企業社會責任、財務績效之雙向關係探討──以臺灣上市公司為例

近年來，隨著科技發展不斷進步，不但拉近人與人之間的距離，更為人們的物質生活帶來許多便利性，然而，在發展的過程中，人們卻開始對環境肆意破壞，使整個地球逐漸失去平衡，職是之故，社會大眾對企業取之於社會進而用之於社會之做法逐漸有所共識。臺灣政府將企業社會責任（CSR）納入公司法，而企業也因為自身之名聲，加上滿足社會大眾對於企業善盡社會責任之期待，逐漸重視CSR與永續發展之議題。　　本研究使用2015至2017年間在臺灣證券交易所（TWSE）上市，共計877家企業進行普通最小平方法（OLS）迴歸分析，選用獲得「天下企業公民獎TOP 50」大型企業之CSR績效總分，探討CSR與企業財務績效（CFP）之雙向因果關係，並考慮三年內之時間落後效應。　　實證結果發現：（1）當年度CSR對當年度CFP具有正向顯著相關；（2）當年度CSR對下一年度CFP具有正向顯著相關；（3）當年度CSR對下二年度CFP具有正向顯著相關；（4）當年度CFP對當年度CSR具有正向顯著相關；（5）當年度CFP對下一年度CSR具有正向顯著相關；（6）當年度CFP對下二年度CSR具有正向顯著相關。

關鍵字

企業社會責任；企業財務績效；普通最小平方法迴歸分析

並列摘要

In recent years, with the continuous development of science and technology, not only has the distance between people become closer, but it also brings a lot of convenience to people's material life. Nevertheless, in the process of development, people have begun to destroy the environment arbitrarily and make the whole earth out of balance gradually. As a result, the consensus that companies should take from society and use from society has been shaped. The Taiwanese government has incorporated Corporate Social Responsibility (CSR) into Company Law, and because of its own reputation, as well as meeting the expectations of the general public for CSR, it has gradually attached importance to the issues of CSR and sustainable development. 　　In this study, a total of 877 companies listed on the Taiwan Stock Exchange (TWSE) between 2015 and 2017 were used for Ordinary Least Squares (OLS) regression analysis. The total CSR performance scores of large companies that received the "TOP 50 Corporate Citizenship Award" were selected and discussed. The two-way cause and effect relationship between CSR and Corporate Financial Performance (CFP) were explored, the effects of time lag within three years was taken into account as well. 　　The empirical results found that: (1) The current year CSR has positively and significantly correlated with the current year CFP; (2) The current year CSR has positively and significantly correlated with the next one year CFP; (3) The current year CSR has positively and significantly correlated with the next two years CFP; (4) The current year CFP has positively and significantly correlated with the current year CSR; (5) The current year CFP has positively and significantly correlated with the next one year CSR; (6) The current year CFP has positively and significantly correlated with the next two years CSR.