字外，企業社會責任更是在經營過程中慢慢累積而深植人心的無價之寶。企業在實施CSR之同時，又能為企業帶來經營績效，將可激勵更多企業投入CSR，共同為地球村盡一份心力。

關鍵字

企業社會責任 ； 績效 ； 永續發展 ； 股票報酬

並列摘要

In recent years, due to the prevailing scandals of company embezzlements and business frauds, along with the escalating scale of food safety concerns, investors start to focus more on non-financial information. Many international organizations have been devoted to promote Corporate Social Responsibility. However, whether the profits and costs of executing CSR is worthwhile will be one of the determining factors to businesses’ willingness to not just perform but also promote CSR in a broader way.
This essay aims to investigate the impact of performing CSR on business operation. There are two major ways to generally evaluate corporate performance. One is Market-Based measure and the other is Accounting-Based measure. The former takes stockholder’s perspective with the evaluation based on Return on Investment while the latter is based on how the profits reflect on company’s financial results. A sample of 255 observations classified as “Excellence in corporate social responsibility top 50” between 2007 and 2015. Besides, 2,103 observations are referred to as Non-CSR firms.
Empirical results show that companies in Taiwan that win CSR awards generate superior financial performance to those of Non-CSR firms. This encourages that corporates should execute CSR to enhance competitiveness, and increase the chances to develop corporate sustainability. As to the empirical results of short-term stock performance, companies in Taiwan that win CSR awards do not perform better than those of Non-CSR firms, which may result from the fact that CSR trend has not yet formed. Namely investors haven’t developed the habit to use CSR devotion as a measure for investing reference. However, with more and more attention on CSR issues and the growing amounts of government encourages, any company that performs CSR in the future is likely to gain more trusts from consumers and suppliers, which may increase investors’ investing willingness. Thus, long-term investors would pay more attention to those companies with CSR mechanics, and in turn, raise stock prices.
The main goal of enterprise is to maximize the stockholder’s shares. In addition to the numbers on financial reports, CSR is a priceless consciousness that will grow and take root in all participants’ lives when in development. Enterprises that implement CSR, could not only enhance their business performance but also encourage more corporates to take same actions, and ultimately contributes to the welfare of global village.

並列關鍵字

Corporate Social Responsibility ； Sustainability ； Performance ； Stock Return

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