企業社會責任、公司治理、無形資產與財務績效相關性之研究

落實企業社會責任、強化公司治理機制與無形資產指標，提昇財務績效，是現今企業經營管理所不可或缺的一部份。本研究主要以社會責任得獎企業和非社會責任得獎企業作為主軸，驗證其與公司治理、無形資產以及財務績效間之關連性，並分析得獎與非得獎企業兩者間是否存有顯著差異。以天下雜誌2007年第一屆至2012年第六屆所公佈「天下企業公民Top 50」之得獎企業183家，並以產業別與資本額相近之上市上櫃公司採1:1的比例配對篩選對照樣本，故研究樣本共計366家。實證模型共分成兩個部份，以Logistic迴歸模型與多元迴歸模型驗證變數間的關聯性，研究結果發現，得獎企業公司治理變數的經理人持股比率和機構法人持股比率，在企業社會責任與財務績效表現皆顯著高於非得獎企業，因經理人與機構法人在企業營運上會使監督管理效力提升，將有助於激勵企業執行較多的社會責任行為，增加企業營運績效與未來的獲利能力，且董事會的規模愈大與總資產報酬率有顯著正相關，顯示企業的資產獲利能力愈高。除此之外，得獎企業無形資產變數的Tobin's Q價值，在企業社會責任與財務績效表現皆顯著高於非得獎企業，此結果顯示，企業為了能夠創造更多的獲利價值，願意投入更多資源在社會責任行為，另外，無形資產變數中的市場帳面價值比和智慧資本附加價值係數與總資產報酬率及股東權益報酬率有顯著正相關，意謂著提升無形資產價值可帶給公司較佳的績效表現。

關鍵字

企業社會責任；公司治理；無形資產；財務績效

並列摘要

Implementing corporate social responsibility, improving financial performance and strengthening corporate governance mechanism and intangible assets are all indispensable to a business management now. The main purpose of this research is to examine the correlations among corporate governance, intangible assets and financial performance, and to identify whether the correlations are significantly different between social responsibility winning and non-winning businesses. A total of 366 businesses are used in this research. Among them, 183 businesses are gathered from 2007-2012 Excellence in Corporate Social Responsibility Top 50 published by Common Wealth Magazine, and the counterparts are chosen from listed companies with similar authorized capital and industry, based on a ratio of 1 to 1. Binary logistic regression and multiple regression models are used in two empirical studies. The results show that corporate governance variables such as manager shareholding ratio and institutional shareholding ratio of award-winning businesses are significantly greater than those of non-winning businesses in terms of corporate social responsibility and financial performance. This is because managers and institutions improve supervision and management effectiveness which will help to encourage businesses to perform more social responsibility behaviors and to increase operating performance as well as future profitability. Also, the greater the board of director, the greater the return on total assets is, implying a higher profitability of corporate assets. Furthermore, intangible assets variables like Tobin’s Q value of award-winning businesses are significantly greater than those of non-winning businesses in terms of corporate social responsibility and financial performance. The finding indicates that businesses are willing to invest more resources on performing social responsibility behaviors in order to create more values. Finally, intangible assets variables such as market-to-book ratio and value added intellectual capital(VAIC) significantly positively correlated with return on total assets and return on equity, showing that increasing the value of intangible assets leads to better businesses performance.