企業社會責任策略之財務績效比較分析 -以台灣上市公司為例

A Comparative Analysis of Financial Ferformance of Corporate Social Responsibility Strategy - Study of Taiwan's Listed Companies

沈平良(Ping-Liang Shen)

指導教授 ： 張麗娟

國立虎尾科技大學/管理學院/經營管理研究所在職專班/碩士(2010年)

摘要

全球歷經金融海嘯侵襲，資本市場提前反應嚴苛的經營環境，無法避免的景氣走緩事實，面對不確定的未來，觀微知著，以歷史為鑑，具企業社會責任(corporate social responsibility; CSR)策略之企業秉持初衷，不減社會責任支出者，而仍能屹立不搖；另未能誠信治理公司或者過度舉債，因而悄然倒閉者，亦不在少數。而商業媒體針對CSR的報導，相當程度的深入分析，其主因據觀察為各地CSR獎的盛行、各企業CSR報告書之公布、社會責任投資的快速發展、CSR核心課程於國際著名商管學院開立，以及CSR商業策略已逐漸成為領先企業的營運實務等等因素，顯見CSR之重要性。

本研究以入選天下雜誌2009年企業公民為實驗對象，時間點正值2008年金融海嘯之後，在此艱難環境具CSR企業，仍能追求企業聲譽進行改革，著重公司治理與財務透明，注重環保以強化企業形象。惟究其公司而在諸多努力之下，其企業營運與財務績效之關聯性，是為本研究探討重點。

過去數十年經由學術界不斷進行實證研究，CSR企業在財務績效間的關聯性，由於資料之搜集與實證方式各異，目前尚無正式定論。本研究透過台灣新報資料庫(TEJ)取得之財務數據，收集基礎為入選天下雜誌2009年企業公民獎之大型企業前29名及同年入選1000大排名前29名非CSR企業，以縱橫資料(panel data)的排列方式，自2003年至2009年7間各樣本數財務指標，進行相關性與線性迴歸分析，以實證比較其財務績效之關聯性。

實證結果發現，應收帳款週轉次、現金流量比率、固定資產週轉次數、長期負債、資產報酬率等5項指標變數與CSR之公司有顯著關聯性。

關鍵詞：企業社會責任、財務績效、線性迴歸

關鍵字

企業社會責任 ； 財務績效 ； 線性迴歸

並列摘要

After the global financial crisis, capital market responded in advance to harsh operating environment and unavoidable economic slowdown. When face the uncertain future, learn the lessons from history, the enterprises with CSR (Corporate Social Responsibility) strategy uphold their original intention and do not reduce the social responsibility expenses are able to survive. The others closed down quietly due to unreliable management or excessive debt. Those reports about CSR from commercial media have a considerable in-deep analysis. They indicated that CSR is very important due to the following reasons: the popularization of CSR awards, the announcement of reports of CSR enterprises, the rapid development of CSR investment, the establishment of core CSR courses in famous business colleges globally, and the CSR business strategy has gradually become the operating practice of outstanding corporations.
This research takes examples from enterprises which have been listed on corporate citizenship by Common Wealth Magazine in 2009. It was a critical time after 2008 financial crisis. These CSR enterprises reformed and transformed to pursue their reputation, focus on corporate governance and financial transparency, and emphasize environmental protection to strengthen their corporate images. This research focus on the relation between corporate operation and financial performance of these companies after all the efforts they have done.
Over past decades of empirical research of academic studies, due to difference in data collection and research methods, there is no formal conclusion in CSR financial performance correlation. This research obtained data through Taiwan Daily News Database (TEJ), based on the top 29 large enterprises of 2009 Common Wealth Magazine Corporate Citizenship Award, and in the same year the top 29 of 1000 non-CSR companies. By using panel data arrangement, sample financial norms from year 2003 to year 2009, correlation and linear regression to compare the empirical correlation of financial performance.
As an empirical result, five target variables have significant correlation with CSR companies. They are: accounts receivable turnover times, cash flow ratio, fixed asset turnover frequency, long-term debt, return on assets.

Keywords: corporate social responsibility, financial performance, linear regression

並列關鍵字

corporate social responsibility ； financial performance ； linear regression

參考文獻

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