企業社會責任與財務績效關聯性之再檢視 –考量市場效率性與投資人預期以科技業為主

A Re-examination of the Link Between Corporate Social Responsibility and Financial Performance in Taiwanese Technology Industry: Reconsidering Market Efficiency and Investor Expectation

蔡佳吟(Chia-Yin Tsai)

指導教授 ： 池祥麟

國立臺北大學/商學院/合作經濟學系/碩士(2008年)

摘要

隨著時代的演變，企業社會責任的概念漸漸受到重視，而企業社會責任與企業財務績效之間的關聯性也一直為學界重要的議題。就以往的實證結果發現，其兩者的關聯不一，故本文將利用台灣地區的科技產業去重新檢視其結果，並且判斷投資人是否會因為預測此結果，進而能在股票市場上獲取報酬。

本文主要以 2005–2007 年為研究期間，並且台灣地區上市的科技產業（以電子工業為主）作為研究對象。首先，本文以資產報酬率作為財務績效的指標，重新檢定與企業責任的關聯性；接著，以分析師預測誤差檢定來判斷投資人是否可以分析師預測結果作為投資依據；最後，再由盈餘宣告檢定判斷台灣的股票市場是否具有效率性，而投資人是否可以依據分析師的預測而獲得報酬。

實證結果發現，當公司執行企業社會責任時，如公司規模不夠大，將會造成公司的財務績效下跌。並且發現就台灣地區的科技產業而言，分析師並不會錯估企業社會責任所帶來的負面影響，故投資人可依據分析師預測結果在股票市場上進行投資；而本文也發現台灣的股票市場並非為效率市場，故投資人可在股票市場上獲取利益。

關鍵字

企業社會責任 ； 企業財務績效 ； 分析師預測 ； 效率市場 ； 事件研究

並列摘要

Series empirical research on the relationship between the Corporate Social Responsibility (CSR) and the Corporate Financial Performance has been going on for several decades. Nevertheless, the link between the Corporate Social Responsibility and Corporate Financial Performance has not been fully established. Therefore this article will inspect its result using the technical industry in Taiwan, and judging the investor whether will be able gain the reward for forecast in the stock market.

Base on data for the technical industry in Taiwan for 2005–2007, our finding are as follows. First, CSR is negatively associated with CFP, however the scale of the firm is big enough, CSR is positively associated with CFP. Second, the relation between CSR and CFP are causal, we expect that the market surprised by the operation performance of CSR firms, so the investor could gain the reward. Finally, we could judge the stock market in Taiwan is not efficient market.

According to above results, we suggested when technical companies have sufficient resource they should perform the CSR.

並列關鍵字

Corporate Social Responsibility ； Corporate Financial Performance ； Technical Industry ； Analysts’ Forecast ； Efficient Market ； Event Study

參考文獻

林宜勉、王曉雯(2004)，會計盈餘、分析師預測與代理成本對權益評價之影響, Review of Securities & Futures Markets, 16:3, 41-82。

Barber, Brad, and John Lyon, 1996, “Detecting abnormal operating performance: The empirical power and specification of tests-statistics”, Journal of Financial Economics 41, 359-399.

Bowen, Howard Rothmann, 1953, “Social Responsibilities of the business. New York: Harper.”

Carroll, Archie B., 1979, “A Three-Dimensional Conceptual Model of Corporate Social Performance”, Academy of Management Review 4, 497–505.

D A. Schuler and M. Cording, 2006, “Corporate Social Performance–Corporate Financial Performance Behavioral Model for Consumers”, Academy of Management Review 3