企業社會責任自1970年起逐漸受到世人重視,然而,中國在近三十年經濟蓬勃發展之餘卻忽略企業社會責任重要性,如:環境污染、勞工超時工作及2008年的三鹿毒奶粉事件,造成企業利害關係人權益受損皆因企業過度重視追求財務績效,加上企業公司治理制度不彰,董事會及所有權人未能善盡監督制衡機制所致。故本研究之主要目的在於探討公司治理、財務績效對於企業社會責任之關連性,以及公司治理對財務績效之關連性,以探討三者之間可能產生的影響。 本研究以2009年中國企業社會責任發展指數報告之百大上市上市企業為研究對象,扣除公司治理或財務資料不齊全者剩餘89間企業。本研究利用多元迴歸分析首先探討公司治理對企業社會責任關連性、接著探討財務績效對企業社會責任關連性,最後探討公司治理對財務績效關連性。實證結果顯示,公司治理中獨立董事、審計委員會、女性董事設置及政府持股對於企業社會責任中股東權益有正向顯著,此結果表示有好的董事及所有權人結構,企業進行社會責任活動績效較佳,是由於監督效能提昇所致;而財務績效對企業社會責任為不顯著。公司治理中僅政府持股對財務績效有顯著關係。整體而言,當企業擁有完整董事及所有權人結構,可能會增加企業制衡監督效果,維護企業利害關係人權益,使得企業社會責任績效增加。
Since 1970, people have paid attention to corporate social responsibility gradually.However, China ignored the importance of corporate social responsibility while its economy has developed rapidly during the past thirty years, such as environmental pollution, working overtime and Sanlu scandal in 2008. Because of over-taking financial performance seriously, these events damage the stakeholders’ rights and interests of the enterprise. Moreover, poor corporate governance and partial supervising by board of directors and owner also cause this damage. In conclusion, this research aims for investigating the relevance of corporate governance and financial performance to corporate social responsibility, and corporate governance to financial performance as well. In the sample of listed companies in China from 2008 to June 2009, we investigate the topic by using cross section analysis and find out that independent directors, audit committee and female directors have positive effects on social performance and that financial performance is not significant, it also shows that independent directors, audit committee and female directors can protect shareholders’ interest. We also find out that government shareholders have positive relationship with social performance, community responsibility and environmental protection especially. Our studies suggest that companies with complete directors and ownership structure in China may generate good governance, and companies with good governance can protect stakeholders’ interests and increase social performance finally.