近年來社會大眾對於企業的企業社會責任的關注度越來越高,企業意識到永續發展是企業未來的唯一選項,而企業社會責任與公司績效之間的關聯性一直被人們廣為討論,然過往文獻實證結果卻不一致。因而本研究採用2007年至2015年由天下雜誌所選出的企業公民獎得獎之大型企業及中堅企業為樣本,再剔除金融保險業及資料缺漏之樣本,故總樣本數為312間,並採取最小平方法(OLS)探討企業落實企業社會責任是否會對公司下一期的公司績效產生影響。實證結果發現:(1)企業社會責任中的公司治理對股東權益報酬率(ROE)、資產報酬率(ROA)及TOBIN‘S Q呈現正向關係。(2) 企業社會責任中的企業承諾對股東權益報酬率(ROE)及資產報酬率(ROA)呈現負向關係。(3)企業社會責任中的社會參與對TOBIN‘S Q呈現負向關係。(4)企業社會責任中的環境保護與股東權益報酬率(ROE)及資產報酬率(ROA)呈現負向關係。結果可以發現公司治理越健全的企業其報酬率與公司價值越高,因此若企業要提升企業價值首要部分可於公司治理部分開始著手。
Recently, company’s corporate social responsibility has gained more attention from the public than before. Companies aware of the sustainable development is the only option for future. And the relationship between corporate social responsibility and corporate performance has been widely discussed. However, the outcome of previous literature are not consistent. The sample bases on the large enterprises and medium enterprises of Excellence in Corporate Social Responsibility of the magazine of Common Wealth from 2007 to 2015. Except the enterprises belongs to financial industries and the lack of data, there are 312 samples. Use the method of least squares to explore what influences in the next year when company practice corporate social responsibility. Based on the empirical results: (a)The corporate governance of corporate social responsibility is positively related to return on equity、return on asset and tobin’s q. (b) The corporate commitment of corporate social responsibility is negative related to return on equity and return on asset. (c) The social engagement of corporate social responsibility is only negative related to tobin’s q. (d) The environmental protection of corporate social responsibility is negative related to return on equity and return on asset. The results can found the company practice the corporate governance of corporate social responsibility practice more steady, its corporate performance more high. If company except to enhance the corporate performance, can start from the corporate governance of corporate social responsibility.