企業社會責任、董監酬勞與營運績效之關係－比較台灣與中國之差異

A study on the Correlation among CSR, Director Compensation and Firm’s Return-Compare the Differences between Taiwan and China

邱郁婷(Yu-Ting Chiu)

指導教授 ： 林嘉慧

台南應用科技大學/管理學院/國際企業經營系碩士班/碩士(2016年)

摘要

本研究選取2009至2014年台灣與中國獲得企業社會責任獎之公司為樣本，並以獲獎企業相同產業之其它公司為對照樣本，探討台灣與中國企業之社會責任表現、財務績效及董監酬勞之間的相關性。
研究結果發現台灣得獎企業相較於同產業有較高的營運績效(資產報酬率、淨值報酬率、稅後淨利率)及董監酬勞，但股票年報酬率卻低於同產業，在中國大陸部分，得獎企業相較於同產業僅有較高的淨值報酬率及董監酬勞。
我們發現台灣得獎企業在公司治理變數與營運績效呈正相關的關係，而環境保護對營運績效則有顯著的負向關係，顯然企業盡環境保護責任，相對的會付出較高的成本與代價，企業承諾與社會參與年報酬率呈正向之關係，顯然對社會履行企業承諾與社會參與，能提升公司的形象，增加大眾對該公司的認同，因而提升了股價。在中國得獎企業部分，只有責任管理與營運績效呈正向之關係。
至於得獎企業、董監酬勞與企業績效之關係，在台灣部分，我們發現企業社會責任得獎企業與營運績效呈顯著正相關，我們亦發現董監酬勞愈高，公司的經營績效及市場績效愈佳，在企業社會責任與董監酬勞之交乘項部分，我們發現得獎之企業有愈高的董監酬勞，不見得有會有較佳的績效，但具中介效果。中國大陸部分，我們只發現董監酬勞愈高，公司的經營績效愈佳，在企業社會責任與董監酬勞之交乘項部分，我們發現若企業社會責任公司，其董監酬勞反而與經營績效呈不顯著之關係，因此董監酬勞並不具中介效果。

關鍵字

企業社會責任 ； 董監酬勞 ； 營運績效

並列摘要

Using a sample of corporate social responsibility awarded companies from 2009 to 2014, and comparing the difference with the companies in the same industry. We research the relation among corporate social responsibility, director compensation and the operating performance and compare the differences between the Taiwan and Mainland China.
We find Taiwan awarded companies compare to the same business has a higher operating performance (return on assets (ROA), return on equity (ROE), after-tax net profit margin) and directors and supervisors compensation, but lower rate of return. Some of the awarded industry in China compare to the same business, it has higher ROE and directors and supervisors compensation.
The results show that the awarded Taiwan companies in corporate governance variable and operating performance was positively correlated relationship. In environmental protection variable on the operating performance, there is significant negative relationship. Apparently to make corporate environmental responsibility will pay a relatively higher cost and price. Corporate commitment and social participation in the rate of return was a positive relationship, apparently fulfilling corporate social commitment and community participation to enhance the company's image, increase public recognition of the company, and thus enhance the stock price. We only found a positive relationship between responsibility management and operating performance in Mainland China.
In Taiwan section, we found CSR awarded companies have better operational performance. We also found that the higher directors and supervisors compensation, the company's operating performance and market performance is better. In multiply term of corporate social responsibility and directors and supervisors compensations, we have found that the awarded companies have higher directors and supervisors compensations, it may not have better performance, but it has mediation effect.
In Mainland China part, we only found that higher directors and supervisors compensations, the company's operating performance is better. In multiply term of corporate social responsibility and compensation to directors and supervisor, we found there is no significant reference between directors and supervisors compensations and operational performance for CSR companies, the variable of directors and supervisors compensations has no mediation effect.

並列關鍵字

Corporate Social Responsibility ； Directors and Supervisors Compensations ； Operational Performance

參考文獻

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