本研究以國內發行永續經營報告書之上市櫃公司為研究樣本,研究期間自2006年至2010年,採用「2010台灣企業永續報告獎」之評選架構及評分標準作為衡量國內企業發行永續經營報告書品質之指標,透過內容分析法對永續經營報告書進行評分。並以多元迴歸模式為研究方法,探討企業發行永續經營報告書及其品質與財務績效間之關聯性。 實證結果如下: 一、企業發行永續經營報告書對財務績效的影響性: 實證結果顯示,不論係以會計基礎的指標資產報酬率(ROA)或是以市場基礎的指標Tobin’s Q衡量財務績效,有發行永續經營報告書的公司,財務績效顯著優於未發行報告書的公司。亦即公司發行永續經營報告書之行為對財務績效具正向影響。 二、企業永續經營報告書之品質對財務績效的影響性: 本研究進一步分析報告書品質對財務績效之關聯性,研究結果發現,發行較高品質報告書對公司資產報酬率(ROA)的影響並不具顯著關聯性,但對於市場基礎指標Tobin’s Q則呈現顯著正向影響。亦即發行高品質永續報告書雖然對短期獲利無正向影響,但高品質報告書顯示出管理當局願意將社會責任績效資訊完整傳遞予市場投資人,降低資訊不對稱所造成之額外成本,有助於公司未來發展與前景,故長期而言仍對企業經營績效具正向影響。
This research investigates the relationship between the quality of corporate sustainability reports and financial performance. We develop a multiple regression model to test the research hypotheses. Our sample comes from the listed companies which issued corporate sustainability reports in Taiwan between 2006 and 2010. The quality of corporate sustainability reports is measured by using content analysis methodology to develop scores based on the socre framework of 2010 Taiwan Corporate Sustainability Report Awards. Empirical results of this study show that: 1. The companies which issued corporate sustainability reports have better financial performance. Firm’s sustainability reports have a significant impact on ROA and Tobin’s Q. 2. This Study also examines the relationship between the quality of corporate sustainability reports and financial performance.We find that there is a significantly positive relation between the quality of corporate sustainability reports and Tobin’s Q. However, the impact of corporate sustainability reports quality on ROA is not significant.The result means that providing high quality corporate sustainability reports has no positive impact on firm’s short-term profit, but has a significant positive effect on firm’s long-term value.